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Risk - ANSWERthe uncertainty about outcomes, with the possibility that some of the outcomes can be negative. Quantified by knowing the probability of the possible outcomes Probability - ANSWERthe likelihood that an outcome or event will occur. Probabilities are stated as a decimal figure, a percentage, or a fraction. What are the 2 elements associated with risk? - ANSWERuncertainty of outcome + possibility of negative outcome Pure Risk - ANSWERa chance of loss or no loss, but no chance ...

An insured purchased an insurance policy 5 years ago. Last year, she received a dividend check from the insurance company that was not taxable. This year, she did not receive a check from the insurer. From what type of insurer did the insured purchase the policy? a. mutual b. reciprocal c. nonprofit service organization d. stock -ANSWERS A. mutual funds not paid out after paying claims and other operating costs are returned to the policy owners in the form of a dividend. if all funds ar...

Primerica Exam test Questions & Answers(Graded A) An insurer has made all of the decisions regarding the provisions included in the insured's policy. The insured finds an objectionable provision and wants to negotiate it with the insurer but is not allowed to do so. Her only options are to reject the policy or accept it as is. Which contract feature does this describe? a) Unilateral b) Conditional c) Personal d) Adhesion - ANSWERSAdhesion An insurance policy that only requires a paym...

Primerica Practice Test| 50 Questions| Correct Answers| Verified(SCORED A+) Primerica Practice Test| 50 Questions| Correct Answers| Verified(SCORED A+)

Oklahoma Property and Casualty, Exam Prep, Life and Health Insurance, OK Exam PE-2, Practice Exam, Review Questions , Oklahoma Adjuster s Exam , Oklahoma Law Supplement Practice Exam, Exam Prep, Oklahoma Insurance Adjuster s License Exam Questions and Answers 100% Correct(SCORED A)

Representations - ANSWER-Statements made by the applicant on an insurance application. Contract of Utmost Good Faith - ANSWER-An insurer must rely o the truthfulness and integrity of the applicant. Contract of Adhesion - ANSWER-When one party constructs the contract and the other party has no input. Elements of a Legally Binding Contract - ANSWER-1. Legal Purpose 2. Agreement (Offer and Acceptance) 3. Competent Parties 4. Consideration Special Peril - ANSWER-Type of policy that in...

develop insurance rates. Underwriter (Home Office Underwriter) - ANSWER-An employee of the insurer who: 1. Gathers information 2. Analyzes exposures (classifying risk) 3. Selections risk for the insurer Producer (agent) (Field Underwriter) - ANSWER-A person required to be licensed to solicit, negotiate, sell, or service/ practice insurance on behalf of the insurer Adjuster - ANSWER-Investigates claims, adjusts losses, and negotiates claim settlements for the insurer Underwrite...

All of the following are included as part of a contract in the entire contract provision EXCEPT the riders application changes made by the producer policy - ANSWER-changes made by the producer Health insurance involves two perils, accident and ____. - ANSWER-sickness All of the following riders can increase the death benefit amount EXCEPT Cost of Living Waiver of Premium Accidental Death Rider Guaranteed Insurability - ANSWER-Waiver of Premium Of the following dividend optio...

A license who does not comply with the continuing education requirements outlined in O.S. 36 1435.29 is subjet to all of the following EXCEPT: a.) suspended license b.) double license fees c.) a fine of $1,000 d.) non-renewed license - ANSWER-a fine of $1,000 The maximum obligation of the Oklahoma Property and Casualty Insurance Guaranty Asociation for property and casualty losses, other than workers compensation, is: a.) $100,000 b.) $150,000 c.) $300,000 d.) $500,000 - ANSWER-$150,0...

Actuary - ANSWER-Mathematician employed by the insurer who develops rates for the insurer. Underwriter is also known as? - ANSWER-Home Office Underwriter What 3 things does an underwriter do? - ANSWER-1. Gathers Information 2. Analyzes Exposures 3. Selects Risks for Insurer Exposures are also known as? - ANSWER-determining risks Producer is also known as? - ANSWER-Agent, field underwriter, or agent underwriter What is a producer? - ANSWER-A person required to be licensed t soli...

