Free Commercial Property Policies Practice Questions
Oklahoma Property & Casualty exam — 68 practice questions.
Subtopics: Commercial nonrenewal, Commercial cancellation, Building and personal property, Causes of loss forms, Business income, Commercial package, Equipment breakdown, Coinsurance, Builders risk, Extra expense, Ordinance or law, Inland marine, Reporting form, Causes of loss special form, Agreed value, Peak season endorsement, Spoilage coverage, Causes of loss basic form, Newly acquired property, Functional valuation, Causes of loss broad form, Debris removal, Brands and labels, Pollutant cleanup, Legal liability coverage form, Tenant improvements, Earthquake coverage, Additional coverages, Coverage extensions, Vacancy, Valuation, Optional coverages, Functional building valuation
Read the Commercial Property Policies study guide
Sample questions & answers
1. An Oklahoma insurer will not renew a commercial property policy. Under 36 O.S. 3639, it must give the first-named insured written notice of nonrenewal at least:
45 days before the expiration date
36 O.S. 3639(D) requires written nonrenewal notice to the first-named insured at least 45 days before expiration; if sent later, coverage continues until 45 days after the notice.
2. After an Oklahoma commercial property policy has been in effect for more than how many business days may the insurer cancel only for specified reasons?
45 business days
36 O.S. 3639(C) limits cancellation of commercial policies to listed reasons once coverage has been in effect more than 45 business days or after renewal.
3. When an Oklahoma insurer cancels a commercial auto policy midterm for a permitted reason, how much notice must the insured receive?
At least 10 days
36 O.S. 3639(C) requires at least 10 days' notice to the insured for a permitted midterm cancellation of a commercial policy.
4. Which is a permitted reason to cancel an Oklahoma commercial casualty policy that has been in force beyond the initial period?
Loss of or substantial changes in applicable reinsurance
36 O.S. 3639(C)(8) lists loss of or substantial changes in applicable reinsurance among the permitted reasons, along with nonpayment, fraud and increased hazard.
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Practice: Commercial Property Policies
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.
