Lesson 1: Louisiana Insurance Regulation Exam with complete solution

Objectives: ◦ List requirements of obtaining and maintaining a Louisiana Insurance License ◦ Recognize Louisiana laws governing the business of insurance ◦ Name important Federal laws that apply to insurance producers and insurers ◦ Recognize statutory time limits and dollar amounts from Louisiana Insurance Code This topic is 24% of the 150 questions on the P&C Exam - Key Terms: Producer Certificate of Authority Controlled Business Cease & Desist Rebates Investigative Consumer Report Reciprocal Non-Resident This topic is 24% of the 150 questions on the P&C Exam In the Louisiana Insurance Code, all persons or business entities referred to as an agent, broker, solicitor, or surplus lines broker that sell, solicit, or negotiate insurance are required to be licensed as an ____________________ - insurance producer Individual Producer - a person licensed to quote insurance policies, market, and sell insurance products, and consult other with regard to insurance.-- Most people in Louisiana are accustomed to calling these persons insurance agents, but the official term insurance producers Individual Insurance Producer Requirements: (5) - 1. Be at least 18 year of age 2. Reside in or work mainly from an office located in State 3. Complete Pre-licensing education required to prepare for state exam* 4. Paid their fees and submitted an application (Form 1546A) 5. Successfully pass their required exam with 70% or higher*