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OKLAHOMA ADJUSTER EXAM #2
Actual Qs and Ans Expert-Verified Explanation
This Exam contains:
-Guarantee passing score -100 Questions and Answers -format set of multiple-choice -Expert-Verified Explanation
Question 1: What is covered automatically under the basic form (DP)
Answer:
Fire, lightning and internal explosion Question 2: The loss payment condition states that the insurance company has how many days to for a loss after reaching an agreement with the insured?
Answer:
60 days Question 3: Which of the following individuals represent only one insurance company
Answer:
A captive agent
Question 4: What is the standard liability limit for Coverage E?
Answer:
100,00 per occurrence
Question 5: The heart of an insurance policy that sates what will be covered is called?
Answer:
The insuring agreement
Question 6: Water
Answer:
Is not automatically covered under a DP1 Question 7: All of the following class of personal property are specifically excluded from HO policy
Answer:
Animals, property of boarders and credit cards Question 8: What is one of the 9 major categories of valuable property that are used in the scheduled property endorsement?
Answer:
Musical instruments Question 9: Losses to personal property, awnings, carpeting, appliances, outdoor antennas, outdoor equipment, and structures that are not building are paid at
Answer:
actual cash value Question 10: Imprisonment may be ordered for up to how many years if false statements made jeopardized the safety and soundness of an insurer and were a significant cause of the insurer being placed in conservation, rehabilitation or liquidation by the courts?
Answer:
15
Question 11: A flood is an example of
Answer:
A peril
Question 12: Under all HO forms, loss to personal property are paid on
Answer:
actual cash value Question 13: Under coverage M - medical payments to others, the insurer will pay all necessary medical expenses incurred within
Answer:
- years after the accident
Question 14: Kathleen was driving too fast on an icy highway, caused a head on collision, and totaled William's car. William suffered from a broken neck and lost wages after missing four Weeks of work. These direct and specific damages are considered to be
Answer:
special compensatory damages Question 15: In DP-1, property removed to protect it from a basic peril is covered for 5 days. In DP-2 and DP3, property removed is protected for
Answer:
30 days Question 16: Which coverage section, covers damages that the insured is legally obligated to pay because of bodily injury or property damage
Answer:
Coverage E
Question 17: Coverage F of the Homeowners policy pays
Answer:
all necessary medical expenses incurred within 3 years of an accident that causes bodily injury Question 18: There are six classed of construction that are recognized by underwriters. The class of the buildings is determined by the types of material used in the building and
Answer:
the roof of the insured structure
Question 19: Coverage B in a dwelling policy provides coverage for
Answer:
other structures
Question 20: Which form insured tenants in a rental property?
Answer:
HO4 Question 21: For all other forms, except HO4- and HO6, the primary amount of insurance is
Answer:
Coverage A Question 22: If the insured reported a theft a silver set, what is the maximum amount they would be able to collect?
Answer:
$2,500.00
Question 23: Most losses are reimbursed on an actual cash value (ACV) basis. This is calculated by figuring the item's replacement value cost and subtracting the
Answer:
depreciation Question 24: In the broad theft coverage endorsement, what is the limit of liability for jewelry, watches, furs and precious and semiprecious stones?
Answer:
$1,500
Question 25: Insurers may be classified according to their financial strength. This does NOT include
Answer:
number of clients
Question 26: Dwelling policies are considered monoline policies because?
Answer:
they only insure property and do not automatically contain liability insurance
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