Property & Louisiana Casualty Exam Bundle( 100% Guaranteed Pass)

Authorized insurers may choose not to participate in the plan - Answer- All of the following are true regarding the Louisiana Automobile Insurance Plan EXCEPT: short-rate - Answer- The named insured may cancel a property insurance policy in this state at any time, in which case the insurer must r...

Contracts of adhesion - Answer- Because an insurer writes the policy language and the insured has little or no control over the content, any ambiguity in the wording is usually resolved in favor of the insured. Because the design and wording of a policy are in the hands of the insurer, insurance pol...

Surety Bond - Answer-aka performance bonds. contract bond- guarantee that contractors perform according to contract court bond- required by court to enforce certain behavior license & permit bond- required by municipalities as a condition for granting a license to engage in activity Fidelity...

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 - Answer- Robbery is: - Answer-Taking of property by use of force, violence, or fear The crime of forced entry into the premis...

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 - Answer- Doctrine Of Reasonable Expectation What Is A Hazard? - Answer- An Increase In The Possibility Th...

If a producer allows his license to lapse, within what time period may the producer reinstate the same license? - Answer-b) 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...

Depreciation - Answer-reduction in value, particularly due to wear and tear Earned premium - Answer-the portion of premium paid in advance that now belongs to the insurer because it applies to the elapsed part of the policy Exposure units - Answer-used as a measure of the rating units or the p...

The insurer's duty to defend the insured, as provided by Section II of a Homeowners policy, ends: A) When the insured admits they were negligent B) When the damages awarded against the insured exhaust the personal liability limit C) If the insured becomes bankrupt or insolvent D) If the claim...

A business entity acting as a claims adjuster is required to obtain a claims adjuster license. Application shall be made using what application? - Answer-Uniform business entity application These required steps below represent what type of adjustor's license application? * *An adjuster s...

What types of vehicles are covered under a personal auto policy? - Answer-The following vehicles are covered under a personal auto policy : any vehicle listed on the declaration page; newly acquired vehicles for 30 days; trailers owned by the insured; and temporary substitute vehicles. Define a n...

Individual Producer - Answer-an individual producer is a person licensed to quote insurance policies, market and sell insurance products and consult other with regard to insurance. 18 years or older reside in or work from an office located tin Louisiana Completer re licensing education paid thei...

Financial (monetary interest) Blood (a relative) Business (a business partner) - Answer- 3 elements of insurable risk at the time of the loss - Answer- In property and casualty insurance, insurable interest must exist __ ___ ____ __ ___ ____ insured - Answer- anyone who is covered under the ...

Which policy consists of the Declarations and Conditions, Endorsements, and other attachments applicable to a single line of insurance? (a) Commercial Package (b) Monoline (c) Insurance (d) Casualty - Answer- (b) Monoline A Monoline Policy contains only one coverage part page 72 A...

1. In dwelling policies, automatic increase in insurance is (Choose from the following options) 1. Coverage for newly acquired property. 2. Coverage by endorsement. 3. Automatic coverage. 4. Coverage without additional premium. - Answer-2. Coverage by endorsement. 2. Personal business ...

The owner of a small business applies for a fire insurance policy with limits equal to 100% of the property's value. The owner has huge unsold inventories and a large personal gambling debt. From an underwriting standpoint, this might indicate - Answer-A moral hazard Which of the following best ...

Resident License - Answer- Before 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 t...

A single Declarations page common to all coverages A single conditions section common to all coverages - Answer- A commercial package policy always includes Send the insured a reservation of rights letter - Answer- If the insured fails to report claim in a timely fashion, the adjuster will immed...

licensing - Answer-pre-licensing requirements: -be at least 18 years of age -reside in or work mainly from an office located in Louisiana -complete pre-licensing education required to prepare for state required exam -paid their fees and submitted application -successfully pass exam with a 70...

Which type of coverage limits apply to an insured's property at any location? - Answer-Blanket An unforeseen loss that occurs at a specific time and place is - Answer-an accident In general practice, can the Commissioner of Insurance inspect the business records of a company or agency for any...

Objectives: ◦ List requirements of obtaining and maintaining a Louisiana Insurance License ◦ Recognize Louisiana laws governing the business of insurance ◦ Name important Federal laws that apply to insurance producers and insurers ◦ Recognize statutory time limits and dollar amounts fr...

diminished value - Answer-a concept that states an automobile's market value has decreased, even though it's been repaired after an accident; occurs because of the theory that repairs can't be made to put the vehicle into its exact pre-loss condition market value - Answer-a concept, which take...

Lender Interest Provisions - Answer-Protects lender interest by allowing the lender certain rights in the policy. Coinsurance Penalty - Answer-A property insurance provision that penalizes the insured's loss recovery if the limit of insurance purchased by the insured is not equal to or greater t...

CONTRACTS - Aleatory Contract - Answer-A contract in which the performance of either party's obligation depends on an uncertain event INSURANCE - Benchmark Rate(s) - Answer-The rate set annually by the Commissioner of Insurance by line, relative to which the flexibility bands and statutory rate ...

Individual Producer - Answer- someone who is required to be licensed under Louisiana law to solicit, sell, negotiate, bind, procure, or renew insurance Business Entity - Answer- someone who is required to be licensed under Louisiana law to solicit, sell, negotiate, bind, procure, or renew Insuran...

Accelerated Benefits - Answer-riders attached to life insurance policies which allow death benefits to be used to cover nursing and convalescent home expenses. Accident - Answer-an unplanned, unforeseen event which occurs suddenly and at an unspecified place. Accident Insurance - Answer-A type...

To assure the public that only competent trustworthy individuals and other entities sell insurance and to protect and promote the public interest. - Answer-Licensing/Purose A contract under which one party undertakes to pay another against a loss of a specified contingency or peril. - Answer-Insu...

in Louisiana, the insurance commissioner is elected for a term of - Answer-4 years Every insurer doing business in Louisiana must be examined at least once every - Answer-5 years An applicant for a resident insurance producer license in Louisiana must be at least - Answer-18 years old A res...

Requirements - Answer-1. No person shall act or hold himself out to be an insurance producer unless licensed by the department of insurance 2. no insurance producer shall sell, solicit, make and application for etc. any policies for any lines of insurance as to which he is not then qualified and ...

All of the following are correct about the required provisions of a health insurance policy EXCEPT A. The entire contract clause means the signed application, policy, endorsements, and attachments constitute the entire contract. B. A reinstated policy provides immediate coverage for an illness...

Agent or Producer - Answer- a legal representative of an insurance company Producer - Answer- usually includes agents and brokers Agent - Answer- represents an insurer Broker - Answer- insurance producer not appointed by an insurer and is deemed to represent the client True - Answer- T/F...

Insurance - Answer-the transfer of Pure risk to the insurance company in consideration for a premium must be pure risk and calculable. Pure Risk - Answer-the chance of loss without any chance of gain; insurable Speculative Risk - Answer-possibility for gain or loss; not insurable Risk - ...

Insurance - Answer- A contract in which one party agrees to indemnify the insured party against loss. Indemnify - Answer- Make whole Pure risk - Answer- Situation that can only result in a loss or no change. Speculative risk - Answer- Involves opportunity for loss or gain, for example gambl...

The one who receives the authority to act on behalf of someone else? - Answer-Agent what does a sale's agent receive authority for? - Answer-to sell An insurance agent receives authority to what? - Answer-Settle claims brought against the insurer How do agents receive their authority? - An...