Created Sep. 2014. Property and Casualty Insurance Exam Cram - OklahomaFor additional information and study material:Oklahoma Legislature Statues by Title
Foreign
Domestic
Alien
International
Policyholder
Insurer
State of Oklahoma
Broker
Maintaining records
Issuing certificates of authority to transact insurance business in Oklahoma
Writing Oklahoma insurance laws
Conducting hearings
5
7
15
30
Year
3 years
5 years
Time there is a question regarding a company's financial condition
A notice of risk assignment
A certificate of authority
A mutual benefit card
A license to solicit registration
Be 21 years old
Have been an Oklahoma resident for at least one year
Pass an examination
Have a financial college degree
Delivering insurance contracts
Collecting insurance premiums
Providing insurance to nonprofit educational institutions
Writing advertisements for insurance companies
Actuarial opinions
Analysis of financial statements
Changes in management
Internal revenue returns
Cease and desist order
Imprisonment up to 15 years
$10,000 fine
$500 fine and 180 days probation
$40 annually for a temporary license
$50 annually for a producer's license
$55 for a duplicate license
$60 biennially for a producer's license
45
30
60
20
Rebating premiums
Making derogatory statements regarding an insurer's financial condition
Issuing company stock to induce people to purchase insurance
Replacing life insurance policies
May use "poor credit rating" as the reason
May use "poor insurance score" as the reason
May use standardized credit explanations provided by the consumer reporting agency as the reason
Is guilty of an unfair trade practice
To ensure that consumers have access to the lowest possible insurance rates
To protect policy holders, insureds, and claimants from insurers who become insolvent
To increase competition among insurers in Oklahoma
To guarantee that all applicants for insurance are able to obtain it from an authorized insurer
Insurers pay commissions to a producer before a producer's appointment has been approved.
Insurers must give producers 60 days' advance written notice of any termination.
A producer's appointment remains in effect for 2 years.
A producer must be appointed to transact insurance business for at least one insurer.
Non-renewal of license
A fine of not more than $5,000
License suspension
Censure
Being at least 21 years old
Having experience or special education and training sufficient to make the person competent to carry out the duties of an adjuster
Having successfully passed or been exempted from the adjuster's licensing exam
Being a trustworthy person
Casualty
Limited travel accident
Multiperil crop hail
Prepaid dental
Nonpayment of premium
Filing a fraudulent claim
A change in risk that substantially increases any hazard insured against
The insurer obtaining reinsurance
Conservation
Unfair discrimination
Defamation
Coercion
Making misleading statements about an producer's business in a direst mail letter
Offering an applicant an expensive briefcase as an inducement to purchase a policy
Calling a term insurance policy a savings plan
Paying bonuses to policyowners out of surplus accumulated from nonparticipating insurance
Insurer
Insured
Commissioner
Guaranty Association
15
30
60
90
15
30
60
90
Wait!
Here's an interesting quiz for you.