Oklahoma Property & Casualty Adjusters - Exam

The Section II - Additional Coverages of Homeowners policies, damage to the property of others (whether or not in the insured's custody and regardless of fault) is covered up to:

$1,000 per occurrence.

The basic limit for Coverage F -- Medical Payments of the standard Homeowners forms is:

$1,000 per person.

The Oklahoma Property & Casualty Guaranty Association will pay no more than ________ per policy for the return of unearned premium.

$10,000

The insured is covered under a standard Businessowners policy. She has several computers used in the business and the electronic data stored on them becomes corrupted as a result of lightning. The cost to research and restore this data is $20,000. How much will the policy pay for the electronic data?

$10,000

Joan is covered for $10,000 under a personal articles floater for her jewelry. She acquires another piece of jewelry valued at $2,500. Under the automatic coverage provision for newly acquired property within the policy, how much coverage would apply to the newly acquired jewelry for 30 days?

$2,500.

The Homeowners "additional coverages" includes coverage up to __________ for grave markers including mausoleums on or away from the residence premises by a peril insured against.

$5,000.

An insured has a CGL policy written on an occurrence form with a $100,000 general aggregate limit and a $25,000 "per occurrence" limit. The insured had one occurrence settled for $35,000 and a second occurrence, which took place during the same policy period, was settled for $20,000. How much of the general aggregate limit remains for the payment of future claims?

$55,000.

In the case of a weather-related catastrophe or a major natural disaster, the Oklahoma Commissioner may extend the deadline to accept or deny a claim for an additional:

7 days.

The spouses of workers who died from their work-related injuries are entitled to what percentage of the employee's average weekly wage?

70%.

Which of the following losses would be covered under a Commercial Property policy with the special cause of loss form attached?

A fire that breaks out in an office building and causes damage to two of the offices.

A coverage extension included on the Building and Personal Property coverage form provides coverage for business personal property temporarily stored in a detached trailer within 100 feet of the insured building for:

A limit of $10,000 unless higher limits are purchased.

Which of the following Professional Liability policy types would likely be covered by a nonstandardized form created by an insurer?

A policy covering the professional services provided by an insurance agent.

A contractor's bid bond is used:

As a promise from the surety that if the principal is awarded the contract, the principal will enter into the contract for the bid amount and provide required performance bonds.

Which of the following statements BEST describes the reason it was necessary to create a federal flood insurance program in 1968?

Because other property policies routinely exclude flood from coverage.

The ACV settlement under a property insurance policy may be determined using "broad evidence rule", which means that the loss is valued:

By establishing the value of the property using any evidence a court finds relevant.

Punitive damages are more likely to be awarded by a court in cases of:

Gross negligence.

Which of the following statements concerning the Earthquake and Volcanic Eruption Endorsement to a Commercial Property policy is NOT TRUE?

If the policy expires before the end of the 168-hour period, coverage will not apply to the time period following the expiration date of the policy.

Which of the following additional coverages provided by the Building and Personal Property coverage form applies only to buildings to which the replacement cost optional coverage applies?

Increased Cost of Construction.

Which of the following statements is NOT TRUE regarding the HO-3 form?

It provides coverage for the basic and broad perils for the Dwelling & Other Structures.

Under an Equipment Breakdown policy form that covers boilers and machinery, what is considered to be one loss event?

The initial breakdown that causes other breakdowns.

All of the following are true concerning Commercial Package policy modification factors, EXCEPT:

The numerical figure used as a modification is set within each coverage part of the standard policies that make up the package

Which of the following CGL forms would pay for bodily injury or property damage liability that occurs during the policy period, but a claim for the occurrence is not submitted until after the policy has expired?

The occurrence form