Louisiana Property and Casualty Practice Exam Verified 100%(SCORED A+)

What is a hazard? - ANSWERSAn increase in the possibility that a loss might occur the purpose of insurance is to? - ANSWERSTransfer risk from a person, business, or organization to an insurance company that agrees to pay for losses in exchange for a premium. mutual company - ANSWERStype of insurance company in which the policyholder is considered an owner, with the right to vote and share in the profits. $50 - ANSWERSthe renewal fee for a Louisiana producer license. b McCarran-Ferguson Act - ANSWERSthe federal law that says the federal government can only regulate insurance companies to the extent they are not regulated by state law. Adhesion Contract - ANSWERSan insurance policy is prepared by the insurance company, with little or no input from the insured. this means that an insurance policy is a HO-6 - ANSWERSan individual who owns and lives in a condominium can obtain broad coverage for personal property in the condo under which Homeowners form? experience rating - ANSWERSwhat rating method involves modifying the premium based on the insured's loss experience over a specified period of time? pain and suffering - ANSWERSwhich type of benefits is generally not provided by a state's workers compensation law? foreign - ANSWERSwhich of the following describes an insurance company doing business in a state other than the where it is incorporated? open peril policy - ANSWERStype of insurance policy that insures against all risks of loss that are not specifically excluded by the policy? replacement cost-depreciation - ANSWERSwhich of the following describes actual cash value? Actual Cash Value (ACV) - ANSWERSRecplacement Cost - Depreciation Cost