Oklahoma Property and Casualty Exam
Questions With Correct Answers
Representations - CORRECT ANSWER✔✔-Statements made by the
| | | | | | |
applicant on an insurance application.
| | | |
Contract of Utmost Good Faith - CORRECT ANSWER✔✔-An insurer must
| | | | | | | | | |
rely o the truthfulness and integrity of the applicant.
| | | | | | | |
Contract of Adhesion - CORRECT ANSWER✔✔-When one party
| | | | | | | |
constructs the contract and the other party has no input.
| | | | | | | | |
Elements of a Legally Binding Contract - CORRECT ANSWER✔✔-1. Legal
| | | | | | | | | |
Purpose
2. Agreement (Offer and Acceptance)
| | | |
3. Competent Parties
| |
4. Consideration
|
Special Peril - CORRECT ANSWER✔✔-Type of policy that insures against
| | | | | | | | | |
open perils of loss that are not specifically excluded.
| | | | | | | |
,Example of Consequential or Indirect Loss - CORRECT ANSWER✔✔-Loss
| | | | | | | | |
of income from a rental unit due to tornado damage to the roof.
| | | | | | | | | | | |
Class 1 - Frame - CORRECT ANSWER✔✔-Exterior walls, floors and roof are
| | | | | | | | | | | |
constructed with wood. | |
Class 2 - Joisted Masonry - CORRECT ANSWER✔✔-Exterior walls
| | | | | | | | |
constructed with masonry such as brick or rock. Floors and roof are
| | | | | | | | | | | |
constructed with wood. | |
Class 3 - Noncombustible - CORRECT ANSWER✔✔-Exterior walls, floors
| | | | | | | | |
and roof are constructed with non-combustible materials such as metal
| | | | | | | | | |
or asbestos.
|
Class 4 - Masonry Noncombustible - CORRECT ANSWER✔✔-Exterior
| | | | | | | |
walls are constructed with masonry such as brick or rock. Floors and roof
| | | | | | | | | | | | |
are constructed with metal or other non-combustible material.
| | | | | | |
Class 5 - Modified Fire Resistive - CORRECT ANSWER✔✔-Exterior walls,
| | | | | | | | | |
floor and roof are constructed with fire resistive materials with a fire
| | | | | | | | | | | |
resistive rating of less than 2 hours.
| | | | | |
, Class 6 - Fire Resistive - CORRECT ANSWER✔✔-Exterior walls, floor and
| | | | | | | | | | |
roof are constructed with fire resistive materials with a fire resistive rating
| | | | | | | | | | | |
of 2 hours or more.
| | | |
Aggregate Limit - CORRECT ANSWER✔✔-A type of policy limit that does
| | | | | | | | | | |
not restore the limits of liability after each occurrence.
| | | | | | | |
Coinsurance - CORRECT ANSWER✔✔-A policy provision which requires
| | | | | | | |
the insured to carry an adequate amount of insurance. Penalty applies
| | | | | | | | | | |
when property is insured for an amount under the market value of the
| | | | | | | | | | | | |
dwelling.
Mandatory Parts of a Policy - CORRECT ANSWER✔✔-1. Declarations
| | | | | | | |
2. Insuring Agreement
| |
3. Conditions
|
4. Exclusions
|
Non-mandatory Parts of a Policy - CORRECT ANSWER✔✔-1. | | | | | | | |
Endorsements
2. Definitions
|
Endorsements - CORRECT ANSWER✔✔-Add, delete or modify the
| | | | | | | |
insurance contract. |
Questions With Correct Answers
Representations - CORRECT ANSWER✔✔-Statements made by the
| | | | | | |
applicant on an insurance application.
| | | |
Contract of Utmost Good Faith - CORRECT ANSWER✔✔-An insurer must
| | | | | | | | | |
rely o the truthfulness and integrity of the applicant.
| | | | | | | |
Contract of Adhesion - CORRECT ANSWER✔✔-When one party
| | | | | | | |
constructs the contract and the other party has no input.
| | | | | | | | |
Elements of a Legally Binding Contract - CORRECT ANSWER✔✔-1. Legal
| | | | | | | | | |
Purpose
2. Agreement (Offer and Acceptance)
| | | |
3. Competent Parties
| |
4. Consideration
|
Special Peril - CORRECT ANSWER✔✔-Type of policy that insures against
| | | | | | | | | |
open perils of loss that are not specifically excluded.
| | | | | | | |
,Example of Consequential or Indirect Loss - CORRECT ANSWER✔✔-Loss
| | | | | | | | |
of income from a rental unit due to tornado damage to the roof.
| | | | | | | | | | | |
Class 1 - Frame - CORRECT ANSWER✔✔-Exterior walls, floors and roof are
| | | | | | | | | | | |
constructed with wood. | |
Class 2 - Joisted Masonry - CORRECT ANSWER✔✔-Exterior walls
| | | | | | | | |
constructed with masonry such as brick or rock. Floors and roof are
| | | | | | | | | | | |
constructed with wood. | |
Class 3 - Noncombustible - CORRECT ANSWER✔✔-Exterior walls, floors
| | | | | | | | |
and roof are constructed with non-combustible materials such as metal
| | | | | | | | | |
or asbestos.
|
Class 4 - Masonry Noncombustible - CORRECT ANSWER✔✔-Exterior
| | | | | | | |
walls are constructed with masonry such as brick or rock. Floors and roof
| | | | | | | | | | | | |
are constructed with metal or other non-combustible material.
| | | | | | |
Class 5 - Modified Fire Resistive - CORRECT ANSWER✔✔-Exterior walls,
| | | | | | | | | |
floor and roof are constructed with fire resistive materials with a fire
| | | | | | | | | | | |
resistive rating of less than 2 hours.
| | | | | |
, Class 6 - Fire Resistive - CORRECT ANSWER✔✔-Exterior walls, floor and
| | | | | | | | | | |
roof are constructed with fire resistive materials with a fire resistive rating
| | | | | | | | | | | |
of 2 hours or more.
| | | |
Aggregate Limit - CORRECT ANSWER✔✔-A type of policy limit that does
| | | | | | | | | | |
not restore the limits of liability after each occurrence.
| | | | | | | |
Coinsurance - CORRECT ANSWER✔✔-A policy provision which requires
| | | | | | | |
the insured to carry an adequate amount of insurance. Penalty applies
| | | | | | | | | | |
when property is insured for an amount under the market value of the
| | | | | | | | | | | | |
dwelling.
Mandatory Parts of a Policy - CORRECT ANSWER✔✔-1. Declarations
| | | | | | | |
2. Insuring Agreement
| |
3. Conditions
|
4. Exclusions
|
Non-mandatory Parts of a Policy - CORRECT ANSWER✔✔-1. | | | | | | | |
Endorsements
2. Definitions
|
Endorsements - CORRECT ANSWER✔✔-Add, delete or modify the
| | | | | | | |
insurance contract. |
