Free Commercial Property Policies Practice Questions
Oklahoma Property exam — 103 practice questions.
Subtopics: Commercial cancellation, Commercial package policy, Building and personal property, Special cause of loss, Business income, Extra expense, Builders risk, Cause of loss basic, Ordinance or law CP 04 05, Peak season, Spoilage, Value reporting, Legal liability, Inland marine purpose, Contractors equipment floater, Transportation coverage, Equipment breakdown, Need for equipment breakdown, Farm property form, Livestock coverage, Interline endorsements, Commercial coinsurance, Mobile agricultural equipment, Causes of Loss Broad Form, Building definition, Your business personal property, Personal property of others, Newly acquired or constructed property, Vacancy provision, Agreed value option, Inflation guard option, Replacement cost option, Business income with extra expense, Maximum period of indemnity, Monthly limit of indemnity, Extended business income, Civil authority commercial, Dependent properties, Ordinance or law increased cost, Pollutant cleanup and removal, Preservation of property, Tenants improvements and betterments, Leasehold interest coverage, Accounts receivable coverage, Valuable papers and records, Common policy conditions, Common conditions - cancellation, Examination of books, Inspections and surveys, Transfer of rights, Commercial property conditions, Commercial other insurance, Control of property, Property not covered - BPP, Property not covered - land, BPP 100 feet, Newly acquired - buildings limit, Outdoor property extension, Valuable papers extension, Property off premises extension, Fire department service charge CP, Preservation of property CP, Pollutant cleanup limit, Debris removal CP, CP vacancy, CP vacancy reduction, CP loss payment timing, CP valuation default, Stock valuation, Basic form perils, Sinkhole collapse, Special form theft limits, Special form collapse, Business income definition, Business income waiting period, Extended business income days, Business income coinsurance, Civil authority distance, Condominium association form, Condo commercial unit-owners, Legal liability form, Inland marine scope, Bailee customer, Inland marine conditions, Causes of loss, Builders risk calculation, Boiler and machinery, Ordinance or law
Read the Commercial Property Policies study guide
Sample questions & answers
1. 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.
2. 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.
3. 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.
4. An Oklahoma insurer will not renew a commercial property policy. Written notice of nonrenewal must be given at least:
45 days before expiration
36 O.S. 3639(D) requires written nonrenewal notice to the first-named insured at least 45 days before the expiration date.
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.
