OPCI - Oklahoma Property and Casualty Insurance Exam

Question 21: An Oklahoma civics discussion turns to how long one person may hold the office of Insurance Commissioner over a whole career. Beyond the length of any single term, what overall limit does the state constitution place on a person's total service as Insurance Commissioner?

No lifetime limit exists at all

A limit of twelve total years

No more than eight total years

A single term with no reelection

Question 22: Each year, after the fiscal year closes, the Oklahoma Insurance Commissioner prepares a formal report summarizing the office's work and the condition of the insurers it oversees. To which official do both the statute and the Department rule direct the Commissioner to make that annual report?

The Attorney General

The Speaker of the House

The Chief Justice

The Governor

Question 23: A Department rule lists the several bodies of law that the Oklahoma Insurance Commissioner administers and enforces, and notably several of them sit outside the insurance code entirely. Which of the following is among the additional bodies of law the Commissioner is charged with administering beyond Title thirty-six?

The Oklahoma Bail Bond Code

The Uniform Commercial Code

The state general criminal code

The state tax code

Question 24: An Oklahoma consumer asks where within the Insurance Department the specialized unit that investigates suspected insurance fraud actually sits organizationally. According to the Department's own organizational rule, within which division of the Department is the Anti-Fraud Unit located?

The Consumer Assistance and Claims Division

The Legal and Investigation Division

The Financial and Examination Division

The office of the Attorney General

Question 25: The Oklahoma Insurance Department must conduct the statutory financial examinations of the domestic and foreign insurers it oversees. According to the Department's organizational rule, through what means does the Financial and Examination Division carry out those statutory company examinations of insurers?

Through salaried Department staff only

Through the state National Guard

Through outside contract examiners

Through the insurers' own auditors

Question 26: Someone submits an open records request to the Oklahoma Insurance Department, which assesses a lawful copying fee and also asks for information needed to identify the records. Under the Department rule, failing to pay the fee or respond within the set period leads to what consequence for the request?

The request is granted by default

The request is escalated to a hearing

The request is referred to prosecutors

The request is deemed abandoned

Question 27: Within the Oklahoma Insurance Department, one division determines whether producer and adjuster applicants meet qualifications, administers the licensing examinations, and tracks ongoing education. According to the organizational rule, which division carries the responsibility for monitoring producers' continuing education requirements?

The Licensing Division

The Comptroller Division

The Communications Division

The Real Estate Appraisers Division

Question 28: A Department rule describes how the office of the Oklahoma Insurance Commissioner is composed and who exercises supervision over it. According to that rule, who exercises executive and administrative supervision over the office of the Oklahoma Insurance Commissioner and its employees?

The Governor's chief of staff

The Insurance Commissioner

An appointed board of directors

The senior contract examiner

Question 29: An insurance company was formed and organized under the laws of Oklahoma and now writes coverage across several states from its Oklahoma base of operations. From the standpoint of Oklahoma regulation, which of the following labels correctly classifies this company relative to this state?

An alien insurer

A foreign insurer

A domestic insurer

A nonadmitted insurer

Question 30: An insurer organized under the laws of Texas seeks to write business in Oklahoma, while a separate company organized in London also wants to enter the market. Under Oklahoma's definitions, how is the Texas-organized company classified from Oklahoma's point of view?

A domestic insurer

An alien insurer

A reciprocal insurer

A foreign insurer

Question 31: Continuing the comparison of insurers by where they are organized, consider the company formed under the laws of a country outside the United States that now wishes to transact insurance in Oklahoma. Under Oklahoma's statutory definitions, how is that company classified relative to this state?

An alien insurer

A domestic insurer

A foreign insurer

An admitted insurer

Question 32: Two Oklahoma insurers are compared by ownership structure. The first is an incorporated insurer whose capital is divided into shares. Under Oklahoma's definitions, who owns this type of insurer, and what is it therefore called among the recognized insurer forms in the state?

Owned by policyholders, a mutual

Owned by shareholders, a stock insurer

Owned by the state, a public insurer

Owned by trustees, a fraternal society

Question 33: Contrasting with a share-owned insurer, an Oklahoma mutual insurer is also incorporated but is structured differently with respect to capital stock and ownership. Under Oklahoma's definitions, which of the following statements correctly describes a mutual insurer's capital structure and its ownership among the recognized forms?

