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Exam (elaborations)

Oklahoma Insurance Exam Questions & Answers( 2023 Update)

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2023/2024 Written for academic year
Institution Oklahoma
Course Oklahoma
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Life Insurance - ANSWERSTransfers to a life insurance company the risk of financial loss to an insurance company. Health Insurance - ANSWERStransfers to a health insurance policy the risk of financial loss resulting from illness, injury, disability of an insured person. Risk - ANSWERSChance of loss: only pure risk is insurable. Loss - ANSWERSUnplanned reduction in economic value. hazard - ANSWERSa condition that increases the chance of a peril/setback/danger. Risk Transfer - ANSWERSRisk management role played by insurance. Underwriting - ANSWERSAssessing an applicant to determine insurability. Law of Large Numbers - ANSWERSMathematical principle of probability underlying insurance. Mutual Companies - ANSWERSowned by policy owners participating policies which pay policy dividends to their policy owners may sell life/health insurance Stock Companies - ANSWERSDO NOT issue participating policies Pay stock dividends to stockholders Sell health/life Home Service Companies - ANSWERSissues industrial life insurance in small amounts Oklahoma Insurance Exam Questions & Answers( 2023 Update)

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