Property and Casualty Insurance Basics – Louisiana Correct Questions & Answers 2023(GRADED A)

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. Added to the policy by an endorsement Accident - ANSWERSA sudden, unplanned and unexpected event, not under the control of the insured, resulting in injury or damage that is neither expected nor intended. Occurrence - ANSWERSA broader definition of loss, which differs from accident in that it includes losses caused by continuous or repeated exposure to conditions resulting in injury to persons or damage to property that is neither intended nor expected. Peril - ANSWERSA specific cause of loss Fire, wind, hail, and explosions Named peril - ANSWERSA specific cause of loss listed and described in an insurance poli