Louisiana Insurance adjusters course Test 1 Questions With Correct Answers

Transporting devices - Answer The hull coverage in an aircraft policy does not cover which of the following? A court of law - Answer When a liability policy is contested, which entity ultimately determines legal liability? Failing to pay an uncovered claim - Answer A Louisiana adjuster license can be revoked, non-renewed or suspended for all of the following, EXCEPT: A Structured Settlement - Answer A settlement in which the claimant receives payment in installments over a period of time instead of a lump sum is: 30 days. - Answer All Homeowner policies provide "Property Removed" coverage for up to how many days? Within 60 days of the policy expiration date - Answer The basic extended reporting period on the "claims-made" Commercial General Liability policy allows claims occurring in the past 5 years to be covered, as long as they are reported: For the limit shown in the policy declarations - Answer Under Coverage E - Scheduled Farm Property, how is the property covered? Punitive damages - Answer Which type of damages is not intended to indemnify the plaintiff? A fire that caused a building to collapse. - Answer Which of the following perils would provide coverage under the accounts receivable coverage floater? Unreasonable Travel - Answer Requiring a claimant to travel a long distance to have his or her automobile repaired violates which of the following standards for prompt investigations and fair and equitable settlements? All insurers that write property insurance in Louisiana. - Answer Who must participate in the residual property insurance market programs? A hair dryer purchased in the United States and sent to the sister of a customer in France as a gift, catches fire when it is first used in France - Answer Which of the following claims would be paid under the CGL policy? Collapse - Answer All of the following are exclusions under Section I - Forms HO-2 and HO-3, EXCEPT: II only - Answer Which of the following is correct concerning the appraisal process under a business automobile policy: I. Only the named insured can make a written demand that the appraisal method be used. II. The appraisal method cannot be used to determine whether the loss is covered, rather than the amount of damages. Deny coverage under the intentional errors & omissions exclusion - Answer Jack Tate ignores the safety warnings and instructions when setting the controls of the steam boiler and as a result, the boiler explodes. Jack carries Equipment Breakdown coverage. The adjuster for Pressure R Us Insurance Company may do which of the following? Barratry - Answer The crew of a ship is guilty of fraud with the intention of reaping gains at the expense of the owner. In ocean marine coverage, what is this called? 30 days - Answer Under the dwelling insurance program, an endorsement may be attached to the policy to cover dwellings during the course of construction. The insurance company must be advised when construction is completed, and within ____days after the insured takes occupancy of the dwelling. Describes the property to be insured - Answer The Commercial Building and Personal Property Coverage form does this: $500 - Answer What is the standard deductible under an Equipment Breakdown policy? A valuable baseball card collection owned by the named insured's son that is covered under a separate personal articles floater - Answer Which of the following property is excluded under Homeowner's Personal Property Coverage? An exercise machine snaps a belt, injuring a consumer in a sporting good store - Answer Which of the following scenarios would fall under the scope of the "Products Liability" section of a CGL policy? The Ship Owner - Answer Whose responsibility is it to see that a ship is seaworthy? Excess - Answer Another name for umbrella liability insurance is: The application is received within 24 months of the date the license lapsed - Answer An individual agent or adjuster in Louisiana has inadvertently allowed their license to lapse because they forgot to renew it. If the licensee was in good standing when the license lapsed and has completed all continuing education requirements, he/she can reapply for a license without taking the state licensing exam if: Aleatory - Answer The promise by one party that is conditioned on an uncertain event and where the value given by each party is unequal is called: $5,000 - Answer In addition to any general or special damages to which a claimant is entitled for breach of the imposed duty, the claimant may be awarded penalties assessed against the insurer in an amount not to exceed two times the damages sustained or $_________, whichever is greater. Within 30 days following receipt of such demand - Answer When a hearing is demanded by the Commissioner of Insurance in Louisiana, when must such a hearing be held?