Louisiana pc - Study guides, Class notes & Summaries

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 agreement. While both the insured and the insurer must give consideration, it need not be equal. The policy provisions are prepared by the insurer, with little or no input from the insured Which part of ...

Louisiana P&C Adjuster Exam Prep questions and answers

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? - ANSWERSwritten contract What is the power to bind? - ANSWERSan agent's authority can bind: -what an agent says or does can bind insurer -agents should take the utmost care in what they say or d...

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 seeking what type of License** (1) Is eligible to designate this state as his home state or is a nonresident who is not eligible for a license (2) Has not committed any act that is a ground for ...

Louisiana P&C Insurance Exam Questions and Complete Solutions

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 agreement. While both the insured and the insurer must give consideration, it need not be equal. The policy provisions are prepared by the insurer, with little or no input from the insured Which part of ...

Louisiana P&C Insurance Exam with Complete Solutions Louisiana P&C Insurance Exam with Complete Solutions Louisiana P&C Insurance Exam with Complete Solutions Louisiana P&C Insurance Exam with Complete Solutions Commissioner's term of office - ANSWER-4 years Commissioners will examine each insurer - ANSWER-5 years Time to conduct a hearing - ANSWER-30 days

Louisiana P&C Insurance Exam with Complete SolutionsLouisiana P&C Insurance Exam with Complete SolutionsLouisiana P&C Insurance Exam with Complete SolutionsLouisiana P&C Insurance Exam with Complete Solutions Commissioner's term of office - ANSWER-4 years Commissioners will examine each insurer - ANSWER-5 years Time to conduct a hearing - ANSWER-30 days Age to apply for producer's license - ANSWER-18 years old Producer license valid for how long - ANSWER-2 years How long to f...

What are the four requirements of a legally binding contract? Agreement, consideration, competent parties, legal purpose Jim applied for a homeowners policy with his agent, who gave him immediate temporary coverage. However, after checking Jim's background information, his agent discovers that Jim has been convicted of arson, so she declines his application. Which of the following best describes Jim's failure to mention his conviction during the application process? Concealment When an i...

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