Study guides, Class notes & Summaries

the one basic characteristic of any type of insurance is that the insured is returned to the same status that existed prior to the loss, but without a chance for gain or profit - correct answertrue which of the following coverages does an open peril policy provide? - correct answerperils other than those specifically named as being excluded determine the actual cash value in the following situation: original price of office equiptment when purchased 8 years ago- 9,000. depreciated amount a...

Risk - correct answerThe chance or uncertainty of loss. Methods of Managing Risk - correct answer1. Avoid risk 2. Control risk 3. Retain a risk 4. Transfer a risk Avoid Risk - correct answerNever get into a car. Control Risk - correct answerTraining workers in the safe use of welding tools, or installing a sprinkler system in a factory. Retain a Risk - correct answerIf any loss occurs, people will pay for it themselves. Transfer a Risk - correct answerUse a Hold Harmless Agreem...

Oklahoma Property and Casualty Exam Questions and Answers (Latest Update 2024)

Oklahoma Property and Casualty Exam Questions and Answers 2024 May

Oklahoma Property and Casualty Latest Update Graded A+ Representations Statements made by the applicant on an insurance application. Contract of Utmost Good Faith An insurer must rely o the truthfulness and integrity of the applicant. Contract of Adhesion When one party constructs the contract and the other party has no input. Elements of a Legally Binding Contract 1. Legal Purpose 2. Agreement (Offer and Acceptance) 3. Competent Parties 4. Consideration Special Peril Ty...

Oklahoma Property and Casualty Exam Prep With Complete Solutions...

Oklahoma Property and Casualty exam 2023 with 100% correct answers

Oklahoma Property and Casualty exam 2023 with 100% correct answers

Oklahoma Property and Casualty exam 2023 with 100% correct answers

Oklahoma Property and Casualty exam 2023 with 100% correct answers

Oklahoma Property and Casualty exam 2023 with 100% correct answers

Oklahoma Property and Casualty exam 2023 with 100% correct answers