LA Claims Adjuster Property and Causality Practice , Exam Prep, State Insurance Laws , Property and Casualty Insurance Basics, Louisiana Property and Casualty Insurance Law , Property and Casualty Insurance EXAM Correct Questions & Answers(SCORED A)
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Driver A has a personal auto policy with Part C: UM/UIM limits of 100/300. He is injured by Driver B who has Part A: Bodily Injury Liability limits of 50/100. It is determined that Driver B is at fault for the accident. Driver A has $125,000 in medical expenses. How much will his Part C: UM/UIM cove...
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Add to cartDriver A has a personal auto policy with Part C: UM/UIM limits of 100/300. He is injured by Driver B who has Part A: Bodily Injury Liability limits of 50/100. It is determined that Driver B is at fault for the accident. Driver A has $125,000 in medical expenses. How much will his Part C: UM/UIM cove...
Should 2 or more insurers issue a combined Standard Fire Policy insuring a single risk, in the event of a loss, the insured must notify - ANSWERSAny of the insurers providing coverage. The policy conditions define - ANSWERSHow parties to the contract must act following a loss. Because an insur...
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Add to cartShould 2 or more insurers issue a combined Standard Fire Policy insuring a single risk, in the event of a loss, the insured must notify - ANSWERSAny of the insurers providing coverage. The policy conditions define - ANSWERSHow parties to the contract must act following a loss. Because an insur...
Which One Of The Following Is NOT A Possible Defense Against Negligence? A. Statue Of Limitations B. Doctrine Of Reasonable Expectation C. Intervening Cause D. Comparative Negligence - ANSWERSDoctrine Of Reasonable Expectation What Is A Hazard? - ANSWERSAn Increase In The Possibility That...
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Add to cartWhich One Of The Following Is NOT A Possible Defense Against Negligence? A. Statue Of Limitations B. Doctrine Of Reasonable Expectation C. Intervening Cause D. Comparative Negligence - ANSWERSDoctrine Of Reasonable Expectation What Is A Hazard? - ANSWERSAn Increase In The Possibility That...
Commissioner's term of office - ANSWERS4 years Commissioners will examine each insurer - ANSWERS5 years Time to conduct a hearing - ANSWERS30 days Age to apply for producer's license - ANSWERS18 years old Producer license valid for how long - ANSWERS2 years How long to file notice o...
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Add to cartCommissioner's term of office - ANSWERS4 years Commissioners will examine each insurer - ANSWERS5 years Time to conduct a hearing - ANSWERS30 days Age to apply for producer's license - ANSWERS18 years old Producer license valid for how long - ANSWERS2 years How long to file notice o...
In which type of commercial crime policy coverage is triggered by a loss that happens during the policy period but is not necessarily discovered during the policy peri - ANSWERS Robbery is: - ANSWERSTaking of property by use of force, violence, or fear The crime of forced entry into the premis...
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Add to cartIn which type of commercial crime policy coverage is triggered by a loss that happens during the policy period but is not necessarily discovered during the policy peri - ANSWERS Robbery is: - ANSWERSTaking of property by use of force, violence, or fear The crime of forced entry into the premis...
If a producer allows his license to lapse, within what time period may the producer reinstate the same license? - ANSWERSb) 2 years Producers who allow their license to lapse may reinstate them same license within 2 years, upon proof of fulfilling all continuing education requirements through the...
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Add to cartIf a producer allows his license to lapse, within what time period may the producer reinstate the same license? - ANSWERSb) 2 years Producers who allow their license to lapse may reinstate them same license within 2 years, upon proof of fulfilling all continuing education requirements through the...
Which one of the following statements about insurance contracts is true? - ANSWERSThey are personal contracts because they insure people, not property. Insurance policies are considered to be unilateral - ANSWERSbecause only the insurance company is legally bound to perform its part of the agreem...
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Add to cartWhich one of the following statements about insurance contracts is true? - ANSWERSThey are personal contracts because they insure people, not property. Insurance policies are considered to be unilateral - ANSWERSbecause only the insurance company is legally bound to perform its part of the agreem...
All of the following situations would be covered under a professional liability policy - ANSWERSAn accountant's error that inflated a bid and caused a client to lose a major account., Negligence of an architect who designed an unsafe building., Failure of a doctor to render the quality of care that...
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Add to cartAll of the following situations would be covered under a professional liability policy - ANSWERSAn accountant's error that inflated a bid and caused a client to lose a major account., Negligence of an architect who designed an unsafe building., Failure of a doctor to render the quality of care that...
What is a hazard? - ANSWERSAn increase in the possibility that a loss might occur the purpose of insurance is to? - ANSWERSTransfer risk from a person, business, or organization to an insurance company that agrees to pay for losses in exchange for a premium. mutual company - ANSWERStype of ins...
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Add to cartWhat is a hazard? - ANSWERSAn increase in the possibility that a loss might occur the purpose of insurance is to? - ANSWERSTransfer risk from a person, business, or organization to an insurance company that agrees to pay for losses in exchange for a premium. mutual company - ANSWERStype of ins...
Authorized insurers may choose not to participate in the plan - ANSWERSAll of the following are true regarding the Louisiana Automobile Insurance Plan EXCEPT: short-rate - ANSWERSThe named insured may cancel a property insurance policy in this state at any time, in which case the insurer must ref...
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Add to cartAuthorized insurers may choose not to participate in the plan - ANSWERSAll of the following are true regarding the Louisiana Automobile Insurance Plan EXCEPT: short-rate - ANSWERSThe named insured may cancel a property insurance policy in this state at any time, in which case the insurer must ref...
