Oklahoma Adjuster License - 3
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Oklahoma Insurance Adjuster's Lice... CHAPTER 6 AmPro Chapter 6 LIFE IN
136 terms 19 terms 31 terms 49 terms
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All of the following statements are TRUE regarding a A proof of loss is also known as a loss notice
proof of loss statement, EXCEPT:
The "loss notice" is NOT the formal proof of loss. The loss notice is provided by
the insured to the agent or insurer as soon as possible after the loss has occurred.
Which of the following acts is NOT considered to be Taking an agency's incoming payments, sometimes containing premium payments,
"transacting insurance" within the state of Oklahoma? to the bank for deposit
A staff person in an agency office who is simply taking a deposit to the bank is not
transacting insurance even if that bank deposit contained premium payments.
In Oklahoma, employers may contract with a managed Certified Workplace Medical Plan
care plan to provide medical care for their injured
workers at a reduced cost. These plans are known as: A Certified Workplace Medical Plan is the name that Oklahoma titles managed
care plans for employers.
Which of the following statements is TRUE regarding the It can be purchased either on a permanent basis for frequent travelers or for a
Personal Effects Floater? single trip
The standardized Building and Personal Property Within 60 days of the insurance company's request
Coverage form requires the insured to submit a signed,
sworn proof of loss statement:
All of the following statements regarding the basic It extends the policy period by 60 days
extended reporting period in a Commercial General
Liability policy are TRUE, EXCEPT: The basic extended reporting period of a claims-made CGL policy does not
extend the policy period by 60 days. However, it DOES pay claims first received
and recorded within 60 days of the policy expiration date.
In Oklahoma, which of the following will the A cease and desist order
Commissioner impose on a person for engaging in an
unfair method of competition? For engaging in an unfair method of competition, licensees would be subject to a
cease and desist order after a hearing.
, Which of the following Dwelling insuring agreements Additional Living Expenses
would be included on a DP-3 form but not on a DP-1
form?
Which of the following BEST DESCRIBES the function of a It establishes the date when claims-made coverage begins
retroactive date in a Commercial General Liability policy?
A retroactive date is applicable only on a claims-made CGL policy and it
establishes the date when that coverage begins under the current policy.
Allen, an insured in Oklahoma, was stopped at a DUI The Oklahoma Commissioner may revoke Binders Keepers' certificate of authority
checkpoint while driving his car one evening. The officer
at the checkpoint arrested him for driving under the Because Allen was arrested but no charges were filed, Binders Keepers is not
influence, but when Allen was taken back to the station, it permitted by Oklahoma law to raise Allen's insurance premium. However, the
was determined that his blood-alcohol content was not Commissioner may revoke the insurer's certificate of authority, censure or fine the
above the legal limit. Allen's insurer, Binders Keepers, Inc. insurer for raising Allen's premium rate.
raises his automobile insurance premium rate due to the
arrest. Which of the following statements is CORRECT in
this situation?
A standard Homeowners policy has been issued to cover $37,500.
a one-family structure with a coverage limit of $75,000 on
the dwelling (Coverage A). What is the automatic amount Personal property is automatically covered for 50% of the amount of the dwelling
of insurance coverage on personal property (Coverage limit for one or two-family dwellings.
C)?
Which of the following is NOT usually excluded under a Financial losses
Professional Liability policy?
Economic and financial losses are the subject of coverage under a Professional
Liability policy. Therefore, financial losses are NOT excluded.
Personal property that is covered under the Personal $2,000.
Property Replacement Cost Endorsement of a
Homeowners policy is damaged and a claim has been The endorsement will pay the smallest amount of the replacement cost at the time
filed. The replacement cost of the property at the time of of the loss, the full repair cost, the Coverage C limit, any applicable special limits,
the loss is $2,500. The full cost to repair the property is or the limit that applies to the type of property being claimed.
$2,000. The Coverage C limit of the Homeowners policy
is $8,000. No special limits apply to this property and
there is no limit applied to the type of property being
claimed. Which of the following is the amount that will be
paid under the endorsement?
With a "claims-made" CGL form, the policy is: Excess over any other policy that is not claims-made
A claims-made CGL form is excess over any other policy that is not claims-made.
Coverage A - Dwelling of a standard Homeowners policy The land where an insured structure is being built
provides coverage for all of the following, EXCEPT:
Land is NOT covered under the Coverage A insuring agreement of a standard
Homeowners policy.
