OPCI - Oklahoma Property and Casualty Insurance Exam

Question 21: An Oklahoma business carries two property policies covering the same warehouse, and a covered loss occurs. A common other-insurance provision has each insurer pay its share of the loss in proportion to how its limit relates to the total insurance. Which method is this?

Primary and excess

Contribution by equal shares

Pro rata sharing

Nonconcurrency

Question 22: An Oklahoma insurer pays its own policyholder for fire damage caused by a contractor's negligence, then pursues the contractor to recover what it paid. This right, which prevents the policyholder from collecting twice, is known as which of the following?

Salvage

Coinsurance

Contribution

Subrogation

Question 23: An Oklahoma producer explains that a valid insurance contract requires an offer and acceptance, an exchange of value, parties with legal capacity, and a lawful purpose. The premium the applicant pays and the insurer's promise to pay covered losses illustrate which required element?

Consideration

Legal purpose

Competent parties

Offer and acceptance

Question 24: While applying for an Oklahoma property policy, an applicant deliberately stays silent about a material fact he knows the insurer would want, intending to obtain coverage he might otherwise be denied. This intentional failure to disclose a known material fact is best described as which of the following?

Warranty

Concealment

Representation

Waiver

Question 25: An Oklahoma producer arranges immediate property coverage for a client whose newly purchased building needs protection today, before the insurer can finish issuing the full policy. Which document provides this temporary evidence of coverage while the formal policy is being prepared?

An endorsement

A certificate of authority

A binder

A declarations page

Question 26: An Oklahoma homeowner adds earthquake coverage to her existing homeowners policy through a form attached to the contract that changes its terms and adds the new peril. Which term describes such an attachment that modifies the coverage of an already-issued policy?

A binder

A proof of loss

A rider on the declarations

An endorsement

Question 27: An Oklahoma insurer decides to cancel a homeowner's policy, a form of personal residential coverage, for a general reason. Under the current Oklahoma rule adopted in twenty twenty-six, at least how many days advance notice must the insurer give for such a cancellation or non-renewal?

Sixty days

Ten days

Twenty days

Ninety days

Question 28: An Oklahoma buyer wants the broadest common homeowners coverage, insuring the dwelling against risks of direct physical loss except those specifically excluded, while covering personal property on a named-perils basis. Which homeowners form is generally described this way?

The broad form

The special form

The basic dwelling form

The tenants form

Question 29: A renter in an Oklahoma City apartment wants coverage for her own furniture and belongings and personal liability, but not for the building, which her landlord insures. Which homeowners form is designed for a tenant in this situation?

The condominium form

The special form

The tenants form

The dwelling basic form

Question 30: An Oklahoma condominium unit-owner needs coverage for her personal property, the improvements she made to her unit, and her personal liability, while the association's master policy separately insures the building structure. Which homeowners form is specifically tailored to a condominium unit-owner?

The tenants form

The special form

The mobile home form

The condominium unit-owners form

Question 31: On an Oklahoma homeowners policy, the coverage that insures the house itself, meaning the main dwelling structure, against covered perils is designated by a specific letter. Which coverage of the homeowners policy is the one that insures the dwelling structure itself?

Coverage A, Dwelling

Coverage C, Personal Property

Coverage D, Loss of Use

Coverage E, Personal Liability

Question 32: A covered fire makes an Oklahoma family's Edmond home uninhabitable for weeks, and they must pay for a rental home and extra meals while repairs are made. Which homeowners coverage pays the additional living expenses they incur during this period of displacement?

Coverage A, Dwelling

Coverage D, Loss of Use

Coverage C, Personal Property

Coverage B, Other Structures

Question 33: An Oklahoma owner of a rental house wants inexpensive property coverage on a limited list of named perils such as fire, lightning, and windstorm, without liability coverage on the dwelling itself. Which family of policies is designed for this kind of rental dwelling coverage?

The homeowners forms

The commercial package policy

The dwelling policy forms

The businessowners policy

Question 34: An Oklahoma homeowner near a creek learns that her standard homeowners policy excludes damage from rising surface floodwater and asks how to insure that risk. Through which program is residential flood insurance most commonly written for such a property when the community participates?

The state guaranty association

The homeowners special form

The federal crop program

The National Flood Insurance Program

Question 35: An Oklahoma homeowner concerned about the tremors the state has experienced wants protection against earthquake damage, which her standard homeowners policy specifically excludes. How is earthquake coverage most commonly added for a homeowner who wants it in this situation?

By a separate endorsement to the policy

It is included automatically

Through the flood program

By raising the deductible

Question 36: An Oklahoma wholesaler wants one commercial property form that can cover its building, the business personal property inside it, and the personal property of others left in its care. Which widely used commercial property coverage form provides all three of these property categories?

