Louisiana Property & Casualty Exam - PSI & ExamFX (With complete solution)

If a producer allows his license to lapse, within what time period may the producer reinstate the same license? correct answers b) 2 years Producers who allow their license to lapse may reinstate them same license within 2 years, upon proof of fulfilling all continuing education requirements through the date of reinstatement, & by paying all overdue fees. Which of the following would be eligible for Homeowners Coverage F - Medical Payments in the event of injury at the insured's premises? correct answers d) A full-time maid Medical payments on the HO policy cover costs incurred for up to three years after the accident. Coverage does not apply to any insured or a regular resident of the premises, except resident employees not covered by workers compensation. Which of the following statements is NOT true of a commercial umbrella liability policy? correct answers a) It would automatically cover all losses as they occur. There is usually a minimum limit of liability the insured must carry & maintain on the basic policies, such as $1,000,000 for commercial risks. In addition, there are usually retained limits (called a self-insured retention, or SIR) that the insured must satisfy before the umbrella policy will respond to certain kinds of losses. Which of the following perils is NOT covered the DP-2? correct answers c) Damage to pets, birds, or fish DP-2 covers perils caused by breakage of glass, weight of ice 7 snow, or falling objects. Not damage to pets, birds or Fish Which is NOT true of workers compensation coverages? correct answers c) Medical Payment benefits are limited. Workers compensation medical payments are unlimited. The garage coverage from is written to cover the insurance needs of an insured in the business of selling, repairing, servicing or storing automobiles. Which of the following coverages are not included in a garage policy? correct answers b) Physical damage on a customer's auto The garage policy has a care, custody and control exclusion which would eliminate coverage for any damage to a customer's auto. This exposure would need to be covered under a garagekeepers policy.