Property and Casualty Exam- Louisiana
Question & Answers 2025
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 on property insured under a fire insurance policy is
used to determine the policy's - CORRECT ANSWERS ✔✔Premium.
Shipbuilders and repairers are covered by the - CORRECT ANSWERS
✔✔U.S. Longshore and Harbor Workers Compensation Act.
Which of the following terms refers to a person's ability to do some
work or the need to do alternative work? - CORRECT ANSWERS
✔✔Temporary partial disability
Insurer examinations must occur no less frequently than every -
CORRECT ANSWERS ✔✔5 years.
,Property and Casualty Exam- Louisiana
Question & Answers 2025
If a commercial policy, in effect for less than 60 days, is to be canceled
for nonpayment of premium, how much prior notice must the insurer
give to the first named insured? - CORRECT ANSWERS ✔✔10 days
The Residential Condominium Building Association Policy (RCBAP) is
used for residential condominium building associations to cover the
entire building under one policy. Which of the following statements
about RCBAP is true? - CORRECT ANSWERS ✔✔It does not protect
the individual owner from loss to personal property owned exclusively
by the unit owner.
What is surplus lines insurance? - CORRECT ANSWERS ✔✔Insurance
placed with an unauthorized insurer
How long is a waiting period upon purchase of flood coverage through
NFIP? - CORRECT ANSWERS ✔✔30 days
Funding for the operation and administration of the Louisiana
Insurance Guaranty Association comes from - CORRECT ANSWERS
✔✔Annual assessments paid by member insurers.
Uninsured Motorist property damage coverage is subject to a
deductible of - CORRECT ANSWERS ✔✔$250.
,Property and Casualty Exam- Louisiana
Question & Answers 2025
Rates that are established based on the similarities of the risk with
other risks are known as - CORRECT ANSWERS ✔✔Manual rates.
The personal injury liability endorsement to an HO policy applies to all
the following EXCEPT - CORRECT ANSWERS ✔✔A third party breaks
a leg when the insured knocks him down.
The process an insurer uses to evaluate applications and determine if a
policy should be issued and on what terms, conditions, and rates is
known as - CORRECT ANSWERS ✔✔Underwriting.
Terrorism Risk Insurance Program Reauthorization Act of 2015 has
extended the TRIA to the year - CORRECT ANSWERS ✔✔2020
According to the Fair Credit Reporting Act, all of the following would be
considered negative information about a consumer EXCEPT - CORRECT
ANSWERS ✔✔Disputes regarding consumer report information
Replacement cost coverage is provided in both the broad and special
form dwelling policies when - CORRECT ANSWERS ✔✔At least 80%
of the replacement cost
The business income coverage form covers consequential loss of
business income that occurs when a business must suspend operations
, Property and Casualty Exam- Louisiana
Question & Answers 2025
because of a direct loss. Which of the following terms best describes
the nature of this type of coverage? - CORRECT ANSWERS ✔✔Time
element
Under which type of coverage does the insurer agree to pay for bodily
injury or property damage liability which the insured has agreed to
assume under a written contractual agreement? - CORRECT ANSWERS
✔✔Contractural liability policy
Which commercial crime form would provide coverage for a loss that
did not necessarily happen during the policy period but was revealed
during the policy period? - CORRECT ANSWERS ✔✔Discovery form
Under the Fair Credit Reporting Act, if the consumer challenges the
accuracy of the information contained in his or her report, the
reporting agency must - CORRECT ANSWERS ✔✔Respond to the
consumer's complaint.
Workers compensation benefits are provided for an employee injury or
death that arises out of the course of normal employment in all of the
following situations EXCEPT - CORRECT ANSWERS ✔✔On his
evening stroll, an employee of an advertising company is injured while
watching a competitor's billboard sign being removed from an
advertising site.
Question & Answers 2025
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 on property insured under a fire insurance policy is
used to determine the policy's - CORRECT ANSWERS ✔✔Premium.
Shipbuilders and repairers are covered by the - CORRECT ANSWERS
✔✔U.S. Longshore and Harbor Workers Compensation Act.
Which of the following terms refers to a person's ability to do some
work or the need to do alternative work? - CORRECT ANSWERS
✔✔Temporary partial disability
Insurer examinations must occur no less frequently than every -
CORRECT ANSWERS ✔✔5 years.
,Property and Casualty Exam- Louisiana
Question & Answers 2025
If a commercial policy, in effect for less than 60 days, is to be canceled
for nonpayment of premium, how much prior notice must the insurer
give to the first named insured? - CORRECT ANSWERS ✔✔10 days
The Residential Condominium Building Association Policy (RCBAP) is
used for residential condominium building associations to cover the
entire building under one policy. Which of the following statements
about RCBAP is true? - CORRECT ANSWERS ✔✔It does not protect
the individual owner from loss to personal property owned exclusively
by the unit owner.
What is surplus lines insurance? - CORRECT ANSWERS ✔✔Insurance
placed with an unauthorized insurer
How long is a waiting period upon purchase of flood coverage through
NFIP? - CORRECT ANSWERS ✔✔30 days
Funding for the operation and administration of the Louisiana
Insurance Guaranty Association comes from - CORRECT ANSWERS
✔✔Annual assessments paid by member insurers.
Uninsured Motorist property damage coverage is subject to a
deductible of - CORRECT ANSWERS ✔✔$250.
,Property and Casualty Exam- Louisiana
Question & Answers 2025
Rates that are established based on the similarities of the risk with
other risks are known as - CORRECT ANSWERS ✔✔Manual rates.
The personal injury liability endorsement to an HO policy applies to all
the following EXCEPT - CORRECT ANSWERS ✔✔A third party breaks
a leg when the insured knocks him down.
The process an insurer uses to evaluate applications and determine if a
policy should be issued and on what terms, conditions, and rates is
known as - CORRECT ANSWERS ✔✔Underwriting.
Terrorism Risk Insurance Program Reauthorization Act of 2015 has
extended the TRIA to the year - CORRECT ANSWERS ✔✔2020
According to the Fair Credit Reporting Act, all of the following would be
considered negative information about a consumer EXCEPT - CORRECT
ANSWERS ✔✔Disputes regarding consumer report information
Replacement cost coverage is provided in both the broad and special
form dwelling policies when - CORRECT ANSWERS ✔✔At least 80%
of the replacement cost
The business income coverage form covers consequential loss of
business income that occurs when a business must suspend operations
, Property and Casualty Exam- Louisiana
Question & Answers 2025
because of a direct loss. Which of the following terms best describes
the nature of this type of coverage? - CORRECT ANSWERS ✔✔Time
element
Under which type of coverage does the insurer agree to pay for bodily
injury or property damage liability which the insured has agreed to
assume under a written contractual agreement? - CORRECT ANSWERS
✔✔Contractural liability policy
Which commercial crime form would provide coverage for a loss that
did not necessarily happen during the policy period but was revealed
during the policy period? - CORRECT ANSWERS ✔✔Discovery form
Under the Fair Credit Reporting Act, if the consumer challenges the
accuracy of the information contained in his or her report, the
reporting agency must - CORRECT ANSWERS ✔✔Respond to the
consumer's complaint.
Workers compensation benefits are provided for an employee injury or
death that arises out of the course of normal employment in all of the
following situations EXCEPT - CORRECT ANSWERS ✔✔On his
evening stroll, an employee of an advertising company is injured while
watching a competitor's billboard sign being removed from an
advertising site.