The homeowners special form

The building and personal property coverage form

The dwelling broad form

The personal auto policy

Question 37: An Oklahoma insured wants the widest available protection on its commercial property, covering risks of direct physical loss except those specifically excluded, rather than only a list of named perils. Which commercial causes of loss form provides this open-perils coverage?

The basic form

The broad form

The special form

The named perils endorsement

Question 38: A covered fire shuts down an Oklahoma manufacturer for several weeks, and it loses the net income it would have earned and still must pay continuing expenses like payroll. Which commercial coverage responds to this loss of earnings during the shutdown?

Extra expense coverage

Building coverage

Equipment breakdown coverage

Business income coverage

Question 39: After a covered loss, an Oklahoma printing business rents temporary equipment and pays employee overtime so it can keep serving customers and avoid shutting down entirely. Which commercial coverage pays these additional costs of continuing operations that the business incurs after the loss?

Extra expense coverage

Business income coverage

Ordinance or law coverage

Builders risk coverage

Question 40: An Oklahoma business income policy pays lost earnings for the time it should reasonably take to repair or replace the damaged property and resume normal operations after a covered loss. What is this coverage-defining time span, which limits how long lost earnings are paid, commonly called?

The policy period

The period of restoration

The grace period

The probationary period

OPCI Oklahoma Property and Casualty Insurance Exam - Set 4 - Part 2

Question 21: An Oklahoma business carries two property policies covering the same warehouse, and a covered loss occurs. A common other-insurance provision has each insurer pay its share of the loss in proportion to how its limit relates to the total insurance. Which method is this?

Question 22: An Oklahoma insurer pays its own policyholder for fire damage caused by a contractor's negligence, then pursues the contractor to recover what it paid. This right, which prevents the policyholder from collecting twice, is known as which of the following?

Question 23: An Oklahoma producer explains that a valid insurance contract requires an offer and acceptance, an exchange of value, parties with legal capacity, and a lawful purpose. The premium the applicant pays and the insurer's promise to pay covered losses illustrate which required element?

Question 25: An Oklahoma producer arranges immediate property coverage for a client whose newly purchased building needs protection today, before the insurer can finish issuing the full policy. Which document provides this temporary evidence of coverage while the formal policy is being prepared?

Question 26: An Oklahoma homeowner adds earthquake coverage to her existing homeowners policy through a form attached to the contract that changes its terms and adds the new peril. Which term describes such an attachment that modifies the coverage of an already-issued policy?

Question 27: An Oklahoma insurer decides to cancel a homeowner's policy, a form of personal residential coverage, for a general reason. Under the current Oklahoma rule adopted in twenty twenty-six, at least how many days advance notice must the insurer give for such a cancellation or non-renewal?

Question 28: An Oklahoma buyer wants the broadest common homeowners coverage, insuring the dwelling against risks of direct physical loss except those specifically excluded, while covering personal property on a named-perils basis. Which homeowners form is generally described this way?

Question 29: A renter in an Oklahoma City apartment wants coverage for her own furniture and belongings and personal liability, but not for the building, which her landlord insures. Which homeowners form is designed for a tenant in this situation?

Question 31: On an Oklahoma homeowners policy, the coverage that insures the house itself, meaning the main dwelling structure, against covered perils is designated by a specific letter. Which coverage of the homeowners policy is the one that insures the dwelling structure itself?

Question 32: A covered fire makes an Oklahoma family's Edmond home uninhabitable for weeks, and they must pay for a rental home and extra meals while repairs are made. Which homeowners coverage pays the additional living expenses they incur during this period of displacement?

Question 33: An Oklahoma owner of a rental house wants inexpensive property coverage on a limited list of named perils such as fire, lightning, and windstorm, without liability coverage on the dwelling itself. Which family of policies is designed for this kind of rental dwelling coverage?

Question 34: An Oklahoma homeowner near a creek learns that her standard homeowners policy excludes damage from rising surface floodwater and asks how to insure that risk. Through which program is residential flood insurance most commonly written for such a property when the community participates?

Question 35: An Oklahoma homeowner concerned about the tremors the state has experienced wants protection against earthquake damage, which her standard homeowners policy specifically excludes. How is earthquake coverage most commonly added for a homeowner who wants it in this situation?

Question 36: An Oklahoma wholesaler wants one commercial property form that can cover its building, the business personal property inside it, and the personal property of others left in its care. Which widely used commercial property coverage form provides all three of these property categories?

Question 37: An Oklahoma insured wants the widest available protection on its commercial property, covering risks of direct physical loss except those specifically excluded, rather than only a list of named perils. Which commercial causes of loss form provides this open-perils coverage?

Question 38: A covered fire shuts down an Oklahoma manufacturer for several weeks, and it loses the net income it would have earned and still must pay continuing expenses like payroll. Which commercial coverage responds to this loss of earnings during the shutdown?

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