Oklahoma Insurance Adjuster License Exam 3 – 156 Q&A
| Latest Update 2026 | 100% Pass Guarantee | PDF
1. Which one of the following statements is correct with respect to the business
income and extra expense coverage provided by the businessowners policy
(BOP)?
The coverage can be added to the BOP by endorsement and is
subject to an additional premium.
Typically, it is subject to coinsurance, monthly limitation, or a total
dollar limit.
Business income loss and extra expenses are usually payable for up
to 12 months following a covered loss.
It is generally subject to special underwriting requirements, such as a
completed business income worksheet.
2. If an insured selects multiple coverage parts in their Commercial Package
Policy, how might this affect their overall insurance premium?
It will decrease the premium as more coverage is selected.
It will have no effect on the premium.
It may lead to a refund of the premium paid.
It may increase the premium due to the broader coverage.
3. If Tabitha's friends miss the one-year deadline to submit their medical
expense claims, what is likely to happen?
Their claims will be automatically approved.
They can still submit claims without any penalties.
Their claims may be denied.
, They can appeal the decision without any time restrictions.
4. If a homeowner has a Personal Property Replacement Cost Endorsement and
experiences a loss where the replacement cost is $3,000, but the Coverage C
limit is $5,000, what amount will the homeowner receive?
$5,000
$2,500
$3,000
$0
5. What coverage does the Form HO-3 provide?
Broad form coverage for the dwelling, all risk coverage for personal
property.
Basic coverage for the dwelling, broad form coverage for personal
property.
All risk coverage for the dwelling and personal property.
All risk coverage for the dwelling, broad form coverage for
personal property.
6. Describe the implications of transacting insurance without a license in
Oklahoma.
It has no impact on the validity of insurance contracts.
It is encouraged to promote competition in the insurance industry.
It allows individuals to operate freely in the insurance market.
Transacting insurance without a license can lead to legal penalties
and fines.
,7. What is the basic extended reporting period in a Commercial General
Liability policy commonly referred to as?
Liability Coverage Extension
Standard Coverage Period
Basic Extended Reporting Period (BERP)
Claims Reporting Period
8. Describe the main purpose of a Professional Liability policy and what it
generally covers.
A Professional Liability policy protects professionals against claims
of negligence or failure to perform their professional duties.
A Professional Liability policy covers physical damages to property.
A Professional Liability policy is designed for personal injury claims
only.
A Professional Liability policy excludes all financial losses.
9. If a consultant is sued for failing to deliver promised services, which type of
insurance would best protect them?
Homeowners insurance
Automobile insurance
General Liability insurance
Professional Liability insurance
10. A leased auto is eligible for coverage under a personal auto policy if the
lease contract is for a continuous period of at least:
12 months
, 3 months
6 months
9 months
11. Which of the following coverages are added to DP-2 and DP-3 Forms that
are not in the Basic DP-1 Form?
Personal Property
Additional Living Expense
Other Structures
12. Describe the significance of the Builders' Risk form in relation to
construction projects.
The Builders' Risk form provides coverage for buildings under
construction, protecting against losses during the construction
phase.
The Builders' Risk form is used for completed buildings only.
The Builders' Risk form is a type of liability insurance.
The Builders' Risk form covers only the equipment used in
construction.
13. What is the effect on the rights and duties of an insured under a Commercial
General Liability policy when the insured passes away?
They are transferred to the insured's legal representative.
They remain unchanged until the policy expires.
They are nullified immediately.
They are transferred to the beneficiaries of the insured.
| Latest Update 2026 | 100% Pass Guarantee | PDF
1. Which one of the following statements is correct with respect to the business
income and extra expense coverage provided by the businessowners policy
(BOP)?
The coverage can be added to the BOP by endorsement and is
subject to an additional premium.
Typically, it is subject to coinsurance, monthly limitation, or a total
dollar limit.
Business income loss and extra expenses are usually payable for up
to 12 months following a covered loss.
It is generally subject to special underwriting requirements, such as a
completed business income worksheet.
2. If an insured selects multiple coverage parts in their Commercial Package
Policy, how might this affect their overall insurance premium?
It will decrease the premium as more coverage is selected.
It will have no effect on the premium.
It may lead to a refund of the premium paid.
It may increase the premium due to the broader coverage.
3. If Tabitha's friends miss the one-year deadline to submit their medical
expense claims, what is likely to happen?
Their claims will be automatically approved.
They can still submit claims without any penalties.
Their claims may be denied.
, They can appeal the decision without any time restrictions.
4. If a homeowner has a Personal Property Replacement Cost Endorsement and
experiences a loss where the replacement cost is $3,000, but the Coverage C
limit is $5,000, what amount will the homeowner receive?
$5,000
$2,500
$3,000
$0
5. What coverage does the Form HO-3 provide?
Broad form coverage for the dwelling, all risk coverage for personal
property.
Basic coverage for the dwelling, broad form coverage for personal
property.
All risk coverage for the dwelling and personal property.
All risk coverage for the dwelling, broad form coverage for
personal property.
6. Describe the implications of transacting insurance without a license in
Oklahoma.
It has no impact on the validity of insurance contracts.
It is encouraged to promote competition in the insurance industry.
It allows individuals to operate freely in the insurance market.
Transacting insurance without a license can lead to legal penalties
and fines.
,7. What is the basic extended reporting period in a Commercial General
Liability policy commonly referred to as?
Liability Coverage Extension
Standard Coverage Period
Basic Extended Reporting Period (BERP)
Claims Reporting Period
8. Describe the main purpose of a Professional Liability policy and what it
generally covers.
A Professional Liability policy protects professionals against claims
of negligence or failure to perform their professional duties.
A Professional Liability policy covers physical damages to property.
A Professional Liability policy is designed for personal injury claims
only.
A Professional Liability policy excludes all financial losses.
9. If a consultant is sued for failing to deliver promised services, which type of
insurance would best protect them?
Homeowners insurance
Automobile insurance
General Liability insurance
Professional Liability insurance
10. A leased auto is eligible for coverage under a personal auto policy if the
lease contract is for a continuous period of at least:
12 months
, 3 months
6 months
9 months
11. Which of the following coverages are added to DP-2 and DP-3 Forms that
are not in the Basic DP-1 Form?
Personal Property
Additional Living Expense
Other Structures
12. Describe the significance of the Builders' Risk form in relation to
construction projects.
The Builders' Risk form provides coverage for buildings under
construction, protecting against losses during the construction
phase.
The Builders' Risk form is used for completed buildings only.
The Builders' Risk form is a type of liability insurance.
The Builders' Risk form covers only the equipment used in
construction.
13. What is the effect on the rights and duties of an insured under a Commercial
General Liability policy when the insured passes away?
They are transferred to the insured's legal representative.
They remain unchanged until the policy expires.
They are nullified immediately.
They are transferred to the beneficiaries of the insured.
