Louisiana insurance study guide questions and answers rated A+

Louisiana insurance study guide questions and answers rated A+ To assure the public that only competent trustworthy individuals and other entities sell insurance and to protect and promote the public interest. Licensing/Purose A contract under which one party undertakes to pay another against a loss of a specified contingency or peril. Insurance What is another word for insurance company? Insurer What is another word for a client? Insured Who is the producer? you are Any individual who is required to be licensed under Louisiana law to solicit, sell, negotiate, bind, procure or renew insurance. Individual Producer Any __________ required to be licensed under Louisiana law to solicit,sell,negotiate, bind, procure or renew insurance. It includes a corporation, association, partnership, limited liability company, limited liability partnership, or other legal entity. Business Entity Producer Is one who resides in Louisiana or maintains a principal place of business in Louisiana. A ________ license will be void if licensee ceases to be a resident of Louisiana. Must surrender license within 30 days by us postal or in person Resident Producer A license is issued for a period of how many years 2 L & H license renewed every ______ numbered years even P & C license renewed every _____ numbered year Odd The license is renewed at the end of every ___________. birthday month The commissioner of insurance may issue a temporary license for a period not to exceed _________. 180 days When a license has lapsed more than ____ years, license will be renewed only buy fulfilling all __________ for issuance of a new __________. 5 Requirements license How many hours of continuing education are needed to renew a producer license? 24 hours How many carryover hours are allowed for each licensing period? 10 hours The continuing education requirements for license renewal does not apply to any person ______ years of age AND who has at least ____ years of experience as a licensed producer. 65 15 Every insurance licensee must notify the Commissioner of any alteration in his or her residence or business address within ___ days of the change. 10 Failure to file will result in a ______ dollar penalty per violation. 50 The use of non approval trade names will result in a fine not to exceed _____ dollars 250 If a non approved trade name is utilized for ___ or more days after being notified by the commissioner to cease, the producer will be subject to an additional fine of _______ dollars 10 5000 The Commissioner of Insurance is elected statewide every ____ years at the same time as the governor. 4 A _____________ is appointed by the Commissioner as an assistant who may take over in the Commissioner's absence. Chief Deputy Commisioner What are 4 of the Commissioner's Duties and Powers 1) Administers and enforces the Louisiana Insurance code 2) May conduct examinations, investigations, hearings, or other forms of inquiry necessary to properly administer the insurance law 3) Initiates legal actions to enforce the code 4) May revoke and suspend license and levy fines In order to transact insurance business in Louisiana, a corporation must have a ____________ issued by the commissioner of insurance Certificate of Authority All insurers in Louisiana must be audited by the Commissioner of Insurance at least once every __ years or as often as deemed necessary or requested by the ___________.