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Property and Casualty Insurance Basics – Louisiana Questions & Answers 2023 Update
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Insurable Interest - 3 Elements - ANSWERS1.) Financial (a monetary interest) 2.) Blood (a relative) 3.) Business (a business partner) **Insurable interest must exist at the time of the loss. Named Insured - ANSWERSThe individual(s) whose name appears on the policy's declaration. First Name Insured - ANSWERSThe individual whose name appears first on the policy's declaration. Has control of the policy Only one who may cancel the policy or request changes to the policy Responsible for paying premiums and reporting losses Additional Insureds - ANSWERSIndividuals or business that are not named as insured on the declaration page, but are protected by the policy, usually in regard to a specific interest.
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