OK Property & Casualty study guide
OK Property & Casualty · Work through your exam, one topic at a time.
The Oklahoma Property & Casualty license is the credential a producer needs to sell, solicit, or negotiate property and casualty insurance in the state. It covers personal lines - homeowners, dwelling, personal auto - alongside commercial property, businessowners, commercial auto, general liability, and workers' compensation. The OK Property & Casualty study guide has 9 sections and about 2,424 words.
01Oklahoma Insurance Laws, Rules, and Regulations
Oklahoma insurance is regulated by the Oklahoma Insurance Department under an elected Insurance Commissioner who serves a four-year term - a favorite trap, because many states appoint their commissioner. The Commissioner licenses producers and adjusters, admits insurers, reviews forms and rates, conducts market-conduct examinations, and enforces the unfair trade practice statutes.
285 words, about 1 min02General Insurance Principles and Concepts
Insurance transfers pure risk (chance of loss only); speculative risk (chance of gain) is uninsurable. A peril is the cause of loss (fire, theft); a hazard increases the chance or severity (icy steps, poor housekeeping).
275 words, about 1 min03Property Insurance Basics and Policy Provisions
Every property form contains declarations (who, what, where, how much, deductible), an insuring agreement granting coverage, conditions (duties after loss, valuation, other insurance), exclusions, and definitions. Named-peril forms list the covered causes; open-peril (special) forms cover all risk of direct physical loss unless excluded.
247 words, about 1 min04Dwelling and Homeowners Policies
Dwelling policies (DP-1, DP-2, DP-3) insure the dwelling itself; DP-3 is open peril on the dwelling. Homeowners forms: HO-2 broad, HO-3 special (open peril on dwelling and other structures, named peril on personal property), HO-5 comprehensive (open peril on both), HO-4 renters (contents and liability, no building), HO-6 condominium unit-owners, HO-8 modified for older homes.
278 words, about 1 min05Commercial Property and Businessowners Coverage
The Businessowners Policy (BOP) bundles property and general liability for eligible small and medium businesses: offices, retail, service, apartments, and similar low-hazard risks, within turnover and building-size limits. BOP property is written on a special (open peril) basis with no coinsurance , includes business income for 12 months, and adds liability.
264 words, about 1 min06Casualty Insurance Basics and Liability Concepts
The elements are a legal duty , breach of that duty, proximate cause , and actual damages . Defenses include contributory negligence, comparative negligence (Oklahoma uses a modified comparative rule that reduces recovery by the plaintiff's percentage of fault and bars recovery when the plaintiff's fault exceeds the defendant's), assumption of risk, and intervening cause.
254 words, about 1 min07Personal Automobile Policy
Part A liability (bodily injury and property damage to others); Part B medical payments; Part C uninsured/underinsured motorists; Part D damage to your auto (collision and other-than-collision); Part E duties after an accident; Part F general provisions. Oklahoma requires liability limits of at least 25/50/25 and requires uninsured motorist coverage to be provided unless the named insured rejects it in writing .
253 words, about 1 min08Commercial Auto and Business Liability Coverage
The Business Auto Coverage Form uses numbered symbols to identify covered autos: 1 any auto, 2 owned autos only, 3 owned private passenger autos, 4 owned autos other than private passenger, 5 owned autos subject to no-fault, 6 owned autos subject to compulsory UM, 7 specifically described autos, 8 hired autos only, 9 nonowned autos only. Liability, physical damage, medical payments, and uninsured motorist are separate coverages selected in the declarations.
278 words, about 1 min09Workers' Compensation Insurance
Workers' compensation is no-fault: employees give up the right to sue the employer in tort, and the employer pays statutory benefits regardless of fault. Oklahoma administers claims through the Oklahoma Workers' Compensation Commission , an administrative system.
290 words, about 1 min