Capital stock, owned by shareholders

Unincorporated, owned by trustees

No capital stock, owned by policyholders

No owners; answers to the state

Question 34: A company organized in another state wants to begin writing new insurance business directly with Oklahoma residents. Before it may lawfully transact that insurance in Oklahoma, what must it first obtain, according to the statute that requires authority to transact insurance in this state?

A resolution from the Legislature

Approval from a rating organization

A surplus lines broker's endorsement

Authority granted by the Commissioner

Question 35: An insurer that is currently a domestic Oklahoma company obtains the Commissioner's approval to transfer its corporate domicile to another state where it is also admitted. Once that transfer takes effect, how is the company then treated for purposes of Oklahoma regulation going forward?

It becomes a foreign insurer

It remains a domestic insurer indefinitely

It automatically becomes an alien insurer

It loses all authority in Oklahoma

Question 36: An Oklahoma producer persuades a policyholder to drop an existing life policy and buy a new one by making misleading comparisons about the two contracts. Which unfair trade practice describes inducing a policyholder to lapse or switch policies through misrepresentation of that kind?

Rebating

Twisting

Defamation

Coercion

Question 37: A producer circulates a false and maligning statement about a competing insurer's financial condition, intending to injure that competitor's standing. Which unfair trade practice describes making or spreading a false, maliciously critical statement about an insurer's financial condition or business operations?

Twisting

Boycott

Defamation

Misrepresentation of benefits

Question 38: To close a sale, an Oklahoma producer offers a prospective client something of value that is not stated in the insurance policy, such as a share of the producer's own commission. Which unfair trade practice describes giving or offering such an unstated inducement to buy insurance?

Twisting

Misrepresentation

Defamation

Rebating

Question 39: During a sales presentation in Moore, a producer knowingly overstates the dividends and benefits an insurance policy will pay in order to secure the sale. Which unfair trade practice does this knowing overstatement of a policy's benefits or terms represent under Oklahoma's insurance law?

Misrepresentation of policy terms

Rebating

Twisting

Redlining

Question 40: Under Oklahoma's claims definitions, a policyholder asserts a right to payment under her own automobile policy after a covered loss, while a pedestrian she injured asserts a claim against her. Which term describes the policyholder asserting a right to payment under her own policy?

A third-party claimant

A first-party claimant

A subrogee

A cedent

OPCI Oklahoma Property and Casualty Insurance Exam - Set 1 - Part 2

Question 21: An Oklahoma civics discussion turns to how long one person may hold the office of Insurance Commissioner over a whole career. Beyond the length of any single term, what overall limit does the state constitution place on a person's total service as Insurance Commissioner?

Question 24: An Oklahoma consumer asks where within the Insurance Department the specialized unit that investigates suspected insurance fraud actually sits organizationally. According to the Department's own organizational rule, within which division of the Department is the Anti-Fraud Unit located?

Question 28: A Department rule describes how the office of the Oklahoma Insurance Commissioner is composed and who exercises supervision over it. According to that rule, who exercises executive and administrative supervision over the office of the Oklahoma Insurance Commissioner and its employees?

Question 30: An insurer organized under the laws of Texas seeks to write business in Oklahoma, while a separate company organized in London also wants to enter the market. Under Oklahoma's definitions, how is the Texas-organized company classified from Oklahoma's point of view?

Question 32: Two Oklahoma insurers are compared by ownership structure. The first is an incorporated insurer whose capital is divided into shares. Under Oklahoma's definitions, who owns this type of insurer, and what is it therefore called among the recognized insurer forms in the state?

Question 35: An insurer that is currently a domestic Oklahoma company obtains the Commissioner's approval to transfer its corporate domicile to another state where it is also admitted. Once that transfer takes effect, how is the company then treated for purposes of Oklahoma regulation going forward?

Question 36: An Oklahoma producer persuades a policyholder to drop an existing life policy and buy a new one by making misleading comparisons about the two contracts. Which unfair trade practice describes inducing a policyholder to lapse or switch policies through misrepresentation of that kind?

Question 38: To close a sale, an Oklahoma producer offers a prospective client something of value that is not stated in the insurance policy, such as a share of the producer's own commission. Which unfair trade practice describes giving or offering such an unstated inducement to buy insurance?

Question 40: Under Oklahoma's claims definitions, a policyholder asserts a right to payment under her own automobile policy after a covered loss, while a pedestrian she injured asserts a claim against her. Which term describes the policyholder asserting a right to payment under her own policy?

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