LOUISIANA PERSONAL LINES EXAM |
COMPREHENSIVE EXAM PREP, PRACTICE
QUESTIONS, CORRECT ANSWERS AND
STUDY GUIDE
| GRADED A+ | GUARANTEED SUCCESS
Updated 2026 Questions and Answers
100% Verified Exam Prep
, what is risk transfer shifting risk from one party to another
what is a peril cause of loss insured against an insurance company
what is a hazard a factor or activity that may cause or exacerbate a loss
what is a loss damage or injury that the insured suffers due to an accident or misfortune
what is the difference between domestic, foreign, and alien 1- domestic- one that is formed in the state in which its doing business
insurance companies 2- foreign- is one that is based on one state and doing business in another
3- alien- is one that is based in another country but is doing business in the US
what are the 5 elements of a contract consideration, competent parties, legal purpose, offer, and acceptance
what is the difference between expressed, implied, and express- authority that has been granted orally or in writing
apparent
implied- authority to preform acts identical to to reasonably necessary to carry out the
transaction for which they have express authority
apparent- authority that the public believes the producer must speak on behalf of the
company (the producer's word is the insured's word)
producer insurer
agent second party
policy holders third party
indememnity compensation for damage or loss. insures indemnify policyholders for certain
unexpected events or losses up to a certain limit
what is fraud a deliberate deception intended to secure an unfai or unlawful gain
what is a warranty in an insurance contract a true statement upon which the validity of the policy depends
what is misrepresentation a false or misleading statement that, if intentional and material, can allow the insurer to
void the insurance contract
COMPREHENSIVE EXAM PREP, PRACTICE
QUESTIONS, CORRECT ANSWERS AND
STUDY GUIDE
| GRADED A+ | GUARANTEED SUCCESS
Updated 2026 Questions and Answers
100% Verified Exam Prep
, what is risk transfer shifting risk from one party to another
what is a peril cause of loss insured against an insurance company
what is a hazard a factor or activity that may cause or exacerbate a loss
what is a loss damage or injury that the insured suffers due to an accident or misfortune
what is the difference between domestic, foreign, and alien 1- domestic- one that is formed in the state in which its doing business
insurance companies 2- foreign- is one that is based on one state and doing business in another
3- alien- is one that is based in another country but is doing business in the US
what are the 5 elements of a contract consideration, competent parties, legal purpose, offer, and acceptance
what is the difference between expressed, implied, and express- authority that has been granted orally or in writing
apparent
implied- authority to preform acts identical to to reasonably necessary to carry out the
transaction for which they have express authority
apparent- authority that the public believes the producer must speak on behalf of the
company (the producer's word is the insured's word)
producer insurer
agent second party
policy holders third party
indememnity compensation for damage or loss. insures indemnify policyholders for certain
unexpected events or losses up to a certain limit
what is fraud a deliberate deception intended to secure an unfai or unlawful gain
what is a warranty in an insurance contract a true statement upon which the validity of the policy depends
what is misrepresentation a false or misleading statement that, if intentional and material, can allow the insurer to
void the insurance contract
