Examfx simulation
Insuring agreement
All of the following are conditions commonly found in the insurance policy except
Three years
Coverage for medical payments under a personal auto policy applies to expenses following a covered accident that are incurred in service rendered within the maximum time period
Restores an insured person to the same financial state as before the loss
In case of a loss the indemnity provision in insurance policy
Other than collision coverage
Rental reimbursement is only available if the policy includes which coverage
Election
The commissioner is placed in office by
The difference in the actual cash values as a pair and as a single
The contents coverage on a homeowners policy would pay how much after the loss of a pair of golden candlesticks
A statement that earthquake damage is not
The declarations page of a homeowners policy provides all of the following information
Stealing and violence
The definition of theft encompasses both
Conditions
The part of the policy that sets forth the rules of conduct duties and obligations of the parties is called the
Malpractice coverage
The type of professional liability coverage a medical doctor needs
Certificate of authority
Which of the following must an insurer obtain in order to transact insurance within a given state
annually
when does the commissioner file reports to the government
The Oklahoma automobile insurance plan
A driver needs to obtain an auto insurance, but has not been unable to procure it through the standard Market. Which of the following would most likely offer the required coverage
Cancels coverage due to nonpayment of premiums
A license may be denied, suspended, or revoked if a license performs any of the following acts except
The drivers policy would be primary
A passenger in a friends car is injured while getting into the car which of the following statements would apply if both of the passengers of the car had made payments coverage under a personal auto policy
An independent real estate broker
All of the following workers would be covered under the workers compensation act, except
Fair credit reporting act
An applicant is denied insurance because of information found on a consumer report. Which of the following requires that the insurance company supply the applicant with the name and address of the consumer reporting company
Utility services - direct damage
An endorsement added to a business owners policy that provides coverage for direct damage caused by utility service disruption stemming from a covered peril is called
The agency loses commission income from policies that were not issued by the insurer
An insurance agency could purchase an error's of omission insurance policy which would provide protection in the event of any of the following events except
Per Occurrence
An insured has a liability policy that sets the amount for all claims that arise from a single incident at $50,000. Which type of limit of liability does this insured's policy have?
Deposit premium audit
An insured is applying for a casualty insurance policy. One of the conditions of the policy allows the insurance company to inspect the insured's books at the end of the policy term to make sure sufficient premium has been collected for the exposure she plans to ensure. Which condition is part of the insurance policy
Higher limits
An insured is involved in an auto accident in another state. The state has a financial responsibility law that specifies limits of lip liability higher than the limit shown in the declarations. What amount will be insured policy paid
80% of the properties replacement cost or more
An insured owns a building that is valued at $400,000. To comply with the 80% coinsurance provision of his insurance policy how much should he ensure the property for?
45 days
An insurer cannot cancel a homeowners policy solely because the insured filed A first claim if the policy has been in effect for at least how many days
Consideration
An insurer neglects to pay a legitimate claim that is covered under the terms of the policy which of the following insurance principles has the insurer violated
Illegal under any circumstances
An insurer publishes intimidating brochures that portray the insurer's competition as financially and professional unstable.
Transportation/permission to move endorsement
And insured covered under a mobile home owners policy wants to move the location of the covered mobile home. Which of the following must the insured obtain from the insurer
This loss is not covered
And insured is driving her auto and strikes a large pothole causing a flat tire which coverage of the insured's personal auto policy will pay for the repair
Consequential
And insured's business is damaged because of a fire, and he is forced to close the business temporarily for repairs. As a result, the insured loss income. What type of loss is this
A misdemeanor
Any person who knowingly attempts to obtain money, goods, or any other thing of value with the intent to cheat and defraud is guilty of
Conditions
Because an insurance policy is a legal contract it must conform to the state laws governing contracts which require all of the following elements except
A claims made form
Before an insurer will pay any loss under a policy, what is usually required by the insured
Location schedule
Employee fidelity may be written in the following ways except
Hazards
Events or conditions that increase the chance of an insured loss occurring are referred to as
$50,000
If a liability policy had a split limits of 50/100/30, what is the maximum amount that would be payable in the event of injury to a single person?
Unfair trade practice
If an insurance company makes a statement that its policies are guaranteed by the existence of an insurance guaranty Association that would be considered
Self-insured retention
In a personal umbrella policy, the amount paid by the insured for certain loss is not covered under the primary coverage is called
Replacement cost at the time of loss, less depreciation
In property insurance actual cash value is defined as which of the following
First limit
In the split limit coverage in personal auto policy's which limit indicates the maximum amount the policy will pay for bodily injury per person
It is never legal to limit coverage based on marital status
In which of the following situations is it legal to limit coverage based on marital status?
A jeweler fix is a necklace and since it by registered mail to the owner. When the necklace arrives it has been
In which situation with the jewelers block extension cover a loss
Lost sustained form
In which type of commercial crime policy coverage is triggered by a loss that happens during the policy period but it's not necessarily discovered during the policy period
Insurance policy owner
Insurance contracts or agreements between which two parties
The date the claim is first made
The claims may trigger is based on which of the following
Once every five years
The commissioner mat examine any company or person engaged in the insurance business as often as it is deemed appropriate but is required to examine each foreign insurer at least
Auto businesses such as auto dealers, service station, and auto repair shops
The garage coverage form is used to insure
Indemnity
The pro rata liability clause is designed to protect the principle of
Loss valuation
The process of determining the premium charge of how much insurance is required for a particular loss is called
24 hours
To maintain an active license, a producer must complete how many total hours of continuing education every licensing.
