Oklahoma Adjuster Exam #2 Questions & Answers Correct 100%

An individual applied for auto insurance and obtained coverage from EMU Insurance Company. Who is the first party in the contract? - ANSWERSThe Insured If a fire hazard causes damage to a building, the fire is? - ANSWERSA peril wearing a seatbelt in a car is an example of which method or managing risk? - ANSWERSReduce Tiffany leaves her car unlocked when she goes shopping. She figures her car and its contents are insured, so there is no reason to worry. Which type of hazard is this an example of? - ANSWERSMorale A flood is an example of - ANSWERSA peril An insurance company incorporated in Oklahoma and conducting business in Oklahoma is known as a domestic company. What kind of company are they considered if they do business in Minnesota? - ANSWERSForeign Which of the following is true about stock companies - ANSWERSa stock company pays dividends What do insurance companies use to help predict how many losses will occur in a group or class of individuals - ANSWERSThe law of large numbers States require companies to have a license to sell insurance in the state. The license is called - ANSWERSA certificate of authority What is a requirement of an insurable pure risk - ANSWERSPremium must be affordable Insurers may be classified according to their financial strength. This does NOT include - ANSWERSnumber of clients Carl hands out a business card with his company's logo to all new prospects that he meets at a golf outing. This is an example of - ANSWERSimplied authority Agency is a relationship in which one person is authorized to represent and act for another person or corporations. In insurance, the insurance agent acts on behalf of - ANSWERSPrincipal Which of the following types of advertising does not invoOklahoma Adjuster Exam #2 Questions & Answers Correct 100%