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. A business entity acting as a claims adjuster is required to obtain a claims adjuster license. Application shall be made using what application? correct answers Uniform business entity application These required steps below represent what type of adjustor's license application? * *An adjuster seeking what type of License** (1) Is eligible to designate this state as his home state or is a nonresident who is not eligible for a license (2) Has not committed any act that is a gr...

To assure the public that only competent trustworthy individuals and other entities sell insurance and to protect and promote the public interest. correct answers Licensing/Purose A contract under which one party undertakes to pay another against a loss of a specified contingency or peril. correct answers Insurance What is another word for insurance company? correct answers Insurer What is another word for a client? correct answers Insured Who is the producer? correct answers you are...

An insured who wants Physical Damage coverage for her boat can obtain it with A. Homeowners insurance correct answers Outboard Motor and Boat insurance Outboard Motor and Boat insurance provides correct answers open peril Physical Damage coverage for boats Each of the following is true about umbrella liability policies EXCEPT: correct answers The coverage is only available for commercial risks. Umbrellas may be written for businesses or individuals. Personal umbrellas provide correct an...

A ******* is a person required under this state's laws to be licensed to sell, solicit, or negotiate insurance. This includes all persons or business entities referred to as "insurance agent", "agent", "insurance broker", "broker", "insurance solicitor", "solicitor", or "surplus lines broker". correct answers Individual producer A person applying for a producer license must: correct answers -atleast 18 years old -Reside, or maintain their place of business in LA -Not committ...

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?...

Accelerated Benefits correct answers riders attached to life insurance policies which allow death benefits to be used to cover nursing and convalescent home expenses. Accident correct answers an unplanned, unforeseen event which occurs suddenly and at an unspecified place. Accident Insurance correct answers A type of insurance that protects the insured against loss due to accidental bodily injury. Accidental Bodily Injury correct answers unplanned, unforeseen traumatic injury to the bod...

Debris correct answers remains of anything broken down or destroyed Incidental occupancy correct answers minor uses that are accessory to or support the predominant occupancy (e.g., a piano teacher giving lessons in her home) Occurrence correct answers an incident or event Ordinance correct answers A law that must be complied with Overinsurance correct answers when a property's insurance coverage exceeds its cash value Premises correct answers a house or building (including land ...

Which one of the following statements about insurance contracts is true? correct answers They are personal contracts because they insure people, not property. Insurance policies are considered to be unilateral correct answers because only the insurance company is legally bound to perform its part of the agreement. While both the insured and the insurer must give consideration, it need not be equal. The policy provisions are prepared by the insurer, with little or no input from the insured ...

Abandonment correct answers The abdication of insured property into the hands of another, or into the possession of no one in particular Absolute Liability correct answers A type of liability that occurs due to extremely dangerous operations, such as the use of explosives or working at extreme heights Accident correct answers An unplanned, unforeseen event which occurs suddenly and at a specific place Actual Cash Value correct answers The required amount to pay damages or for property l...

All of the following situations would be covered under a professional liability policy correct answers An accountant's error that inflated a bid and caused a client to lose a major account., Negligence of an architect who designed an unsafe building., Failure of a doctor to render the quality of care that is customary in the medical field, .EXCEPT The failure of an attorney to properly defend a client due to his personal dislike of the client Under a professional liability policy correct ans...

Surety Bond correct answers aka performance bonds. contract bond- guarantee that contractors perform according to contract court bond- required by court to enforce certain behavior license & permit bond- required by municipalities as a condition for granting a license to engage in activity Fidelity Bonds correct answers aka Honesty Bonds- cover employer from direct loss due to fraudulent & dishonest acts of employees Individual Bond- bond single employee None Schedule Bond- bond sever...

Commissioner's term of office correct answers 4 years Commissioners will examine each insurer correct answers 5 years Time to conduct a hearing correct answers 30 days Age to apply for producer's license correct answers 18 years old Producer license valid for how long correct answers 2 years How long to file notice of appointment with Commissioner correct answers 15 days How long for commissioner to determine whether producer is suitable for appointment correct answers 30 day...

Authorized insurers may choose not to participate in the plan correct answers All of the following are true regarding the Louisiana Automobile Insurance Plan EXCEPT: short-rate correct answers The named insured may cancel a property insurance policy in this state at any time, in which case the insurer must refund any unearned premium due on a __________ basis: Standard fire policy correct answers The basis for all property insurance sold in this state is the Louisiana: Sole proprietors ...

Which One Of The Following Is NOT A Possible Defense Against Negligence? A. Statue Of Limitations B. Doctrine Of Reasonable Expectation C. Intervening Cause D. Comparative Negligence correct answers Doctrine Of Reasonable Expectation What Is A Hazard? correct answers An Increase In The Possibility That A Loss Might Occur. The Purpose Of Insurance Is To____________ correct answers Transfer Risk From A Person, Business Or Organization To An Insurance Company. The Type Of Insurance...

Roy brought his house 10 years ago for 150,000 but it would cost 200,000 to rebuild it today. Because his house is in a highly desirable area, it's Fair Market Value $275,000. What amount should the agent recommend that Roy insure his house for to provide replacement cost for a total loss? A) 150,000 B) 160,000 C)275,000 D) the ACV of the house correct answers B) 160,000 A participating company headquartered in a Guam authorized to do business in your state would be described as which ...

In which type of commercial crime policy coverage is triggered by a loss that happens during the policy period but is not necessarily discovered during the policy peri correct answers Robbery is: correct answers Taking of property by use of force, violence, or fear The crime of forced entry into the premises of another by a persons with felonious intent is defined as: correct answers Burglary Erroneous Publishing copied all the material from Angel's Inc book. The only changes made by ...

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 correct answers Any of the insurers providing coverage. The policy conditions define correct answers 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 correct answers Conditions. The value placed ...

Driver A has a personal auto policy with Part C: UM/UIM limits of 100/300. He is injured by Driver B who has Part A: Bodily Injury Liability limits of 50/100. It is determined that Driver B is at fault for the accident. Driver A has $125,000 in medical expenses. How much will his Part C: UM/UIM coverage pay? a) $125,000 b) $75,000 c) $50,000 d) $25,000 correct answers c) $50,000 Underinsured motorist coverage acts as excess over the at-fault motorist's coverage. It will pay the ...

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Management correct answers Getting work done through others Efficiency correct answers Getting work done with a minimum of effort, expense, or waste Effectiveness correct answers accomplishing tasks that help fulfill organizational objectives Top Managers correct answers executives responsible for the overall direction of the organization Middle Managers correct answers responsible for setting objectives consistent with top managements goals and of planning and implementing subunit s...