OPCI - Oklahoma Property and Casualty Insurance Exam

Question 21: An Oklahoma engineering firm's liability policy responds only to claims that are first made against the insured during the policy period, subject to a retroactive date limiting how far back covered events may reach. Which type of liability coverage trigger does this describe?

An occurrence trigger

A per-accident trigger

A claims-made trigger

An aggregate trigger

Question 22: An Oklahoma firm's claims-made liability policy shows a date before which injuries or offenses will not be covered even if the claim is made during the policy period. What is this date, which sets the earliest point covered events may have occurred, called?

The expiration date

The extended reporting date

The renewal date

The retroactive date

Question 23: An Oklahoma firm lets its claims-made liability policy expire and worries about claims made after expiration for injuries that occurred while it was covered. Which feature lets the insured report qualifying claims for a time after the policy ends?

An extended reporting period

A retroactive date

A grace period

A probationary period

Question 24: An Oklahoma corporation is the named insured on a commercial general liability policy. Beyond the corporation itself, the policy also extends the status of insured to certain others, such as employees acting within the scope of their duties. Which policy provision determines who qualifies as an insured?

The other insurance clause

The who is an insured provision

The coinsurance clause

The valuation clause

Question 25: An Oklahoma trucking company needs liability and physical damage coverage on the vehicles it uses in its operations, written on a single commercial policy that uses numbered symbols to show which autos are covered. Which policy provides this commercial vehicle coverage?

The personal auto policy

The garagekeepers form

The business auto coverage form

The commercial umbrella policy

Question 26: An Oklahoma consulting firm owns no vehicles but has employees who rent cars for business trips and drive their own cars on company errands. Which coverage addresses the firm's liability arising from vehicles it hires and from employees' nonowned autos used for business?

Garagekeepers coverage

Collision coverage on owned autos

Personal umbrella coverage

Hired and nonowned auto coverage

Question 27: An Oklahoma repair garage keeps customers' vehicles on its lot while it services them, and a fire damages several of those customer cars. Which coverage responds to the garage's legal liability for damage to customers' vehicles left in its care?

Garagekeepers coverage

Physical damage on owned autos

Commercial crime coverage

Products liability coverage

Question 28: An Oklahoma accounting firm is sued by a client who claims a negligent error in professional services caused a financial loss, an exposure the firm's general liability policy does not address. Which type of coverage responds to claims of negligence in rendering professional services?

Commercial general liability

Professional liability, errors and omissions

Commercial crime coverage

Workers compensation

Question 29: An Oklahoma corporation buys a policy protecting its board members and executives against claims that their decisions in managing the company caused financial harm to shareholders or others. Which coverage protects corporate directors and officers in their management roles?

Employment practices liability

Fiduciary liability

Directors and officers liability

Commercial general liability

Question 30: An Oklahoma employer is sued by a former employee alleging wrongful termination and workplace discrimination, and the employer's commercial general liability policy does not cover these employment-related claims. Which type of coverage is specifically designed to respond to such employment-related allegations?

Directors and officers liability

Professional liability

Commercial crime coverage

Employment practices liability

Question 31: An Oklahoma contractor must guarantee to a project owner that it will complete a construction contract, and a third company promises to answer for the contractor's performance if it defaults. Which arrangement, involving three parties, does this describe?

A surety bond

A liability policy

A certificate of insurance

An umbrella policy

Question 32: An Oklahoma company discovers that a longtime bookkeeper quietly embezzled company funds over several years before being caught. Which coverage or bond is specifically designed to protect an employer against financial loss caused by the dishonest or fraudulent acts of its own employees?

A surety bond

A fidelity bond

Professional liability coverage

General liability coverage

Question 33: An Oklahoma manufacturer wants higher liability limits than its underlying general liability and commercial auto policies provide, along with some broader coverage, all in a single excess policy sitting above those underlying policies. Which policy is designed to provide this?

A businessowners policy

A surety bond

A commercial umbrella policy

A commercial crime policy

Question 34: An Oklahoma project owner wants coverage protecting itself against liability arising out of the operations of an independent contractor it has hired, and out of the owner's own general supervision of that work. Which coverage is designed to protect a party this way for another's operations?

Garagekeepers coverage

Fidelity coverage

Business income coverage

Owners and contractors protective liability

Question 35: An Oklahoma family wants extra liability protection above the limits of their homeowners and personal auto policies, in case a large liability claim someday exceeds those underlying limits. Which policy provides this additional top layer of personal liability coverage for the family?

A personal umbrella policy

A commercial umbrella policy

A surety bond

A dwelling policy

Question 36: An Oklahoma insured's umbrella policy covers a claim that the underlying policies exclude entirely. Before the umbrella pays such a claim, the insured must first pay a specified amount out of pocket. What is this amount the insured retains on an otherwise uncovered claim called?

