Property And Casualty Insurance - Oklahoma
Created Sep. 2014. Property and Casualty Insurance Exam Cram - OklahomaFor additional information and study material:Oklahoma Legislature Statues by Title
- 1.Which type of insurer is incorporated or organized under the laws of a country other than the United States?
- A.
Foreign
- B.
Domestic
- C.
Alien
- D.
International
- 2.Who does an insurance producer represent when negotiating an insurance contract?
- A.
Policyholder
- B.
Insurer
- C.
State of Oklahoma
- D.
Broker
- 3.Which of the following is NOT a duty of the Insurance Commissioner?
- A.
Maintaining records
- B.
Issuing certificates of authority to transact insurance business in Oklahoma
- C.
Writing Oklahoma insurance laws
- D.
Conducting hearings
- 4.An insurer must appoint a producer within how many days after accepting business from that producer?
- A.
5
- B.
7
- C.
15
- D.
30
- 5.The Commissioner must examine the affairs of all domestic insurance companies every...
- A.
Year
- B.
3 years
- C.
5 years
- D.
Time there is a question regarding a company's financial condition
- 6.An insurance company's license to do business in Oklahoma is called...
- A.
A notice of risk assignment
- B.
A certificate of authority
- C.
A mutual benefit card
- D.
A license to solicit registration
- 7.To be licensed, a producer must meet which of the following qualifications?
- A.
Be 21 years old
- B.
Have been an Oklahoma resident for at least one year
- C.
Pass an examination
- D.
Have a financial college degree
- 8.Which of the following jobs does NOT require a certificate of authority or license?
- A.
Delivering insurance contracts
- B.
Collecting insurance premiums
- C.
Providing insurance to nonprofit educational institutions
- D.
Writing advertisements for insurance companies
- 9.Which of the following is NOT a consideration of the Commissioner while examining an insurer?
- A.
Actuarial opinions
- B.
Analysis of financial statements
- C.
Changes in management
- D.
Internal revenue returns
- 10.Which of the following is a penalty for being complained of or engaging in a method of competition or practice in violation of the Unfair Practices and Frauds Act?
- A.
Cease and desist order
- B.
Imprisonment up to 15 years
- C.
$10,000 fine
- D.
$500 fine and 180 days probation
- 11.Which of the following licensing fees is CORRECT?
- A.
$40 annually for a temporary license
- B.
$50 annually for a producer's license
- C.
$55 for a duplicate license
- D.
$60 biennially for a producer's license
- 12.Homeowners policy renewal notices must be mailed at least how many days prior to policy expiration?
- A.
45
- B.
30
- C.
60
- D.
20
- 13.Which of the following is NOT an unfair trade practice?
- A.
Rebating premiums
- B.
Making derogatory statements regarding an insurer's financial condition
- C.
Issuing company stock to induce people to purchase insurance
- D.
Replacing life insurance policies
- 14.If an insurer takes an adverse action based upon credit information, the insurer...
- A.
May use "poor credit rating" as the reason
- B.
May use "poor insurance score" as the reason
- C.
May use standardized credit explanations provided by the consumer reporting agency as the reason
- D.
Is guilty of an unfair trade practice
- 15.What is the purpose of the Property and Casualty Insurance Guaranty Association?
- A.
To ensure that consumers have access to the lowest possible insurance rates
- B.
To protect policy holders, insureds, and claimants from insurers who become insolvent
- C.
To increase competition among insurers in Oklahoma
- D.
To guarantee that all applicants for insurance are able to obtain it from an authorized insurer
- 16.Which of the following statements about the appointment of producers is CORRECT?
- A.
Insurers pay commissions to a producer before a producer's appointment has been approved.
- B.
Insurers must give producers 60 days' advance written notice of any termination.
- C.
A producer's appointment remains in effect for 2 years.
- D.
A producer must be appointed to transact insurance business for at least one insurer.
- 17.A producer who does not comply with Oklahoma' continuing education requirements may be subject to all of the following EXCEPT...
- A.
Non-renewal of license
- B.
A fine of not more than $5,000
- C.
License suspension
- D.
Censure
- 18.All of the following are requirements to be licensed as an adjuster in Oklahoma EXCEPT...
- A.
Being at least 21 years old
- B.
Having experience or special education and training sufficient to make the person competent to carry out the duties of an adjuster
- C.
Having successfully passed or been exempted from the adjuster's licensing exam
- D.
Being a trustworthy person
- 19.Limited lines producers may be licensed to transact all of the following insurance business EXCEPT...
- A.
Casualty
- B.
Limited travel accident
- C.
Multiperil crop hail
- D.
Prepaid dental
- 20.After an insurance policy has been renewed, the policy may be canceled within 10 days' notice for which of the following reasons?
- A.
Nonpayment of premium
- B.
Filing a fraudulent claim
- C.
A change in risk that substantially increases any hazard insured against
- D.
The insurer obtaining reinsurance
- 21.Circulating a maliciously critical statement about an insurer's financial condition in order to injure the insurer is called...
- A.
Conservation
- B.
Unfair discrimination
- C.
Defamation
- D.
Coercion
- 22.Which of the following constitute unfair trade practices?
- A.
Making misleading statements about an producer's business in a direst mail letter
- B.
Offering an applicant an expensive briefcase as an inducement to purchase a policy
- C.
Calling a term insurance policy a savings plan
- D.
Paying bonuses to policyowners out of surplus accumulated from nonparticipating insurance
- 23.Who is responsible for providing the proof of loss form?
- A.
Insurer
- B.
Insured
- C.
Commissioner
- D.
Guaranty Association
- 24.Usually, a proof of loss form must be completed by the insured and returned within how many days of receipt?
- A.
15
- B.
30
- C.
60
- D.
90
- 25.An insurer must submit a written offer of settlement or rejection of the claim to the insured after receiving the proof of loss form within how many days?
- A.
15
- B.
30
- C.
60
- D.
90
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