Property and Casualty Insurance Producer – Oklahoma Questions With 100% Correct Answers.

A deliberate misrepresentation that causes harm. A - Misdirection B - Malicious Lie C - Concealment D - Fraud - D - Fraud A person who has been convicted of any criminal felony involving dishonesty or a breach of trust who participates in the business of insurance in Oklahoma without express authorization from the Commissioner will be subject to what fine? A - $15,000 for each act of violation. B - $10,000 for each act of violation and for each day of violation. C - 15,000 for each act of violation and for each day of violation. D - $10,000 for each day of violation. - B - $10,000 for each act of violation and for each day of violation. According to the Oklahoma Workers' Compensation Act, the most an employer will have to pay for actual funeral expenses for a deceased employee is... A - $7,000 B - $0 C - $10,000 D - $5,000 - C - $10,000 All motor vehicle liability policies expire at... A - 12.00 midnight standard time on the expiration date noted in the policy B - 12:01 am standard time 1 year to the day from the policy's effective date C - 12:01 am standard time on the expiration date noted in the policyD - 12:00 midnight standard time 1 year to the day from the policy's effective date - C - 12:01 am standard time on the expiration date noted in the policy All of the following are requirements to be licensed as an adjuster in Oklahoma EXCEPT... A - Having successfully passed or been exempted from the adjuster's licensing exam B - Being a trustworthy person C - Being at least 21 years old D - Having experience or special education and training sufficient to make the person competent to carry out the duties of an adjuster - C - Being at least 21 years old An insurer must appoint a producer within how many days after accepting business from that producer? A - 30 B - 5 C - 15 D - 7 - C - 15 How many days' written notice must be given if an insurer wishes to change the deductible within a policy? A - 15 B - 30 C - 45 D - 60 - C - 45 How many days' written notice must be given if an insurer wishes to make a reduction in limits or coverage within a policy? A - 15 B - 45 C - 60 D - 30 - B - 45If an insurer engages in any trade practice that involves unfair competition or deceptive acts, the Commissioner may investigate possible unfair trade practices and do witch of the following... A - Suspend the insurer's license B - Revoke the insurer's license C - Fine the insurer D - Censure the insurer - A - Suspend the insurer's license B - Revoke the insurer's license C - Fine the insurer Insured motorists who successfully complete a motor vehicle accident prevention course are entitled to a reduced premium for how long? A - 6 months B - 1 Year C - 5 Years D - 3 Years - D - 3 Years