Property and Casualty Exam- Louisiana (100% Correct answers)

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. 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. Rates that are established based on the similarities of the risk with other risks are known as correct answers Manual rates.