Property and Casualty Exam- Louisiana Questions and Answers!

Property and Casualty Exam- Louisiana Should 2 or more insurers issue a combined Standard Fire Policy insuring a single risk, in the event of a loss, the insured must notify - ANSWER Any of the insurers providing coverage. The policy conditions define - ANSWER How parties to the contract must act following a loss. Because an insurance policy is a legal contract, it must conform to the state laws governing contracts which require all of the following elements EXCEPT - ANSWER Conditions. The value placed on property insured under a fire insurance policy is used to determine the policy's - ANSWER Premium. Shipbuilders and repairers are covered by the - ANSWER U.S. Longshore and Harbor Workers Compensation Act. Which of the following terms refers to a person's ability to do some work or the need to do alternative work? - ANSWER Temporary partial disability Insurer examinations must occur no less frequently than every - ANSWER 5 years. If a commercial policy, in effect for less than 60 days, is to be canceled for nonpayment of premium, how much prior notice must the insurer give to the first named insured? - ANSWER 10 days The Residential Condominium Building Association Policy (RCBAP) is used for residential condominium building associations to cover the entire building under one policy. Which of the following statements about RCBAP is true? - ANSWER It does not protect the individual owner from loss to personal property owned exclusively by the unit owner. What is surplus lines insurance? - ANSWER Insurance placed with an unauthorized insurer How long is a waiting period upon purchase of flood coverage through NFIP? - ANSWER 30 days FuQuestions and Answers!