100% satisfaction guarantee Immediately available after payment Both online and in PDF No strings attached
logo-home
Previously searched by you
Previously searched by you
logo
Lesson 1: Louisiana Insurance Regulation 2023/2024 already graded A+ $9.99   Add to cart
Quickly navigate to
Preview
  2.  
  3. Louisiana P&C
  4.  
  5. Louisiana P&C

Exam (elaborations)

Lesson 1: Louisiana Insurance Regulation 2023/2024 already graded A+
 13 views  0 purchase
  • Course
  • Louisiana P&C
  • Institution
  • Louisiana P&C

Lesson 1: Louisiana Insurance Regulation 2023/2024 already graded A+

Preview 2 out of 12  pages

Document information

  • December 14, 2023
  • 12
  • 2023/2024
  • Exam (elaborations)
  • Questions & answers

Subjects

  • louisiana pc
  • objectives list requirements of obtaining and
  • producer certificate of authority controlled bus
  • this topic is 24 of the 150 questions on the pc
  • individual insurance producer requiremen

Written for

  • Louisiana P&C
  • Louisiana P&C

Seller

avatar-seller
Ashley96

Reviews received

Content preview

Lesson 1: Louisiana Insurance Regulation

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 from Louisiana Insurance Code


This topic is 24% of the 150 questions on the P&C Exam - ANSKey Terms:

Producer
Certificate of Authority
Controlled Business
Cease & Desist
Rebates
Investigative Consumer Report
Reciprocal
Non-Resident


This topic is 24% of the 150 questions on the P&C Exam

In the Louisiana Insurance Code, all persons or business entities referred to as an agent,
broker, solicitor, or surplus lines broker that sell, solicit, or negotiate insurance are required to be
licensed as an ____________________ - ANSinsurance producer

Individual Producer - ANSa person licensed to quote insurance policies, market, and sell
insurance products, and consult other with regard to insurance.
-- Most people in Louisiana are accustomed to calling these persons insurance agents, but the
official term insurance producers

Individual Insurance Producer Requirements: (5) - ANS1. Be at least 18 year of age
2. Reside in or work mainly from an office located in State
3. Complete Pre-licensing education required to prepare for state exam*
4. Paid their fees and submitted an application (Form 1546A)
5. Successfully pass their required exam with 70% or higher*

*An exam is required for licenses to sell most lines of insurance, and the exams are specific to
the lines of authority requested (e.g. life, health, property, casualty, etc.)

, Examples of Legal Business Entities - ANSCorporation, partnership, limited liability company
(LLC), etc.

Business Entity Producer - ANSA legal business entity may also be a producer and conduce
insurance business in the state
a. must have producer's license in business name
b. business must first have a licensed individual producer
c. have several other pieces of documentation required to apply (Form 1546B)

License Expiration P&C - ANSEvery 2 years odd numbered years (2013, 2015) by the last day
of your birth month

License Expiration LH&A - ANSEvery 2 years even numbered years (2014, 2016) by the last
day of your birth month

License Term and Renewal - ANSevery licensee must...
- complete certain number of hours in continuing education
- maintain satisfactory conduct
- send in renewal app and fees every renewal term

*Your license is only issued once and you must renew it every term to keep it active

The final approval to renew your license rests with the ______________, as he decides to
renew or not to renew. - ANSCommissioner

License Renewal - ANSrenew by sending in application and fee to La. Dept of Insurance by the
last day of their own birth month

License Renewal Fee - ANS$50

The ____________ has a standard set of exemptions for licensing requirements that most state
follow. Generally, if someone solicits insurance, they do need a license. - ANSProducer
Licensing Model Act

Change of Address - ANSIf a producer changes their mailing, work, or home address, the
Department must be notified within 10 days or face a $50 fine

((notify on an official "Change of Address" form available on the Louisiana Department of
Insurance website))

Non-Resident - ANSIndividuals not living in Louisiana and those without an office in Louisiana
may get a license to sell insurance in Louisiana.

The benefits of buying summaries with Stuvia:

Guaranteed quality through customer reviews

Guaranteed quality through customer reviews

Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.

Quick and easy check-out

Quick and easy check-out

You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.

Focus on what matters

Focus on what matters

Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!

Frequently asked questions

What do I get when I buy this document?

You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.

Satisfaction guarantee: how does it work?

Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.

Who am I buying these notes from?

Stuvia is a marketplace, so you are not buying this document from us, but from seller Ashley96. Stuvia facilitates payment to the seller.

Will I be stuck with a subscription?

No, you only buy these notes for $9.99. You're not tied to anything after your purchase.

Can Stuvia be trusted?

4.6 stars on Google & Trustpilot (+1000 reviews)

73918 documents were sold in the last 30 days

Founded in 2010, the go-to place to buy study notes for 14 years now

Start selling
$9.99
  • (0)
  Add to cart