Oklahoma adjuster Study guides, Class notes & Summaries

"Practicing Insurance" Without a License - 1) A producer or adjuster, with a suspended or revoked license, who continues to "practice insurance" (transact insurance) after losing his/her license due to a violation of the insurance code is subject to a felony and the following criminal penalties: -Civil fine imposed by a Court of Law (Not the OID) up to $5000 and/or jailed from 1 to 5 years. 2) A person never licensed as a producer or adjuster who "practice insurance" (transact insuranc...

OKLAHOMA PROPERTY AND CASUALTY ADJUSTER EXAM QUESTIONS AND ANSWERS 100% CORRECT OKLAHOMA PROPERTY AND CASUALTY ADJUSTER EXAM QUESTIONS AND ANSWERS 100% CORRECT OKLAHOMA PROPERTY AND CASUALTY ADJUSTER EXAM QUESTIONS AND ANSWERS 100% CORRECT The Commissioner must examine the financial affairs of each admitted insurer operating in Oklahoma at least once every how many years? - ANSWER-5 years Maximum penalty for acting on a revoked, suspended or surrendered license is $__________ and up ...

ADJUSTER PRO OKLAHOMA PRACTICE EXAM 2024 ACTUAL QUESTIONS WITH CORRECT VERIFIED ANSWERS UPDATED AND GRADED A++ The source of the adjusters authority In the context of insurance adjusting, who is the principal? Coverage is not negotiable When Nancy is pulling into her driveway, she accidentally hit the gas and plowed through her front wall. She tries to negotiate the claim with the adjuster, why is this not possible? True True or false: assuring a claimant a policy is covered without dete...

ADJUSTER PRO OKLAHOMA PRACTICE EXAM 2024 ACTUAL QUESTIONS WITH CORRECT VERIFIED ANSWERS UPDATED AND GRADED A++ The source of the adjusters authority In the context of insurance adjusting, who is the principal? Coverage is not negotiable When Nancy is pulling into her driveway, she accidentally hit the gas and plowed through her front wall. She tries to negotiate the claim with the adjuster, why is this not possible? True True or false: assuring a claimant a policy is covered without dete...

Insurance - ANSWERSTransfers risk from one party to another. pool or reserve - ANSWERScollected premiums to cover losses/claims Indemnity - ANSWERSrestoration to previous financial condition Four essential elements of a contract - ANSWERSagreement, consideration, competent parties, legality When may a policy be terminated? - ANSWERSrevoking the offer, rejecting the offer, time lapse, or termination by operation of law Termination by Operation of Law - ANSWERShappens when one or bo...

Actuary - A person who uses mathematical methods to analyze loss data and develop insurance rates. Adjuster - Investigates claims, adjusts losses, and negotiates claim settlements for the insurer Alien Insurer - An insurer formed under the laws of Switzerland and authorized to do business in the State of Oklahoma Certificate - An insurer's documentation to do business in Oklahoma Coercion - Using a threat or force to create a monopoly in a transaction of insurance Defamation - stating cr...