Free Insurance Regulation Practice Questions
Oklahoma Property & Casualty exam — 274 practice questions.
Subtopics: Surplus lines, Surplus lines license, Premium tax, Unfair discrimination, Claim decision timing, Insurance fraud, Books and records, Enforcing orders, CE requirement, Guaranty association limits, Appointment filing, Appointment required, Appointment verification, Appointment fee, Producer discrimination, Termination notice, Termination comments, Reporting immunity, Change of address, Change of residence, Moving to Oklahoma, Qualifications, Business entity license, Exam results, Retaking exam, Exam exemptions, Temporary license, License term, CE hours, CE ethics, CE designation credit, CE membership credit, Nonresident CE, CE title producers, Reinstatement, Renewal waiver, Lines of authority, Definitions, Customer service reps, Insurance consultants, Managing general agents, Unlicensed solicitation, Producer agency, Surplus lines broker, License required, License exemptions, Assumed names, Nonresident license, Reporting actions, Disciplinary grounds, Civil fines, Hearing rights, Enforcement authority, Business entity discipline, Unlawful acts, Commissions, Controlled business, Fiduciary duty, Premium remittance, Return premiums, Unearned premium, Commingling, Misappropriation, Premium accounting, Prohibited persons, Cease and desist, Business of insurance, Limited lines, Surplus lines bond, Exam administration, License vs. appointment, Workers comp producers, Claim inquiries, Cancellation definitions, Premium refund provision, Proof of loss, Claims practices, Department inquiries, Twisting, Defamation, Boycott and coercion, Rebating, Inducements, Lender coercion, False advertising, False applications, Deceptive solicitation, False financial statements, Premium notes, Unfair practices enforcement, Federal insurance crimes, Insurance Commissioner, Insurer types, Rate regulation, Credit information, Privacy, Electronic delivery, Guaranty association, CE requirements, Federal fraud statute, Fair Credit Reporting Act, Gramm-Leach-Bliley, Terrorism Risk Insurance Act, Do Not Call, McCarran-Ferguson Act, NAIC role, Unfair claims settlement, Anti-money laundering, Fraud warning statements, Federal Insurance Office, Surplus lines regulation, Risk retention groups, Unfair trade practices, Fiduciary duties, Insurer solvency, Producer licensing, Fraud, Federal regulation
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Sample questions & answers
1. Surplus lines (nonadmitted) insurers may generally be used in Oklahoma when:
It cannot be procured from admitted insurers
36 O.S. 1106 permits surplus lines placement only when the needed coverage cannot be procured from admitted insurers after inquiry in the available market.
2. A producer who places business with nonadmitted insurers in Oklahoma generally must hold a:
Surplus lines broker license
36 O.S. 1101 bars representing or assisting a nonadmitted insurer in Oklahoma without being a surplus lines licensee or broker; a resident applicant must have passed the P&C exam (1435.6(K)).
3. Insurers doing business in Oklahoma pay an annual premium tax. For most insurers, the rate on direct written premiums is:
2.25 percent
36 O.S. 624(A)(2) sets the general premium tax rate at 2.25% of direct written premiums, paid by the insurer to the Insurance Commissioner; 6% is the surplus lines tax rate.
4. Oklahoma law prohibits unfair discrimination, meaning an insurer generally may not:
Treat insureds with like risk factors differently
36 O.S. 1204(7)(c) prohibits unfair discrimination between insureds or subjects having substantially like insuring, risk and exposure factors or expense elements.
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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.
