Louisiana P&C Insurance Exam Review set one Questions & Answers(GRADED A)

Which one of the following statements about insurance contracts is true? - ANSWERSThey are personal contracts because they insure people, not property. Insurance policies are considered to be unilateral - ANSWERSbecause 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 Which part of an insurance policy sets the rules of conduct, duties, and obligations of the insured and insurer under the terms of the contract? - ANSWERSConditions. Policy conditions - ANSWERSset provisions, rules of conduct, and obligations for the parties. Information about the premium and policy limits, the identity and address of the named insured, and the policy period is found in what part of an insurance policy? - ANSWERSDeclarations. The declarations section of a policy includes - ANSWERSthe identity and address of the named insured, the policy term or period, the amount of insurance, the premium and any applicable deductibles. Which part of an insurance policy describes what is covered and the perils the policy insures against? - ANSWERSInsuring Agreement The Insuring Agreement states - ANSWERSin general terms the types of losses that are covered, the property covered and the perils against