Oklahoma Insurance Exam State Regulations Questions And Answers Rated A+ 2024 Updates

a legally acceptable attempt by the existing insurer to retain the business after replacement form has been received is called?? - Conservation a mutual insurer: is a participating company owned by policy owners charges assessments to the policy owners if blains are higher than projected is an incorporated society or supreme lodge without capital is a group who shares risk and cannot sell life insurance - is a participating company owned by policy owners a producers commission on controlled business cannot exceed what % of the producers total commissions within a 12 month period? - 25% Actuary - a mathematician employed by the insurer who develops the rates for the insurer. after a hearing, how many days the the commissioner have to order a punishment? - 30 days after an examination, the chief examiner must file a report within how days of completion of the examination? - 30 After the OID sends an examination report to the insurer being examined, how many days does the insurer have to make a rebuttal? - 20 days and after that, its public licensees must maintain policy records at his/her place of business for a period of how many years from the date of the last transaction? - 3 years All of the following are considered advertising except: -general announcements -printed and published material -descriptive literature, sales aids, illustrations, and forms letters -prepared sales talks, presentations, and material for use by producers - general announcements all of the following are fiduciary responsibilities except: -Product knowledge -selling the policy paying highest commission to producer -suitability req. -forward premiums promptly -policy delivery - -selling the policy paying highest commission to producer all of the following are fit for a notification of change except: Change of legal name marriage change of mailing address change in email address - Marriage all of the following are penalties for not complying with CE requirements except: -suspended license -double the license renewal fee-additional CE hours -Civil fine up to $500 - -additional CE hours All of the following is true about stock insurers except? Shareholders are entitles to the profits incorporated insurer without capital stock owned by its policy owners. shareholders elect the Board of Directors who hires the management of the company. Issue nonparticipating insurance policies because the policy owners do not participate in the profits of the ins. company. - incorporated insurer without capital stock owned by its policy owners. all of the following is true abut mutual insurers except? Policy owners are entitled to the profit which are paid in the form of dividends incorporated insurer with capital stock owned by its shareholders policy owners elect the Board of Directors who hires the management of the company issue participating ins. policies because the policy owners participate in the profits of the ins. company in the form of dividends. - incorporated insurer with capital stock owned by its shareholders all the following qualifications are true to become the insurance commissioner except? must be 25 years of agehas to be a HS graduate or have a GED Must be a resident of Ok for at least 5 years must have a min. of 5 years experience in the ins. industry - has to be a HS graduate or have a GED