Save
Students also studied
Oklahoma Insurance Adjuster's Lice... CHAPTER 6 AmPro Chapter 6 LIFE IN
136 terms 19 terms 31 terms 49 terms
MEGAN_SCOTT77 Preview Faded_Galaxyz Preview Rachel_Carlisle6 Preview gol
All of the following statements are TRUE regarding a A proof of loss is also known as a loss notice
proof of loss statement, EXCEPT:
The "loss notice" is NOT the formal proof of loss. The loss notice is provided by
the insured to the agent or insurer as soon as possible after the loss has occurred.
Which of the following acts is NOT considered to be Taking an agency's incoming payments, sometimes containing premium payments,
"transacting insurance" within the state of Oklahoma? to the bank for deposit
A staff person in an agency office who is simply taking a deposit to the bank is not
transacting insurance even if that bank deposit contained premium payments.
In Oklahoma, employers may contract with a managed Certified Workplace Medical Plan
care plan to provide medical care for their injured
workers at a reduced cost. These plans are known as: A Certified Workplace Medical Plan is the name that Oklahoma titles managed
care plans for employers.
Which of the following statements is TRUE regarding the It can be purchased either on a permanent basis for frequent travelers or for a
Personal Effects Floater? single trip
The standardized Building and Personal Property Within 60 days of the insurance company's request
Coverage form requires the insured to submit a signed,
sworn proof of loss statement:
All of the following statements regarding the basic It extends the policy period by 60 days
extended reporting period in a Commercial General
Liability policy are TRUE, EXCEPT: The basic extended reporting period of a claims-made CGL policy does not
extend the policy period by 60 days. However, it DOES pay claims first received
and recorded within 60 days of the policy expiration date.
In Oklahoma, which of the following will the A cease and desist order
Commissioner impose on a person for engaging in an
unfair method of competition? For engaging in an unfair method of competition, licensees would be subject to a
cease and desist order after a hearing.
, Which of the following Dwelling insuring agreements Additional Living Expenses
would be included on a DP-3 form but not on a DP-1
form?
Which of the following BEST DESCRIBES the function of a It establishes the date when claims-made coverage begins
retroactive date in a Commercial General Liability policy?
A retroactive date is applicable only on a claims-made CGL policy and it
establishes the date when that coverage begins under the current policy.
Allen, an insured in Oklahoma, was stopped at a DUI The Oklahoma Commissioner may revoke Binders Keepers' certificate of authority
checkpoint while driving his car one evening. The officer
at the checkpoint arrested him for driving under the Because Allen was arrested but no charges were filed, Binders Keepers is not
influence, but when Allen was taken back to the station, it permitted by Oklahoma law to raise Allen's insurance premium. However, the
was determined that his blood-alcohol content was not Commissioner may revoke the insurer's certificate of authority, censure or fine the
above the legal limit. Allen's insurer, Binders Keepers, Inc. insurer for raising Allen's premium rate.
raises his automobile insurance premium rate due to the
arrest. Which of the following statements is CORRECT in
this situation?
A standard Homeowners policy has been issued to cover $37,500.
a one-family structure with a coverage limit of $75,000 on
the dwelling (Coverage A). What is the automatic amount Personal property is automatically covered for 50% of the amount of the dwelling
of insurance coverage on personal property (Coverage limit for one or two-family dwellings.
C)?
Which of the following is NOT usually excluded under a Financial losses
Professional Liability policy?
Economic and financial losses are the subject of coverage under a Professional
Liability policy. Therefore, financial losses are NOT excluded.
Personal property that is covered under the Personal $2,000.
Property Replacement Cost Endorsement of a
Homeowners policy is damaged and a claim has been The endorsement will pay the smallest amount of the replacement cost at the time
filed. The replacement cost of the property at the time of of the loss, the full repair cost, the Coverage C limit, any applicable special limits,
the loss is $2,500. The full cost to repair the property is or the limit that applies to the type of property being claimed.
$2,000. The Coverage C limit of the Homeowners policy
is $8,000. No special limits apply to this property and
there is no limit applied to the type of property being
claimed. Which of the following is the amount that will be
paid under the endorsement?
With a "claims-made" CGL form, the policy is: Excess over any other policy that is not claims-made
A claims-made CGL form is excess over any other policy that is not claims-made.
Coverage A - Dwelling of a standard Homeowners policy The land where an insured structure is being built
provides coverage for all of the following, EXCEPT:
Land is NOT covered under the Coverage A insuring agreement of a standard
Homeowners policy.