Unoccupied
Uninsured relocated to another state for work. However she still owns and ensures a house in the state but has had no one living in it for three months. She is also storing some furniture and clothes in the house. From an insurance standpoint the insured's house is considered
The loss settlement would be based on the reasonable and fair proportion that the damage part bears to the total value of the set
Victoria keeps a set of China figurines on top of the piano. One afternoon, victorious two-year-old daughter climbs on top of the piano to play with the figurines. As she reaches for one of them, it slipped out of her hands and breaks. According to the parents that clause how much will Victoria's insurance policy pay.
A uniform bill of landing
What are common carriers required to issue to every shipper that it transports goods for
An insurer with a home office in another state
What is a foreign Insurer
The SIR
What is the deductible of a commercial liability umbrella Policy called
Ownership
What is the major difference between a stock company in a mutual company
To allow insurers to determine adequate rates for unknown losses claimed in the future
What is the purpose of the claims made form
Prevent insureds from profiting from loss
What is the purpose of the coinsurance clause found in property insurance policies
Occupational
What kind of diseases are caused by a persons occupation or job setting
Absolute
What type of liability with a person who owns wild animals have
Proximate cause
When a direct chain of events resulting from a negligent act causes injury or damage that act is considered to be
False financial statement
When an insurance agency published an advertising brochure and emphasize the company's financial data ability and sound business practices. In reality, it financially health is terrible, and the company will soon have to file for bankruptcy. Which of the following terms best describes the advertisement
Stated amount
When the amount of insurance written in a property policy is not subject to any coinsurance provision in that amount is paid in the event of a covered loss the coverage is said to be written as
Replacement cost
Which method of valuation is contrary to the basic concept of indemnity
Taking another's property with violence or the threat of violence
Which of the following best defines the term robbery
Appraisal clause
Which of the following causes establishes the procedure for determining the amount of a loss when the insured and the insured cannot agree on the value of property or amount of loss
Assignment
Which of the following describes the transfer of a legal right or interest in an insurance
A sales person
Which of the following individuals would be exempt from the workers compensation act
Warranty
Which of the following is a statement that is guaranteed to be true and if untrue may breach an insurance contract
The insurance contract
Which of the following is an agreement between an insured and uninsured or where the insure agrees to indemnify the insured for specific losses in exchange for a premium
A written agreement which indemnifies a person for fire damage to the premises rented to the insured
Which of the following is not considered an insured contract under the commercial general liability policy
Only written statements can be considered fraud.
Which of the following is not correct regarding false statements by a person engaged in a business of insurance
The application given to a prospective insured
Which of the following is not the consideration in a policy
The insured damages a rented garage when he failed to stop in time
Which of the following losses would be covered under the property damage liability coverage of a personal auto policy
Theft of a renters lawnmower used to service the premises
Which of the following losses would most likely not be covered under coverage a in a dwelling policy
A person who negotiates insurance contracts
Which of the following persons is required to hold an insurance producer license
It is elective
Which of the following statements is true regarding Worker's Compensation coverage for Seoul
Both are excluded perils and all property policy
Which of the following statements regarding coverage for the flood in earthquake perils are true
Defamation
Which of the following terms describes making false statements about the financial condition of an ensure that are intended to injure any person engaged in the business of insurance
Anyone while using, with permission, a covered auto owned by the named insured
Which of the following would be considered an insured under a business auto coverage form
The applicant has a prior felony conviction
Which of the following would qualify as a competent party in an insurance contract
Aggregated limit of liability
Which of theses is defined as the maximum limit of coverage under a liability policy during the policy year, regardless of the number of claims that may be made or the number of accidents that may occur
Additional coverage
Which part of the insurance policy covers claims related expenses reasonable expenses incurred by an insured to protect damaged property from further loss or defense expenses
The Surfside club waterfront restaurant is damaged when floodwaters rise and seep into the restaurant
Which situation would not be covered by the basic causes of loss form under a commercial property policy
The insurer
Who is entitled to the salvage of property after a total loss has been paid under the terms of an insurance policy
A pick up or van title to the used in the named insured business
With respect to auto insurance the term owned autos includes all of the following except
Any condition or exposure that increases the possibility of loss
With respect to the business of insurance a hazard is
Three days
Within how many days of requesting an investigation consumer report must an insurer notify the consumer in writing that the report will be obtained
60 days
a driver wants to apply for auto coverage through the Oklahoma automobile plan. he must prove that he has attempted to obtain coverage with the last
$30,000
an insureds building has an actual cash value of $200,000 and he has insured the property for $120,000 with an 80% coinsurance clause. a $40,000 loss occurs. how much will the policy pay?
a felony
any person who knowingly attempts to obtain money, good, or any thing of value with intent to cheat and defraud is guilty of
no, the named insured may reject coverage in writting
auto policies in Oklahoma are required to provide uninsured and underinsured motorists coverage. does the insured have to accept this coverage?
proof of loss
before an insure will pay any loss under a policy, what is usually required from the insured
Personal and Advertising Injury Liability
if an insured bakery is sued because its marketing states that the products of another bakery may not be safe, which coverage of commercial general liability policy will defend the suit
10 days
under business owners policy section I, if an insurer wants to Nonrenewal a policy for nonpayment of premium, how many days before the expiration date must the insurer notify the mortgageholder
stealing and violence
what is the definition of theft
encourage the insured to insure the property closer to its full value
what is the purpose of the coinsurance clause found in property insurance policies
Indemnity
which insurance principle states that if a policy allows for greater compensation then the financial loss incurred the insured may only receive benefits for the amounts
owners and contractors protective liability
which professional liability endorsement covers claims caused by the negligence of a contractor or subcontract hired by the insured