Free Insurance Regulation Practice Questions
Oklahoma Life exam — 210 practice questions.
Subtopics: Regulatory body, Commissioner selection, Insurance code, Producer definition, Nonresident licensing, Appointment, Continuing education, License discipline, Rebating, Twisting, Commingling, Guaranty association, Fiduciary duty, Unfair trade practices, Defamation, Replacement notice, License renewal, Temporary license, Fraud reporting, Replacement agent certification, Address change, Advertising, Financial examination, Controlled business, Commissioner term, Commissioner term limit, Commissioner qualifications, Commissioner conflicts, Annual report, Rulemaking, Financial examinations, Examination reports, Anti-Fraud Unit, Fraud reporting immunity, Prohibited persons, Prohibited persons penalty, Emergency cease and desist, Business of insurance, Insurer domicile, Mutual insurers, Stock insurers, Fraternal benefit societies, Transacting insurance, Certificate of authority, License required, License exemptions, Negotiate defined, Producer qualifications, Exam to application, Business entity license, License reinstatement, Late renewal penalty, Military waiver, Change of address, Change of e-mail, Moving to Oklahoma, Moving away, Disciplinary grounds, Civil fines, Denial hearing, Record keeping, Producer examinations, Surrendered licenses, Sharing commissions, Renewal commissions, Termination of appointment, License term, Acting while suspended, Unlicensed activity, Inducements, Rebating exceptions, Unfair discrimination, Boycott and coercion, False financial statements, Fraudulent application, Premium notes, Financial institution names, Cease and desist, Cease and desist penalty, Undefined unfair practices, Department inquiries, Claimant communications, Unfair claims practices, Unfair claims penalty, Complaint records, Proof of loss, Proof of loss forms, Fraud warning, Electronic delivery, Minors, Federal insurance fraud, Fair Credit Reporting Act, Privacy, Credit information, Reporting criminal prosecutions, Reporting administrative actions, Life line of authority, Variable products, Replacement statement, Replacement definition, Replacement exemptions, Replacement documents, Replacement review, Replacement notice to old insurer, Replacement confidentiality, Replacement records, Replacement penalties, Guaranty association limits, Guaranty association exclusions, Fraud and false statements, Privacy and Do Not Call, USA PATRIOT Act AML, McCarran-Ferguson Act, Telephone Consumer Protection Act, Investigative report notice, Investigative report disclosure, Obsolete information, FCRA purpose, Consumer rights, False pretenses penalty, 18 USC 1033 consent, 18 USC 1033 penalties, Embezzlement by insurance persons, False statements to regulators, AML covered products, Suspicious activity reports, Cash reporting, AML program elements, Money laundering red flags, Do Not Call hours, Established business relationship, GLBA opt-out, GLBA initial notice, Nonpublic personal information, McCarran-Ferguson, South-Eastern Underwriters, Boycott exception, NAIC role, Federal securities regulation, Prospectus delivery, Producer license required, Commissioner powers, Misrepresentation, False advertising, Boycott coercion intimidation, License revocation causes, National Producer Number, Replacing insurer duty, Replacement free look, Annuity best interest, Best interest obligations, Consumer profile information, Annuity training, Insurer supervision, Illustration signatures, Illustration prohibitions, Buyer's guide timing, Viatical settlement, Viatical broker duty, Settlement provider, Settlement vs surrender
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Sample questions & answers
1. Which entity is primarily responsible for regulating the business of insurance in Oklahoma?
The Oklahoma Insurance Department
The Oklahoma Constitution (art. VI, sec. 22) establishes the Insurance Department to execute all insurance laws, and 36 O.S. 301 makes the Insurance Commissioner its chief executive officer.
2. How does a person become the Insurance Commissioner of Oklahoma?
Elected statewide by Oklahoma voters
Okla. Const. art. VI, sec. 23 provides that the Insurance Commissioner is elected by the qualified electors of the state for a four-year term (with an eight-year service limit).
3. The body of Oklahoma law that governs insurance and is enforced by the Commissioner is found primarily in:
Title 36 of the Oklahoma Statutes
36 O.S. 101 provides that Title 36 of the Oklahoma Statutes is known and may be cited as the Oklahoma Insurance Code.
4. Under Oklahoma law, an insurance producer is a person who is:
Licensed to sell, solicit or negotiate insurance
36 O.S. 1435.2(7) defines an insurance producer as a person required to be licensed to sell, solicit or negotiate insurance, including customer service representatives and insurance consultants.
Practice: Insurance Regulation
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.
