OKLAHOMA INSURANCE LICENSING
EXAM Questions and Correct Answers
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Verified by Experts
1. All of the following are categories of a limited insurance license
EXCEPT
1) crop insurance
2) variable life insurance
3) credit life insurance
4) travel insurance: 2) variable life insurance
2. What term best describes the act of withholding material
information that would be crucial to an underwriting decision?
1) concealment
2) withholding
3) leading
4) breach of warranty: 1) concealment
3. Johanna purchased a National Flood Insurance policy 10 days
,after her community entered an emergency program. When would
her coverage be effective?
1) 30 days after the application has been accepted
2) 12:01 pm on the 5th day after the endorsement request has
been mailed 3) 5 days after the application and premium payment
are mailed
4) 12:01 am the day after the application and premium payment are
mailed: 4) 12:01 am the day after the application and premium payment are mailed
4. A tornado that destroys property would be an example of
which of the following?
1) peril
2) pure risk
3) loss
4) physical hazard: 1) peril
5. What term includes damage where the insured peril was the
proximate cause of loss?
1) indirect loss
2) consequential loss
3) negligent loss
4) direct loss: 4) direct loss
6. An insured's roof cost $4,000 when installed 5 years ago. It has
been dam-aged by hail and must be replaced. The new roof will
,cost $6,000 at today's prices. If the roof has been depreciating
at $200 per year and his policy is ACV, how much will it pay
toward the insured's new roof?
1) $1,000
2) $4,000
3) $5,000
4) $6,000: 3) $5,000
7. While an insurance was towing a utility trailer with his auto, the
trailer cam loose and ran into a store front. What part of the
insured's auto policy would pay for the damage to the store?
1) property damage liability
2) collision coverage
3) comprehensive coverage
4) this loss would not be covered: 1) property damage liability
8. The Mail Coverage Form is always written on a reporting form
basis; after the end of each reporting period shown in the
declarations, reports are due within
1) 30 days
2) 31 days
3) 45 days
4) 15 days: 3) 45 days
, 9. A startup used car dealership buys cars at auto auctions in 30
states. It wants to be certain that damage coverage is provided
when the cars are driven or transported from the auctions to the
dealership. In regard to the business auto physical damage
coverage,
which is true?
1) coverage is provided if dealership employees are in possession
of the subject automobile
2) coverage is provided at additional premium
3) coverage is provided for the wholesale amount only
4) coverage is not provided under the form: 1) coverage is provided if
dealership employees are in possession of the subject automobile
10. What is NOT an insured liability on a BAP?
1) the owner of a car the insured borrows
2) anyone using a covered auto with permission
3) anyone liable for the conduct of the insured
4) the named insured in any covered auto: 1) the owner of a car the insured
borrows
11. When applying for an individual life insurance policy, an
applicant states that he went to the doctor for nausea, but fails
to mention that he was also having severe chest pains.
This is an example of
EXAM Questions and Correct Answers
Graded A+ 100% Complete
Guaranteed
Verified by Experts
1. All of the following are categories of a limited insurance license
EXCEPT
1) crop insurance
2) variable life insurance
3) credit life insurance
4) travel insurance: 2) variable life insurance
2. What term best describes the act of withholding material
information that would be crucial to an underwriting decision?
1) concealment
2) withholding
3) leading
4) breach of warranty: 1) concealment
3. Johanna purchased a National Flood Insurance policy 10 days
,after her community entered an emergency program. When would
her coverage be effective?
1) 30 days after the application has been accepted
2) 12:01 pm on the 5th day after the endorsement request has
been mailed 3) 5 days after the application and premium payment
are mailed
4) 12:01 am the day after the application and premium payment are
mailed: 4) 12:01 am the day after the application and premium payment are mailed
4. A tornado that destroys property would be an example of
which of the following?
1) peril
2) pure risk
3) loss
4) physical hazard: 1) peril
5. What term includes damage where the insured peril was the
proximate cause of loss?
1) indirect loss
2) consequential loss
3) negligent loss
4) direct loss: 4) direct loss
6. An insured's roof cost $4,000 when installed 5 years ago. It has
been dam-aged by hail and must be replaced. The new roof will
,cost $6,000 at today's prices. If the roof has been depreciating
at $200 per year and his policy is ACV, how much will it pay
toward the insured's new roof?
1) $1,000
2) $4,000
3) $5,000
4) $6,000: 3) $5,000
7. While an insurance was towing a utility trailer with his auto, the
trailer cam loose and ran into a store front. What part of the
insured's auto policy would pay for the damage to the store?
1) property damage liability
2) collision coverage
3) comprehensive coverage
4) this loss would not be covered: 1) property damage liability
8. The Mail Coverage Form is always written on a reporting form
basis; after the end of each reporting period shown in the
declarations, reports are due within
1) 30 days
2) 31 days
3) 45 days
4) 15 days: 3) 45 days
, 9. A startup used car dealership buys cars at auto auctions in 30
states. It wants to be certain that damage coverage is provided
when the cars are driven or transported from the auctions to the
dealership. In regard to the business auto physical damage
coverage,
which is true?
1) coverage is provided if dealership employees are in possession
of the subject automobile
2) coverage is provided at additional premium
3) coverage is provided for the wholesale amount only
4) coverage is not provided under the form: 1) coverage is provided if
dealership employees are in possession of the subject automobile
10. What is NOT an insured liability on a BAP?
1) the owner of a car the insured borrows
2) anyone using a covered auto with permission
3) anyone liable for the conduct of the insured
4) the named insured in any covered auto: 1) the owner of a car the insured
borrows
11. When applying for an individual life insurance policy, an
applicant states that he went to the doctor for nausea, but fails
to mention that he was also having severe chest pains.
This is an example of
