A deliberate lie by an insured to obtain a lower premium constitutesfraud, defined in Oklahoma’s Insurance Code (Title 36 O.S. § 1204) as an intentional misrepresentation of material facts to deceive the insurer. Fraud can lead to policy rescission or legal penalties.
Option A: Incorrect. Omission is failing to disclose information, not actively lying.
Option B: Correct. A deliberate lie to lower premiums is fraud.
Option C: Incorrect. Concealment is withholding material information, not providing false information.
Option D: Incorrect. Aleatory refers to the uncertain nature of insurance contracts, not misrepresentation.
[:, Prometric Oklahoma Life, Accident, and Health or Sickness Producer Exam Content Outline (Section: State-Specific Knowledge – Oklahoma Insurance Statutes)., Oklahoma Insurance Department, Title 36 O.S. § 1204 (unfair trade practices)., Standard insurance study guides (e.g., Kaplan, ExamFX) for Oklahoma producer licensing., ]
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