Property and Casualty Exam- Louisiana | 250 Questions with 100 % correct Answers | Verified
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Course
Property and Casualty ELouisiana
Institution
Property And Casualty ELouisiana
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 - Any of the insurers providing coverage.
The policy conditions define - How parties to the contract must act following a loss.
Because an insurance policy is a...
Property and Casualty Exam - Louisiana Should 2 or more insurers issue a combined Standard Fire Policy insur ing a single risk, in the event of a loss, the insured must notify - ✔✔Any of the insurers providing coverage. The policy conditions define - ✔✔How parties to the contract must act following a loss. Because an insurance policy is a legal contract, it mus t conform to the state laws governing contracts which require all of the following elements EXCEPT - ✔✔Conditions. The value placed on property insured under a fire insurance policy is used to determine the policy's - ✔✔Premium. Shipbuilders and repairer s are covered by the - ✔✔U.S. Longshore and Harbor Workers Compensation Act. Which of the following terms refers to a person's ability to do some work or the need to do alternative work? - ✔✔Temporary partial disability Insurer examinations must occur no less frequently than every - ✔✔5 years. If a commercial policy, in effect for less than 60 days, is to be canceled for nonpayment of premium, how much prior notice must the insurer give to the first named insured? - ✔✔10 days The Residential Condominium Building Association Policy (RCBAP) is used for residential condominium building associations to cover the entire building under one policy. Which of the following statements about RCBAP is true? - ✔✔It does not protect the individual owner from loss to p ersonal property owned exclusively by the unit owner. What is surplus lines insurance? - ✔✔Insurance placed with an unauthorized insurer How long is a waiting period upon purchase of flood coverage through NFIP? - ✔✔30 days Funding for the operation and administration of the Louisiana Insurance Guaranty Association comes from - ✔✔Annual assessments paid by member insurers. Uninsured Motorist property damage coverage is subject to a deductible of - ✔✔$250. Rates that are est ablished based on the similarities of the risk with other risks are known as - ✔✔Manual rates. The personal injury liability endorsement to an HO policy applies to all the following EXCEPT - ✔✔A third party breaks a leg when the insured knocks him down. The process an insurer uses to evaluate applications and determine if a policy should be issued and on what terms, conditions, and rates is known as - ✔✔Underwriting. Terrorism Risk Insurance Program Reauthorization Act of 2015 has extended the TRIA to th e year - ✔✔2020 According to the Fair Credit Reporting Act, all of the following would be considered negative information about a consumer EXCEPT - ✔✔Disputes regarding consumer report information Replacement cost coverage is provided in both the broad a nd special form dwelling policies when - ✔✔At least 80% of the replacement cost The business income coverage form covers consequential loss of business income that occurs when a business must suspend operations because of a direct loss. Which of the follo wing terms best describes the nature of this type of coverage? - ✔✔Time element Under which type of coverage does the insurer agree to pay for bodily injury or property damage liability which the insured has agreed to assume under a written contractual ag reement? - ✔✔Contractural liability policy Which commercial crime form would provide coverage for a loss that did not necessarily happen during the policy period but was revealed during the policy period? - ✔✔Discovery form Under the Fair Credit Reportin g Act, if the consumer challenges the accuracy of the information contained in his or her report, the reporting agency must - ✔✔Respond to the consumer's complaint. Workers compensation benefits are provided for an employee injury or death that arises out of the course of normal employment in all of the following situations EXCEPT - ✔✔On his evening stroll, an employee of an advertising company is injured while watching a competitor's billboard sign being removed from an advertising site. An insured pays a $100 premium every month for his insurance coverage, yet the insurer promises to pay $10,000 for a covered loss. What characteristic of an insurance contract does this describe? - ✔✔Aleatory An uninsured motor vehicle includes all of the following EXCEPT - ✔✔The vehicle has no liability bond or insurance in force. Which of the following are the authorities that an agent can hold? - ✔✔Express and implied All of the following are supplemental payments found in liability policies EXCEPT - ✔✔Costs the insured incurred in hiring an attorney. In a dwelling policy, which of the following provides coverage for additional living expenses incurred by an owner -occupant in the event a covered peril make s the premises uninhabitable due to a covered loss? - ✔✔Coverage E A producer who fails to segregate premium monies from his own personal funds is guilty of - ✔✔Commingling What is the name for the type of property damage coverage that protects the insur ed or the covered auto in an accident with someone who does not have coverage? - ✔✔Uninsured motorist
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