Oklahoma Adjuster - Exam 2 Questions And Answers Rated A+ 2024 Updates

____ are the types of cause of loss form in a commercial package policy - Basic, Broad, or Special _____ is not eligible for a dwelling policy - Farm _______ are specifically excluded from coverage in Coverage C of the homeowner's policy? - Animals __________ acts like a deductible and is the amount of loss the insured must cover out of pocket when seeking coverage from an Umbrella policy? - Self -retention limit (SIR) A bird flying into the windshield of an auto is considered? - A comprehensive loss A certain state requires employers to purchase workers compensation insurance from a state fund. - a monopolistic state fund a civil wrong that causes damage to another person or business is known as - a tort a commercial package policy consists of all the following? - common policy declaration, common policy, conditions, and two or more coverage parts A condition stating that an insured's rights and duties under the policy cannot be transferred without the written consent of the insurance company, except in the case of the death of a named insured, is sometimes called - an assignment clause A covered auto collided with another car and overturned causing a lot of damage. The auto is insured for collision and comprehensive coverages under the business auto coverage form. Which coverage would pay for this loss? - Collision A flood is an example of - A perilA guarantee that something is true is - a warranty A loss caused by power failure o the insured's premises would be? - covered under a BAP a particular state gives employers the option of purchasing worker's compensation insurance from a state fund or a private company. This is an example of a _____ - competitive state fund A person's property can be divided into two classes: real property (buildings) and - personal property A personal boat used as a charter boat on the weekends for a fee - Would be excluded under a personal watercraft policy A personal injury endorsement would provide coverage for? - libel, slander, false arrest, invasion of privacy, malicious prosecution A shopping cart striking the insured vehicle is considered a? - A collision loss Absolute liability is imposed by law on those participating in hazardous activities or occupations. Another name for absolute liability is - strict liability Accidental discharge of water - Is not a covered peril under the basic HO form Adjusters and producers must complete how many hours of continuing education biennially? - 24 hours After a blizzard, the roof of the insured's home collapsed due to the weight of snow. This would be covered under which form? - DP2Agency is a relationship in which one person is authorized to represent and act for another person or corporations. In insurance, the insurance agent acts on behalf of - Principal airborne volcanic blasts or shockwaves, ash, dust, particulate matter, and lava flow is best described as? - volcanic action All earthquake shocks or volcanic eruptions that occur within how many hours are considered a single earthquake or volcanic eruption - 168 hours All of the following class of personal property are specifically excluded from HO policy - Animals, property of boarders and credit cards An act of terrorism must be certified by the Secretary of Treasury in consultation with the Secretary of Homeland Security and the - US Attorney General An automobile being swept away in flood waters, is considered? - A comprehensive loss An automobile flipping over an embankment onto its side, is considered a what? - A collision an automobile insurance plan for driver with poor driving records is also known as? - an assigned risk plan An individual applied for auto insurance and obtained coverage from EMU Insurance Company. Who is the first party in the contract? - The Insured An inland marine coverage that insurers against loss to machinery, equipment, building materials and supplies in transit to or being used with or during the course of installation, testing, building, renovating, or repair is also known as a - installation policy An insurance company incorporated in Oklahoma and conducting business in Oklahoma is known as a domestic company. What kind of company are they considered if they do business in Minnesota? - ForeignAn insurance company's license to do business in Oklahoma is called? - Certificate of Authority Armed individuals tie up convenience store workers and lock them in a back room. The individuals then load up on money, lottery tickets, cigarettes, and liquor, then leave the premises. This is an example of? - Robbery As it related to commercial auto insurance, damage to property owned by the insured is? - excluded As it relates to commercial auto insurance, work-related injuries to employees are? - excluded Business personal property is covered while it is in the actual building, outside the building or in a vehicle within how many feet of the building? - 100 feet