Louisiana insurance study guide Graded A+

To assure the public that only competent trustworthy individuals and other entities sell insurance and to protect and promote the public interest. - Answer-Licensing/Purose A contract under which one party undertakes to pay another against a loss of a specified contingency or peril. - Answer-Insurance What is another word for insurance company? - Answer-Insurer What is another word for a client? - Answer-Insured Who is the producer? - Answer-you are Any individual who is required to be licensed under Louisiana law to solicit, sell, negotiate, bind, procure or renew insurance. - Answer-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. - Answer-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 - Answer-Resident Producer A license is issued for a period of how many years - Answer-2 L & H license renewed every ______ numbered years - Answer-even P & C license renewed every _____ numbered year - Answer-Odd The license is renewed at the end of every ___________. - Answer-birthday monthThe commissioner of insurance may issue a temporary license for a period not to exceed _________. - Answer-180 days When a license has lapsed more than ____ years, license will be renewed only buy fulfilling all __________ for issuance of a new __________. - Answer-5 Requirements license How many hours of continuing education are needed to renew a producer license? - Answer-24 hours How many carryover hours are allowed for each licensing period? - Answer-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. - Answer-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. - Answer-10 Failure to file will result in a ______ dollar penalty per violation. - Answer-50