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Practice Exam #1 Questions With Verified
Answers
An insurance company incorporated under the laws of the State of Oklahoma would be
considered a(n) - Answers✔Domestic insurer
An insurer formed under the laws of Switzerland, authorized to do business in the State of
Oklahoma, and holding an Oklahoma Certificate of Authority would be referred to as: -
Answers✔alien insurer
If a licensed insurance producer dies, which of the following would be able to receive a
temporary producer license? - Answers✔the surviving spouse
Which of the following situations is subject to replacement regulations? - Answers✔sale of an
individual life policy that causes an existing individual life policy to be lapsed
Which of the following is NOT a risk management technique? - Answers✔ascertain the risk
Which of the following is NOT true regarding insurance? - Answers✔insurance is a device for
handling speculative risk
The Telephone Consumer Protection Act (aka do not call registry) applies to which of the
following entities calling consumers at home? - Answers✔insurance company representative
An individual licensed as a life producer would be authorized to perform all of the following
EXCEPT? - Answers✔bind life insurance coverage
Insurance is considered which type of risk management technique? - Answers✔transfer
A producer has a responsibility to act in the best interest of the insured. This responsibility is
known as: - Answers✔fiduciary obligation
Which of the following is NOT true regarding the responsibilities of a producer to the insurer
under agency law? - Answers✔a producer receives unlimited authority from the insurer
All of the following are elements necessary to the formation of a binding legal contract
EXCEPT? - Answers✔signatures of both parties
1
ALL RIGHTS RESERVED.
Practice Exam #1 Questions With Verified
Answers
An insurance company incorporated under the laws of the State of Oklahoma would be
considered a(n) - Answers✔Domestic insurer
An insurer formed under the laws of Switzerland, authorized to do business in the State of
Oklahoma, and holding an Oklahoma Certificate of Authority would be referred to as: -
Answers✔alien insurer
If a licensed insurance producer dies, which of the following would be able to receive a
temporary producer license? - Answers✔the surviving spouse
Which of the following situations is subject to replacement regulations? - Answers✔sale of an
individual life policy that causes an existing individual life policy to be lapsed
Which of the following is NOT a risk management technique? - Answers✔ascertain the risk
Which of the following is NOT true regarding insurance? - Answers✔insurance is a device for
handling speculative risk
The Telephone Consumer Protection Act (aka do not call registry) applies to which of the
following entities calling consumers at home? - Answers✔insurance company representative
An individual licensed as a life producer would be authorized to perform all of the following
EXCEPT? - Answers✔bind life insurance coverage
Insurance is considered which type of risk management technique? - Answers✔transfer
A producer has a responsibility to act in the best interest of the insured. This responsibility is
known as: - Answers✔fiduciary obligation
Which of the following is NOT true regarding the responsibilities of a producer to the insurer
under agency law? - Answers✔a producer receives unlimited authority from the insurer
All of the following are elements necessary to the formation of a binding legal contract
EXCEPT? - Answers✔signatures of both parties
1
