Louisiana Property and Casualty Practice Exam 100% correct!

Louisiana Property and Casualty Practice Exam 100% correct! 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