Free Property Insurance Basics Practice Questions
Oklahoma Property exam — 133 practice questions.
Subtopics: Binders, Standard fire policy, Policy expiration time, Overinsurance, Proof of loss, Insurable interest, Actual cash value, Replacement cost, Agreed value, Functional replacement cost, Direct vs indirect loss, Coinsurance purpose, Coinsurance calculation, Deductible, Declarations, Insuring agreement, Exclusions, Conditions, First named insured, Duties after loss, Subrogation condition, Liberalization, Other insurance pro rata, Blanket insurance, Loss payable clause, Construction class, Rate components, Underwriting purpose, Valued policy, Market value, Cancellation short rate, Policy territory, Assignment property, No benefit to bailee, Claim settlement options, Pair and set clause, Vacancy, Specific insurance, Terrorism program, Indirect loss time element, Hazard reduction underwriting, Named perils form, Open perils form, Burden of proof, Proximate cause, Concurrent causation, Anti-concurrent causation clause, Pro rata cancellation, Flat cancellation, Nonrenewal notice, Policy period, Salvage rights, No abandonment clause, Appraisal provision, Notice of loss, Depreciation, Recoverable depreciation, Percentage deductible, Period of restoration, Business income waiting period, Contribution by equal shares, Excess other insurance, Margin clause, Waiver of subrogation, Mysterious disappearance, Inherent vice exclusion, Wear and tear exclusion, Earth movement exclusion, Flood exclusion, Ensuing loss, Ordinance or law exclusion, Sue and labor, Ingress and egress, Reinstatement of limit, Coverage extension, Stated amount, Actual cash value calculation, Deductible application, Coinsurance - adequate insurance, Coinsurance with deductible, Coinsurance - limit cap, Coinsurance - value at time of loss, Coinsurance - who bears shortfall, ACV calculation - contents, Pro rata other insurance calc, Pro rata return premium calc, Pair and set calc, Proximate cause example, Direct loss example, Endorsements, Definitions section, Limits - sublimits, Mortgagee - proof of loss, Mortgagee - premium, Mortgagee - cancellation notice, Subrogation example, Appraisal procedure, Appraisal costs, Proof of loss timing, Suit against insurer, Burglary definition, Robbery definition, Theft definition, Water damage vs flood, Valued policy law, Liberalization timing, Occurrence, Named insured, Salvage value, Unearned premium, Settlement of claims - deductible, Additional coverages vs extensions, Policy conditions - concealment, Valuation
Read the Property 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: Property 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.
