Question 1

How is ownership of a mutual insurance company evidenced?

Options :

A : ownership of stock

B : bonds of the company

C : ownership of a policy

D : certificate of deposit

Answer: C

Question 2

An individual who is NOT acceptable by an insurer at standard rates because of health, habits, or occupation is called a

Options :

A : rating risk.

B : standard risk.

C : preferred risk.

D : substandard risk.

Answer: D

Question 3

All documents required under law in an insurance transaction may be stored, delivered, or presented by electronic means so long as it meets the requirements of the

Options :

A : Uniform Commercial Code.

B : Uniform Electronic Transaction Act.

C : Oklahoma Insurance Commissioner.

D : National Association of Insurance Commissioners.

Answer: B

Question 4

The Oklahoma Insurance Commissioner may place on probation, censure, suspend, revoke, or refuse to issue a license to an applicant for all of the following causes EXCEPT

Options :

A : having admitted to have committed fraud.

B : providing incorrect, misleading, or materially untrue information in the license application.

C : having been convicted of a misdemeanor.

D : failing to pay state taxes.

Answer: C

Question 5

An insurance producer whose license has been revoked continues to provide insurance services. Which of the following is TRUE?

Options :

A : This violation can result in a fine of up to $10,000.

B : This violation is a felony and can result in a fine of up to $5,000.

C : This violation is a misdemeanor and can result in a fine of up to $500.

D : This individual could be committed to the custody of the Department of Corrections for up to 10 years.

Answer: B

Free Life-and-Accident-Health-Sickness-Producer Mock Exam – Practice Online Confidently

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