Louisiana Insurance Exam Prep (Title), Louisiana Title
Insurance EXAM questions and answers with complete
solutions verified latest update
Terms in this set (501)
CONTRACTS - Aleatory A contract in which the performance of either
Contract party's obligation depends on an uncertain
event
INSURANCE - Benchmark The rate set annually by the Commissioner of
Rate(s) Insurance by line, relative to which the
flexibility bands and statutory rate
limitations apply.
INSURANCE - Churning Can occur when an agent persuades a
consumer to borrow against an existing life
insurance policy to pay the premium on a
new one.
, INSURANCE - Dividend The amount of money an insurance company
may decide to distribute to policyholders.
INSURANCE - Insurable A financial interest in the property insured,
Interest prerequisite to a valid contract of
insurance. In life insurance, a person's or party's
interest, financial or emotional, in the
continuing life of the insured.
INSURANCE - A significant misstatement in an application
Misrepresentation (Material) form. If a company had access to the correct
information at the time of application, the
company might not have
agreed to accept the application.
INSURANCE - Rated Policy A policy issued at a higher premium to cover a
person classified as a greater-than-average
risk, usually due to impaired health or a
dangerous occupation.
INSURANCE - Redlining Refusal by an insurance company to underwrite
or to continue to underwrite questionable
risks in a given geographical area.
INSURANCE - Surplus Lines Insurance coverage not available from an
admitted company in the regular market; thus
a surplus lines broker/agent representing an
applicant seeks
coverage in the surplus lines market from a
nonadmitted insurer according to the
Insurance EXAM questions and answers with complete
solutions verified latest update
Terms in this set (501)
CONTRACTS - Aleatory A contract in which the performance of either
Contract party's obligation depends on an uncertain
event
INSURANCE - Benchmark The rate set annually by the Commissioner of
Rate(s) Insurance by line, relative to which the
flexibility bands and statutory rate
limitations apply.
INSURANCE - Churning Can occur when an agent persuades a
consumer to borrow against an existing life
insurance policy to pay the premium on a
new one.
, INSURANCE - Dividend The amount of money an insurance company
may decide to distribute to policyholders.
INSURANCE - Insurable A financial interest in the property insured,
Interest prerequisite to a valid contract of
insurance. In life insurance, a person's or party's
interest, financial or emotional, in the
continuing life of the insured.
INSURANCE - A significant misstatement in an application
Misrepresentation (Material) form. If a company had access to the correct
information at the time of application, the
company might not have
agreed to accept the application.
INSURANCE - Rated Policy A policy issued at a higher premium to cover a
person classified as a greater-than-average
risk, usually due to impaired health or a
dangerous occupation.
INSURANCE - Redlining Refusal by an insurance company to underwrite
or to continue to underwrite questionable
risks in a given geographical area.
INSURANCE - Surplus Lines Insurance coverage not available from an
admitted company in the regular market; thus
a surplus lines broker/agent representing an
applicant seeks
coverage in the surplus lines market from a
nonadmitted insurer according to the
