Louisiana insurance study guide (With correct solutions)

To assure the public that only competent trustworthy individuals and other entities sell insurance and to protect and promote the public interest. correct answers Licensing/Purose A contract under which one party undertakes to pay another against a loss of a specified contingency or peril. correct answers Insurance What is another word for insurance company? correct answers Insurer What is another word for a client? correct answers Insured Who is the producer? correct answers you are Any individual who is required to be licensed under Louisiana law to solicit, sell, negotiate, bind, procure or renew insurance. correct answers 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 answers 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 answers Resident Producer A license is issued for a period of how many years correct answers 2 L & H license renewed every ______ numbered years correct answers even P & C license renewed every _____ numbered year correct answers Odd The license is renewed at the end of every ___________. correct answers birthday month The commissioner of insurance may issue a temporary license for a period not to exceed _________. correct answers 180 days When a license has lapsed more than ____ years, license will be renewed only buy fulfilling all __________ for issuance of a new __________. correct answers 5 Requirements license How many hours of continuing education are needed to renew a producer license? correct answers 24 hours How many carryover hours are allowed for each licensing period? correct answers 10 hours