Oklahoma Insurance Exam (State Regulations) Exam Questions With Verified Answers.

Oklahoma Insurance Exam (State Regulations) Exam Questions With Verified Answers. Actuary - answer✔✔a mathematician employed by the insurer who develops the rates for the insurer. Underwriter - answer✔✔(Home Office Underwriter) and employee of the insurer What three things d o Underwriters do? - answer✔✔Gathers information analyses exposures (determines risk) selects risk for the insurer underwriting - answer✔✔the process of selecting risks Producer (agent) - answer✔✔(field underwriter) (agent underwriter) a person licensed to solicit, negotiate, sell, or service (practice) insurance on behalf of an insurer what is the purpose of insurance regulations? - answer✔✔To protect the public interest. What are the three sources of state regulations? - answer✔✔state federal self-regula tion which of the following is the primary source of regulations? Federal State self-regulation - answer✔✔state what is the name of the Oklahoma State Statutes and who are they enacted by? (certain title) - answer✔✔O.S. Title 36 (the insurance code) enacted by the Oklahoma State Legislature. Under the state regulations, rules and regs are promulgated by the? and why? - answer✔✔Oklahoma Insurance Department (OID) and to enforce the provisions of the insurance code. what role does the federal regulation play? - answer✔✔the watchdog what does the federal regulations supervise? - answer✔✔areas of insurance not covered by state regulations or when state jurisdictions are in conflict. Self- regulation by the NAIC. who is the NAIC - answer✔✔National Associati on of insurance commissioners what is the NAIC? - answer✔✔Is a voluntary non -profit org. the purpose is to promote uniformity among states by proposing standardized laws (Model legislation) has no legal authority makes recommendations to state insurance departments Oklahoma Insurance Commissioner is a member of? - answer✔✔NAIC Who is the OIC and what duty does he play? - answer✔✔CEO of the OID (Mr. Glen Mulready) and has the duty of administration and enforcement of the provisions of the insurance code. How do you become the OIC? - answer✔✔they have to be publicly voted by the voters to a 4 year term. all the following qualifications are true to become the insurance commissioner except? must be 25 years of age has 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 - answer✔✔has to be a HS graduate or have a GED Name all of the qualifications to become an insurance commissioner - answer✔✔must be 25 years of age must have been a resident in Oklahoma for at least 5 years Must hace a min. of 5 years experience in the ins. industry (doesn't mean licensed) Must have no Financial interest in any insurer, agency, or insurance transactions except as policy owner or claimant under a policy. Commissioners have the authority to: - answer✔✔Promulgate (adopt) rules and regs to carry out provisions in the ins. code order examinations of insurers jurisdiction over violations and complaints against anyone engaged in the ins. bus. Approve (affirm) and monitor the adequacy of insurers rates maintain books and records required by law provide annual reports to gov reg arding the financial status of the ins industry and the total number of ins claims paid in the State of Ok. Commissioners have civil authority to: - answer✔✔Conduct hearings issue cease and desists orders impose civil penalties including fines censure, suspend, revoke or non -renew an ins license What is the anti -fraud unit? - answer✔✔may investigate any suspected ins. fraud. If a criminal act has occurred, the unit will refer the case to the OSBI or the Oklahoma Attorney General. What does the OSBI stand for? - answer✔✔Oklahoma State Bureau of Investigation.