Oklahoma Insurance Exam Latest 2024 Graded A+

Oklahoma Insurance Exam Latest 2024 Graded A+ Life Insurance Transfers to a life insurance company the risk of financial loss to an insurance company. Health Insurance transfers to a health insurance policy the risk of financial loss resulting from illness, injury, disability of an insured person. Risk Chance of loss: only pure risk is insurable. Loss Unplanned reduction in economic value. hazard a condition that increases the chance of a peril/setback/danger. Risk Transfer Risk management role played by insurance. Underwriting Assessing an applicant to determine insurability. Law of Large Numbers Mathematical principle of probability underlying insurance. Mutual Companies owned by policy owners participating policies which pay policy dividends to their policy owners may sell life/health insurance Stock Companies DO NOT issue participating policies Pay stock dividends to stockholders Sell health/life Home Service Companies issues industrial life insurance in small amounts Ordinary Life Insurance Life insurance issued in face amounts of greater than 25k Medical Care Service Providers blend features of insurance companies and medical care providers. Federal and State Government Insurance Programs Medicare Social Security Medicaid Admitted vs. Non-admitted Refers to whether or not an insurer is approved or authorized to write business in this State. Certificate of Authority Insurance Providers Mutual Companies Stock Companies Home Service Companies Ordinary Life Insurance Medical Care Service Providers Federal and State Government Programs Admitted vs Non-Admitted Insurance Producers Producers Producers Authority Cost Indexes Required Disclosures Producers 1 Must act in Good Faith and integrity in