Free Casualty Insurance Basics Practice Questions
Oklahoma Casualty exam — 133 practice questions.
Subtopics: Binders, Comparative negligence, Compensatory damages, Special damages, General damages, Punitive damages, Strict liability, Vicarious liability, Absolute liability, Negligence elements, Proximate cause, Assumption of risk, Accident vs occurrence, Split limits, Combined single limit, Aggregate limit, Duty to defend, Supplementary payments, First named insured, Duties after loss, Other insurance, Underwriting purpose, Rate development, Subrogation condition, Liberalization, Policy territory, Hazard types, Claim settlement options, Cancellation pro rata, Loss payable, No benefit to bailee, Duties assignment, Negligence per se, Res ipsa loquitur, Intervening cause, Terrorism program, Bodily injury defined, Property damage defined, Insured contract, Self-insured retention, Tort defined, Battery, Libel, Nuisance, Trespass, Contributory negligence, Last clear chance, Joint and several liability, Respondeat superior, Attractive nuisance, Reasonable person standard, Burden of proof, Statute of limitations, Duty to mitigate, Nominal damages, Bailment, Hold harmless agreement, Named insured, Additional insured, Sublimit, Erosion of aggregate, Deductible, Loss reserve, IBNR reserve, Loss adjustment expense, Proof of loss, Appraisal clause, Arbitration, Short-rate cancellation, Notice of cancellation, Nonrenewal, Coverage trigger, Defense within limits, Severability of insureds, Premium audit, Retrospective rating, Schedule rating, Earned premium, Certificate of insurance, Split limits application, Intentional torts, Slander, Conversion, Invasion of privacy, Modified comparative negligence, Pure comparative negligence, Comparative negligence calculation, Legal liability sources, Criminal vs civil, Duty of care to entrants, Dram shop laws, Products liability, Occurrence vs claims-made, Claims-made tail, Common policy conditions, Legal action against insurer, Bankruptcy condition, Supplementary payments limits, Cancellation calculation, Limits calculation, Deductible types, Primary and excess, Contribution by equal shares, Contribution by limits, Duty to defend scope, Reservation of rights, Medical payments vs liability, Personal injury vs bodily injury, Claim vs suit, Negligence defenses, Extended reporting period, Retroactive date
Read the Casualty Insurance Basics study guide
Sample questions & answers
1. Under Oklahoma law, a property or casualty binder is valid until the policy is issued or for how long after its effective date, whichever is shorter?
90 days
36 O.S. 3622(B) limits a binder to the earlier of the policy's issuance or 90 days from the binder's effective date.
2. Which statement about binders is correct under Oklahoma law?
They may be oral or written and include the usual policy terms
36 O.S. 3622(A) allows binders to be made orally or in writing and deems them to include the usual terms of the policy for which they were given.
3. An Oklahoma P&C policy still has not been issued 90 days after the binder took effect. The binder may be extended only:
With the Commissioner's written approval or as allowed by rule
36 O.S. 3622(C) permits extension beyond 90 days only with the Insurance Commissioner's written approval or under the Commissioner's rules.
4. Oklahoma's statutory 90-day limit on binders does NOT apply to:
Life or accident and health insurance
36 O.S. 3622(D) states the binder section does not apply to life or accident and health insurance.
Practice: Casualty Insurance Basics
Answer choices are shuffled every time, and every question comes with an explanation.
Practice questions are study aids generated for exam preparation and are not actual exam questions. Content is provided for educational purposes and is not legal advice. Verify current statutes, rules, and exam specifications with the Insurance Department and the exam administrator before relying on it.
