©THEBRIGHT EXAM SOLUTIONS 2024/2025
ALL RIGHTS RESERVED.
Oklahoma Adjuster Exam Prep Questions
With Verified Answers
What is insurance - Answers✔Financial tool that protects individuals and organizations from
unforeseen and extraordinary financial losses by transferring risk to another party
Pays premium to insurance company - Answers✔Piece of mind that you are covered
Premium payments go into - Answers✔Pools or reserves
Pools/Reserves should be - Answers✔More than the cost of claims
Principle of Indemnity - Answers✔Insured is restored to the same financial or economic
condition that existed prior to the loss.
Insured should not profit from an insurance transaction.
Policy - Answers✔It is the legal binding part of an insurance contact
These must all be in place for policy on insurance contacts - Answers✔All parties must agree
All must contribute
All must be competent and 18+
Must be legal
Offerer - Answers✔Offering
Offeree - Answers✔is the only one that can legally accept
Rejecting Contact - Answers✔Asking for more information does not count as a rejection
Insurance Policy - Answers✔Is persona, there to protect person financially
Adhesion - Answers✔One party makes the terms
Doctrine of Reasonable Expectations - Answers✔States that a policy includes coverages that an
average person would reasonably expect it to include, regardless of what the policy actually
provides.
1
, ©THEBRIGHT EXAM SOLUTIONS 2024/2025
ALL RIGHTS RESERVED.
Upmost good faith - Answers✔The fair and equal bargaining by both parties in forming the
contract, where the applicant must make full disclosure of risk to the company, and the insurance
company must be fair in underwriting the risk.
Aleatory - Answers✔depending on an unknown future event
Unilateral - Answers✔only the insurer makes a legally enforceable promise
Conditional - Answers✔Only has to perform if conditions are met
Declarations Page - Answers✔An insurance policy information page or pages providing specific
details about the insured and the subject of the insurance. Usually first page or section.
Insuring Agreement - Answers✔Summary of the major promises of the insurer (what the policy
covers)
Conditions - Answers✔If conditions are not met, insurer can cancel policy at any time
Exclusions - Answers✔What is not covered under policy
Definitions - Answers✔meanings provided for words that are unfamiliar to listeners or technical
in nature
Endorsements - Answers✔Last section, and can modify coverages. Adding new driver to policy,
or take away coverages in policy.
Certification of Insurance - Answers✔Basic details, proof of coverage, coverage datges
Government Insurance - Answers✔Non-profit
Medicare, Medicaid, FEMA
Mandatory
Best meets the needs of the public as a whole
Monopoly
Private Insurance - Answers✔Health Insurance, Life Insurance, Home, property damage, ships,
etc.
Generates a profit
Stock Insurance - Answers✔AFLAC, Geico
Provides capital
shares profits with stockholders
2
ALL RIGHTS RESERVED.
Oklahoma Adjuster Exam Prep Questions
With Verified Answers
What is insurance - Answers✔Financial tool that protects individuals and organizations from
unforeseen and extraordinary financial losses by transferring risk to another party
Pays premium to insurance company - Answers✔Piece of mind that you are covered
Premium payments go into - Answers✔Pools or reserves
Pools/Reserves should be - Answers✔More than the cost of claims
Principle of Indemnity - Answers✔Insured is restored to the same financial or economic
condition that existed prior to the loss.
Insured should not profit from an insurance transaction.
Policy - Answers✔It is the legal binding part of an insurance contact
These must all be in place for policy on insurance contacts - Answers✔All parties must agree
All must contribute
All must be competent and 18+
Must be legal
Offerer - Answers✔Offering
Offeree - Answers✔is the only one that can legally accept
Rejecting Contact - Answers✔Asking for more information does not count as a rejection
Insurance Policy - Answers✔Is persona, there to protect person financially
Adhesion - Answers✔One party makes the terms
Doctrine of Reasonable Expectations - Answers✔States that a policy includes coverages that an
average person would reasonably expect it to include, regardless of what the policy actually
provides.
1
, ©THEBRIGHT EXAM SOLUTIONS 2024/2025
ALL RIGHTS RESERVED.
Upmost good faith - Answers✔The fair and equal bargaining by both parties in forming the
contract, where the applicant must make full disclosure of risk to the company, and the insurance
company must be fair in underwriting the risk.
Aleatory - Answers✔depending on an unknown future event
Unilateral - Answers✔only the insurer makes a legally enforceable promise
Conditional - Answers✔Only has to perform if conditions are met
Declarations Page - Answers✔An insurance policy information page or pages providing specific
details about the insured and the subject of the insurance. Usually first page or section.
Insuring Agreement - Answers✔Summary of the major promises of the insurer (what the policy
covers)
Conditions - Answers✔If conditions are not met, insurer can cancel policy at any time
Exclusions - Answers✔What is not covered under policy
Definitions - Answers✔meanings provided for words that are unfamiliar to listeners or technical
in nature
Endorsements - Answers✔Last section, and can modify coverages. Adding new driver to policy,
or take away coverages in policy.
Certification of Insurance - Answers✔Basic details, proof of coverage, coverage datges
Government Insurance - Answers✔Non-profit
Medicare, Medicaid, FEMA
Mandatory
Best meets the needs of the public as a whole
Monopoly
Private Insurance - Answers✔Health Insurance, Life Insurance, Home, property damage, ships,
etc.
Generates a profit
Stock Insurance - Answers✔AFLAC, Geico
Provides capital
shares profits with stockholders
2