Roy brought his house 10 years ago for 150,000 but it would cost 200,000 to rebuild it today. Because his house is in a highly desirable area, it's Fair Market Value $275,000. What amount should the agent recommend that Roy insure his house for to provide replacement cost for a total loss? A) 15...
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Add to cartRoy brought his house 10 years ago for 150,000 but it would cost 200,000 to rebuild it today. Because his house is in a highly desirable area, it's Fair Market Value $275,000. What amount should the agent recommend that Roy insure his house for to provide replacement cost for a total loss? A) 15...
180 days - ANSWERSThe maximum term a temporary license may be issued for is 32 - ANSWERSContinuing Education hours for a producer holding both a L&H and a P&C is every odd numbered year - ANSWERSProperty & Casualty licenses must be renewed $25,000 - ANSWERSWhat is the maximum fine that may ...
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Add to cart180 days - ANSWERSThe maximum term a temporary license may be issued for is 32 - ANSWERSContinuing Education hours for a producer holding both a L&H and a P&C is every odd numbered year - ANSWERSProperty & Casualty licenses must be renewed $25,000 - ANSWERSWhat is the maximum fine that may ...
Insurable Interest - 3 Elements - ANSWERS1.) Financial (a monetary interest) 2.) Blood (a relative) 3.) Business (a business partner) **Insurable interest must exist at the time of the loss. Named Insured - ANSWERSThe individual(s) whose name appears on the policy's declaration. First Na...
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Add to cartInsurable Interest - 3 Elements - ANSWERS1.) Financial (a monetary interest) 2.) Blood (a relative) 3.) Business (a business partner) **Insurable interest must exist at the time of the loss. Named Insured - ANSWERSThe individual(s) whose name appears on the policy's declaration. First Na...
Individual Producer - ANSWERSsomeone who is required to be licensed under Louisiana law to solicit, sell, negotiate, bind, procure, or renew insurance Business Entity - ANSWERSsomeone who is required to be licensed under Louisiana law to solicit, sell, negotiate, bind, procure, or renew Insurance...
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Add to cartIndividual Producer - ANSWERSsomeone who is required to be licensed under Louisiana law to solicit, sell, negotiate, bind, procure, or renew insurance Business Entity - ANSWERSsomeone who is required to be licensed under Louisiana law to solicit, sell, negotiate, bind, procure, or renew Insurance...
Insurance - ANSWERSThe transfer of risk through a legal contract Property - ANSWERSCovers real property and personal property against damage or loss resulting from covered causes of loss called perils casualty - ANSWERScovers non-property losses (3rd Party) Personal lines - ANSWERSInsurance...
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Add to cartInsurance - ANSWERSThe transfer of risk through a legal contract Property - ANSWERSCovers real property and personal property against damage or loss resulting from covered causes of loss called perils casualty - ANSWERScovers non-property losses (3rd Party) Personal lines - ANSWERSInsurance...
Resident License - ANSWERSBefore issuing a claims adjuster license to an applicant under this section the commissioner of insurance must find that the applicant is eligiable -designate LA as his or her home state or is a non-resident eligible for a license resident -Has not committed any act th...
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Add to cartResident License - ANSWERSBefore issuing a claims adjuster license to an applicant under this section the commissioner of insurance must find that the applicant is eligiable -designate LA as his or her home state or is a non-resident eligible for a license resident -Has not committed any act th...
Specific insurance - ANSWERSThis type of insurance designates a particular item to be insured Blanket insurance - ANSWERSThis type of insurance covers more than one item of property at a single location or one more items of property at multiple locations. Speculative - ANSWERSpossibility of bo...
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Add to cartSpecific insurance - ANSWERSThis type of insurance designates a particular item to be insured Blanket insurance - ANSWERSThis type of insurance covers more than one item of property at a single location or one more items of property at multiple locations. Speculative - ANSWERSpossibility of bo...
A ******* is a person required under this state's laws to be licensed to sell, solicit, or negotiate insurance. This includes all persons or business entities referred to as "insurance agent", "agent", "insurance broker", "broker", "insurance solicitor", "solicitor", or "surplus lines ...
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Add to cartA ******* is a person required under this state's laws to be licensed to sell, solicit, or negotiate insurance. This includes all persons or business entities referred to as "insurance agent", "agent", "insurance broker", "broker", "insurance solicitor", "solicitor", or "surplus lines ...
The one who receives the authority to act on behalf of someone else? - ANSWERSAgent what does a sale's agent receive authority for? - ANSWERSto sell An insurance agent receives authority to what? - ANSWERSSettle claims brought against the insurer How do agents receive their authority? - AN...
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Add to cartThe one who receives the authority to act on behalf of someone else? - ANSWERSAgent what does a sale's agent receive authority for? - ANSWERSto sell An insurance agent receives authority to what? - ANSWERSSettle claims brought against the insurer How do agents receive their authority? - AN...
A single Declarations page common to all coverages A single conditions section common to all coverages - ANSWERSA commercial package policy always includes Send the insured a reservation of rights letter - ANSWERSIf the insured fails to report claim in a timely fashion, the adjuster will immedia...
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Add to cartA single Declarations page common to all coverages A single conditions section common to all coverages - ANSWERSA commercial package policy always includes Send the insured a reservation of rights letter - ANSWERSIf the insured fails to report claim in a timely fashion, the adjuster will immedia...
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