All of the following statements are TRUE regarding a proof of loss statement, EXCEPT: - ANSWER-A proof of loss is also known as a loss notice The "loss notice" is NOT the formal proof of loss. The loss notice is provided by the insured to the agent or insurer as soon as possible after the loss has occurred. Which of the following acts is NOT considered to be "transacting insurance" within the state of Oklahoma? - ANSWER-Taking an agency's incoming payments, sometimes containing premiu...

Actual Cash Value (ACV) - ANSWER-Cost to replace property with new property of like kind and quality less depreciation. Combined Single Limit - ANSWER-One limit per occurrence is what we pay up to Split limit - ANSWER-What we pay up to per person and per occurrence Deductible - ANSWER-What the customer will have to pay; we cover everything else Declarations Page (Dec Page) - ANSWER-The basic information about a policy: Who - names of insurer and insured What - description of insure...

Alien - ANSWER-Which type of insurer is incorporated or organized under the law of a country other than the United States? Insurer - ANSWER-Who does an insurance producer represent when neglecting an insurance contract. Writing Oklahoma Insurance laws - ANSWER-Which of the following is not a duty of the insurance commissioner. 15 days - ANSWER-An insurer must appoint a producer within how many days after accepting business from that producer? 5 years - ANSWER-The Commissioner must ex...

of the following are categories All of a limited insurance license EXCEPT 1) crop insurance 2) variable life insurance 3) credit life insurance 4) travel insurance - ANSWER-2) variable life insurance What term best describes the act of withholding material information that would be crucial to an underwriting decision? 1) concealment 2) withholding 3) leading 4) breach of warranty - ANSWER-1) concealment Johanna purchased a National Flood Insurance policy 10 days after her community entered...

The source of the adjusters authority - ANSWER-In the context of insurance adjusting, who is the principal? Coverage is not negotiable - ANSWER-When Nancy is pulling into her driveway, she accidentally hit the gas and plowed through her front wall. She tries to negotiate the claim with the adjuster, why is this not possible? True - ANSWER-True or false: assuring a claimant a policy is covered without determining the cause of loss is considered improperly acting as a fiduciary agent? Civ...

Life Insurance - ANSWER-Transfers to a life insurance company the risk of financial loss to an insurance company. Health Insurance - ANSWER-transfers to a health insurance policy the risk of financial loss resulting from illness, injury, disability of an insured person. Risk - ANSWER-Chance of loss: only pure risk is insurable. Loss - ANSWER-Unplanned reduction in economic value. hazard - ANSWER-a condition that increases the chance of a peril/setback/danger. Risk Transfer - ANSWE...

the commissioner must examine every domestic insurer and every foreign insurer at least one every ______ years - ANSWER-5 years maximum penalty for acting on a revoked, suspend license is $______ and up to five years in jail - ANSWER-$5,000 written proof of loss must be sent to insurer within ______ days of loss - ANSWER-60 days insurer must respond by settling or rejecting claim within ______ days after receiving notice from insured - ANSWER-60 Days records must be retained for at l...

Risk - ANSWER-The uncertainty or possibility of financial loss. (2 types: Speculative risk and Pure risk) Speculative Risk - ANSWER-Chance of financial loss with the possibility of gain or loss. This type of risk is not insurable. Example is gambling. Pure Risk - ANSWER-Chance of financial loss with no possibility of gain. The only potential outcome is loss. Loss - ANSWER-Unintended unforeseen damage or injury measurable in financial terms. Peril - ANSWER-The actual cause of a loss. ...

Underwriter - ANSWER-A person who selects risk for the insurer is Appointed by the gov - ANSWER-all of the following are true regarding the Oklahoma Insurance Commissioner EXCEPT Issued as often as necessary - ANSWER-Regarding the Oklahoma Insurance Department promulgating Rules and Regulations, which of the following is true? Glen Mulready - ANSWER-who is the Oklahoma Insurance commissioner Receive new business from an eligible surplus lines broker - ANSWER-XYX insurance company is ...

The Commissioner must examine the financial affairs of each admitted insurer operating in Oklahoma at least once every how many years? - ANSWER-5 years Maximum penalty for acting on a revoked, suspended or surrendered license is $__________ and up to __________ years in jail - ANSWER-$5K; 5 years Written proof of loss must be supplied to an insurer within what period of time? - ANSWER-60 days Insurer must respond by settling or rejecting claim within how many days of notice from insured...