A deductible on the underlying policy

A self-insured retention

An aggregate limit

A coinsurance penalty

Question 37: An Oklahoma insured suffers a large covered auto liability judgment that exhausts the personal auto policy's limit, leaving part of the judgment unpaid. The personal umbrella then responds above that exhausted underlying limit. This function of the umbrella responding above underlying coverage is best described how?

It replaces the underlying policy entirely

It pays before the underlying policy

Excess coverage above the underlying limit

It reduces the underlying limit

Question 38: An Oklahoma contractor is sued over a covered occurrence, and even though the suit may prove groundless, the liability insurer takes on the cost of hiring lawyers and defending the insured in the lawsuit. Which obligation of the insurer does this describe?

The duty to indemnify only

Subrogation

The coinsurance requirement

The duty to defend

Question 39: An Oklahoma liability insurer, in handling a covered claim, pays certain additional costs such as defense expenses, the cost of bonds to release attachments, and reasonable expenses the insured incurs helping with the defense. These extra amounts, generally paid in addition to the limit, are called which of the following?

Supplementary payments

Punitive damages

Salvage

The self-insured retention

Question 40: An Oklahoma liability policy specifies who is protected, distinguishing the named insured shown on the declarations from others who also qualify as insureds under the policy's terms. The provision that identifies all parties entitled to protection is best described as which of the following?

The declarations only

The definition of the insured

The exclusions

The valuation clause

OPCI Oklahoma Property and Casualty Insurance Exam - Set 5 - Part 2

Question 21: An Oklahoma engineering firm's liability policy responds only to claims that are first made against the insured during the policy period, subject to a retroactive date limiting how far back covered events may reach. Which type of liability coverage trigger does this describe?

Question 22: An Oklahoma firm's claims-made liability policy shows a date before which injuries or offenses will not be covered even if the claim is made during the policy period. What is this date, which sets the earliest point covered events may have occurred, called?

Question 23: An Oklahoma firm lets its claims-made liability policy expire and worries about claims made after expiration for injuries that occurred while it was covered. Which feature lets the insured report qualifying claims for a time after the policy ends?

Question 25: An Oklahoma trucking company needs liability and physical damage coverage on the vehicles it uses in its operations, written on a single commercial policy that uses numbered symbols to show which autos are covered. Which policy provides this commercial vehicle coverage?

Question 26: An Oklahoma consulting firm owns no vehicles but has employees who rent cars for business trips and drive their own cars on company errands. Which coverage addresses the firm's liability arising from vehicles it hires and from employees' nonowned autos used for business?

Question 27: An Oklahoma repair garage keeps customers' vehicles on its lot while it services them, and a fire damages several of those customer cars. Which coverage responds to the garage's legal liability for damage to customers' vehicles left in its care?

Question 28: An Oklahoma accounting firm is sued by a client who claims a negligent error in professional services caused a financial loss, an exposure the firm's general liability policy does not address. Which type of coverage responds to claims of negligence in rendering professional services?

Question 29: An Oklahoma corporation buys a policy protecting its board members and executives against claims that their decisions in managing the company caused financial harm to shareholders or others. Which coverage protects corporate directors and officers in their management roles?

Question 31: An Oklahoma contractor must guarantee to a project owner that it will complete a construction contract, and a third company promises to answer for the contractor's performance if it defaults. Which arrangement, involving three parties, does this describe?

Question 32: An Oklahoma company discovers that a longtime bookkeeper quietly embezzled company funds over several years before being caught. Which coverage or bond is specifically designed to protect an employer against financial loss caused by the dishonest or fraudulent acts of its own employees?

Question 33: An Oklahoma manufacturer wants higher liability limits than its underlying general liability and commercial auto policies provide, along with some broader coverage, all in a single excess policy sitting above those underlying policies. Which policy is designed to provide this?

Question 35: An Oklahoma family wants extra liability protection above the limits of their homeowners and personal auto policies, in case a large liability claim someday exceeds those underlying limits. Which policy provides this additional top layer of personal liability coverage for the family?

Question 36: An Oklahoma insured's umbrella policy covers a claim that the underlying policies exclude entirely. Before the umbrella pays such a claim, the insured must first pay a specified amount out of pocket. What is this amount the insured retains on an otherwise uncovered claim called?

Question 38: An Oklahoma contractor is sued over a covered occurrence, and even though the suit may prove groundless, the liability insurer takes on the cost of hiring lawyers and defending the insured in the lawsuit. Which obligation of the insurer does this describe?

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