Louisiana Property & Casualty Exam - PSI & ExamFX 2024/2025

Louisiana Property & Casualty Exam - PSI & ExamFX 2024/2025 If a producer allows his license to lapse, within what time period may the producer reinstate the same license? - answer-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? - answer-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? - answer-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? - answer-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? - answer-c) Medical Payment benefits are limited.