Oklahoma insurance life only Exam Question With Verified Answers.

Oklahoma insurance life only Exam Question With Verified Answers. What type of insurer operates for proft and has no capital stock? - answermutual Which is true regarding an insurer examination order by the Oklahoma insurance department - answerIt must be ordered every five years and the insurance pays for the exam All of the following is true regarding an Oklahoma life and health guarantee association except - answerLife policies are covered up to the amount of the death benefit plus the cash value A mutual ensure - answerIs a participating company owned by policy owners And ensure with home office in Illinois and sales offices in Oklahoma would be a - answerForeign insurer Blue Cross Blue Shield is what type of insurance or because they pay to the services - answerService What type of insurer operates nonprofit - answerFraternal All of the following are true statement regarding the appointment of an insurance producer except - answerAn insurer must notify the Oklahoma insurance department with 30 days after terminating an appointment What is the specific amount of time a license he must notify the Oklahoma insurance department of an address change - answer30 days An agent who resides in another state is called - answerNon-resident agent In the case of death or disability of a licensed insurance producer, a temporary license maybe issued to another person for an initial specific period of time time - answer180 days Which of the following would have to meet Oklahoma continue education requirements - answerLife agent selling only annuities Insurance producers most account for all premiums collected from policy owners the producer is acting and what kind of capacity - answerFiduciary The commissioner my issue a temporary license for What specified period of time - answer180 days Which of the following be considered an unfair claims practice - answerNot effecting in good faith to settle the claim Regarding replacing an existing insurance life insurance policy which is not true - answerInsurers must report the replacement of life and health guarantee association What is the penalty for a producer guilty of violation of the unfair trade practices act - answerCivil fine of $100-$1000 and revoked license Certain elements are necessary for a particular race to be insurable which of the following would make a bisque uninsurable - answerA risk is of a catastrophic nature All the following statements are true regarding an actuary except - answerSelect risk for the insurance Which type of risk management technique is being used when the insured buys an insurance policy - answerTransfer If an individual decides to except the risk associated with the loss and not purchase insurance they are using what risk management method - answerRetaining For a risk to be insurable all the following required except - answerMust involve a number of didsimilar risk Speculative risk involves all of the following except - answerInsurance A person decides to drive home and icy roads what type of hazard exist - answerPhysical Which of the following is not true regarding a speculative risk - answerInsurance can be written on speculative risk The law of large number of states - answerThe larger the number of units considered the more predictable are the losses All of the following are elements of insurable risk except - answerLost must be initial Which of the following is not true regarding insurance - answerInsurance is a device for handling speculative risk John Madden the famous football announcer refuses to fly for fear of being injured in an aircraft accident which risk management technique is Jon using for refusing to fly - answerAvoidance All the following are essential elements of a legal binding contract except - answerSignatures If an applicant for life insurance lies on the application regarding material fact it is called - answerFraud