204 LA Property and Casualty Test Part 1 100% Accurate
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Course
LOUISIANA CLAIM ADJUSTER
Institution
LOUISIANA CLAIM ADJUSTER
Exclusions - ANSWER Risks or causes of loss that the insurer decides not to cover
Named peril - ANSWER Narrow coverage = few exclusions
open peril - ANSWER Wide coverage = many exclusions
Exclusions to HO Property Coverage - ANSWER ordinance or law,
earth movement,
water damage,
off p...
204 LA Property and Casualty Test Part 1
100% Accurate
Exclusions - ANSWER Risks or causes of loss that the insurer decides not to cover
Named peril - ANSWER Narrow coverage = few exclusions
open peril - ANSWER Wide coverage = many exclusions
Exclusions to HO Property Coverage - ANSWER ordinance or law,
earth movement,
water damage,
off premises power failure,
neglect,
war,
nuclear hazard,
intentional acts,
mechanical breakdown
Policy Period - ANSWER coverage only applies to a loss that occurs during the policy
period
Insurable Interest and Limit of Liability - ANSWER The insurer will not be responsible for
payment of loss in an amount greater than the financial interest of an insured.
The insurer does not have to pay more than - ANSWER the insured's interest in the
covered property at the time of the loos or the applicable limit of liability
-this applies even if more than one person has insurable interest in the property
Deductible - ANSWER -the insurer will only pay the part of a loss that exceeds the
deductible amount stated in the declarations
-if there are two or more deductibles under a policy, the highest deductible amount
applies
Duties after loss - the insured must - ANSWER -Notify the police if the loss may have
involved a crime
-Notify the insurer about what property was involved, and the circumstances
surrounding the loss
-Submit a description of how, where, and when loss occurred
-Try to prevent further damages, and keep track of expenses incurred doing this
-Give the insurer a list of damaged property
Concealment or Fraud - ANSWER concealment, misrepresentations, and fraud can void
policy coverage
, Loss Settlement - ANSWER this provision details how different types of property losses
are settled.
Limit of Liability - ANSWER the limit of liability is the same as it appears in the
Declarations section of a homeowners policy, regardless of the number of insureds,
claims made, or person injured
severability of insurance - ANSWER policy coverage applies separately to each insured
however, this condition does not increase the total limit of liability for any one
occurrence
An insured must - ANSWER -report the claim in a reasonable time
-allow an adjuster to examine the loss
-allow physical examinations
-let the insurer know any pertinent information
An injured third party must - ANSWER -give the insurer proof of the occurrence
-authorize the examination of medical records
-submit to a physical examination
Insurance Services Offices Forms (ISO) - ANSWER -Forms for homeowners policies
-Each provides a different type of coverage
HO-2 - ANSWER Broad Form
HO-3 - ANSWER Special Form
HO-4 - ANSWER Contents Broad Forms
HO-5 - ANSWER Comprehensive Form
HO-6 - ANSWER Condominium Form
HO-8 - ANSWER Modified Coverage Form
Coverage A - ANSWER Dwelling and items that service the dwelling such as air
conditioners
Coverage B - ANSWER Other Structures
Coverage C - ANSWER personal property
Coverage D - ANSWER Loss of Use
Coverage E - ANSWER Additional Living Expenses
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