Louisiana Property and Casualty Practice Exam Questions & Answers 100% Verified

What is a hazard? - ANSWER-An increase in the possibility that a loss might occur the purpose of insurance is to? - ANSWER-Transfer risk from a person, business, or organization to an insurance company that agrees to pay for losses in exchange for a premium. mutual company - ANSWER-type of insurance company in which the policyholder is considered an owner, with the right to vote and share in the profits. $50 - ANSWER-the renewal fee for a Louisiana producer license. b McCarran-Ferguson Act - ANSWER-the federal law that says the federal government can only regulate insurance companies to the extent they are not regulated by state law. Adhesion Contract - ANSWER-an insurance policy is prepared by the insurance company, with little or no input from the insured. this means that an insurance policy is a HO-6 - ANSWER-an individual who owns and lives in a condominium can obtain broad coverage for personal property in the condo under which Homeowners form? experience rating - ANSWER-what rating method involves modifying the premium based on the insured's loss experience over a specified period of time? pain and suffering - ANSWER-which type of benefits is generally not provided by a state's workers compensation law? foreign - ANSWER-which of the following describes an insurance company doing business in a state other than the where it is incorporated?