Louisiana Insurance Latest Study Guide 2025

To assure the public that only competent trustworthy individuals and other entities sell insurance and to protect and promote the public interest. - Correct Ans-Licensing/Purose A contract under which one party undertakes to pay another against a loss of a specified contingency or peril. - Correct Ans-Insurance What is another word for insurance company? - Correct Ans-Insurer What is another word for a client? - Correct Ans-Insured Who is the producer? - Correct Ans-you are Any individual who is required to be licensed under Louisiana law to solicit, sell, negotiate, bind, procure or renew insurance. - Correct Ans-Individual Producer Any __________ required to be licensed under Louisiana law to solicit,sell,negotiate, bind, procure or renew insurance. It includes a corporation, association, partnership, limited liability company, limited liability partnership, or other legal entity. - Correct Ans-Business Entity Producer Is one who resides in Louisiana or maintains a principal place of business in Louisiana. A ________ license will be void if licensee ceases to be a resident of Louisiana. Must surrender license within 30 days by us postal or in person - Correct Ans-Resident Producer A license is issued for a period of how many years - Correct Ans-2 L & H license renewed every ______ numbered years - Correct Ans-even P & C license renewed every _____ numbered year - Correct Ans-Odd The license is renewed at the end of every ___________. - Correct Ans-birthday month The commissioner of insurance may issue a temporary license for a period not to exceed _________. - Correct Ans-180 days When a license has lapsed more than ____ years, license will be renewed only buy fulfilling all __________ for issuance of a new __________. - Correct Ans-5 Requirements license How many hours of continuing education are needed to renew a producer license? - Correct Ans-24 hours How many carryover hours are allowed for each licensing period? - Correct Ans-10 hours The continuing education requirements for license renewal does not apply to any person ______ years of age AND who has at least ____ years of experience as a licensed producer. - Correct Ans-65 15 Every insurance licensee must notify the Commissioner of any alteration in his or her residence or business address within ___ days of the change. - Correct Ans-10 Failure to file will result in a ______ dollar penalty per violation. - Correct Ans-50 The use of non approval trade names will result in a fine not to exceed _____ dollars - Correct Ans-250 If a non approved trade name is utilized for ___ or more days after being notified by the commissioner to cease, the producer will be subject to an additional fine of _______ dollars - Correct Ans-10 5000 The Commissioner of Insurance is elected statewide every ____ years at the same time as the governor. - Correct Ans-4 A _____________ is appointed by the Commissioner as an assistant who may take over in the Commissioner's absence. - Correct Ans-Chief Deputy Commisioner What are 4 of the Commissioner's Duties and Powers - Correct Ans-1) Administers and enforces the Louisiana Insurance code 2) May conduct examinations, investigations, hearings, or other forms of inquiry necessary to properly administer the insurance la