- Study guides, Class notes & Summaries

Insurance - ANSWERSThe transfer of risk through a legal contract Property - ANSWERSCovers real property and personal property against damage or loss resulting from covered causes of loss called perils casualty - ANSWERScovers non-property losses (3rd Party) Personal lines - ANSWERSInsurance for families and individuals Commercial Lines - ANSWERSInsurance for Business Risk - ANSWERSUncertainty of financial loss Pure Risk - ANSWERSChance of loss only (insurance only covers) Sp...

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4 pages

Written in 2023/2024

Grade A+

shantelleG

Property and Casualty Exam Louisiana Insurance Agent Test Review Questions and Answers 100% CorrectProperty and Casualty Exam Louisiana Insurance Agent Test Review Questions and Answers 100% CorrectProperty and Casualty Exam Louisiana Insurance Agent Test Review Questions and Answers 100% Correct All of the following situations would be covered under a professional liability policy - ANSWER-An accountant's error that inflated a bid and caused a client to lose a major account., Negligence of an...

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38 pages

Written in 2023/2024

Grade A+

NursingTutor1

Property and Casualty Exam Louisiana Insurance Agent Test Review questions with 100% correct answers latest update 2023

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38 pages

Written in 2023/2024

Grade A+

STUDYGUIDESET

All of the following situations would be covered under a professional liability policy - ANSWERSAn accountant's error that inflated a bid and caused a client to lose a major account., Negligence of an architect who designed an unsafe building., Failure of a doctor to render the quality of care that is customary in the medical field, .EXCEPT The failure of an attorney to properly defend a client due to his personal dislike of the client Under a professional liability policy - ANSWERSIntention...

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38 pages

Written in 2023/2024

Grade A+

JOAN100

LA Claims Adjuster Property and Causality Practice , Exam Prep, State Insurance Laws , Property and Casualty Insurance Basics, Louisiana Property and Casualty Insurance Law , Property and Casualty Insurance EXAM Correct Questions & Answers(SCORED A)

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21 items

papersmaster01

work, the insured comes back to find his $400 couch torn apart, his $100 coffee table chewed up, his $50 window curtain shredded, and a $200 window pane shattered where his dog jumped through. The insured has personal property coverage under a special form dwelling policy. How much of this loss will the policy cover? - ANSWERS$0 Damage that results from domestic animals - ANSWERSis excluded under the special form dwelling policy What is the basic limit for costs incurred at the place a veh...

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38 pages

Written in 2023/2024

Grade A+

Nursingiseverthing

All of the following situations would be covered under a professional liability policy - ANSWERSAn accountant's error that inflated a bid and caused a client to lose a major account., Negligence of an architect who designed an unsafe building., Failure of a doctor to render the quality of care that is customary in the medical field, .EXCEPT The failure of an attorney to properly defend a client due to his personal dislike of the client Under a professional liability policy - ANSWERSIntention...

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38 pages

Written in 2023/2024

Grade A+

papersmaster01

A single Declarations page common to all coverages A single conditions section common to all coverages - ANSWERSA commercial package policy always includes Send the insured a reservation of rights letter - ANSWERSIf the insured fails to report claim in a timely fashion, the adjuster will immediately ___ $1000 per person - ANSWERSThe basic limit for coverage F-medical payments of the standard homeowners form is normally $250 - ANSWERSThe CGL provides up to ___per day for loss of earning...

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18 pages

Written in 2023/2024

Grade A+

shantelleG

The one who receives the authority to act on behalf of someone else? - ANSWERSAgent what does a sale's agent receive authority for? - ANSWERSto sell An insurance agent receives authority to what? - ANSWERSSettle claims brought against the insurer How do agents receive their authority? - ANSWERSwritten contract What is the power to bind? - ANSWERSan agent's authority can bind: -what an agent says or does can bind insurer -agents should take the utmost care in what they say or d...

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16 pages

Written in 2023/2024

Grade A+

shantelleG

A ******* is a person required under this state's laws to be licensed to sell, solicit, or negotiate insurance. This includes all persons or business entities referred to as "insurance agent", "agent", "insurance broker", "broker", "insurance solicitor", "solicitor", or "surplus lines broker". - ANSWERSIndividual producer A person applying for a producer license must: - ANSWERS-atleast 18 years old -Reside, or maintain their place of business in LA -Not committed any act tha...

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5 pages

Written in 2023/2024

Grade A+

shantelleG

Specific insurance - ANSWERSThis type of insurance designates a particular item to be insured Blanket insurance - ANSWERSThis type of insurance covers more than one item of property at a single location or one more items of property at multiple locations. Speculative - ANSWERSpossibility of both gain and loss. Not insurable. Pure - ANSWERSonly the possibility of loss. Insurable. What are the 5 methods of managing or handling risk? - ANSWERSavoid, control, retain, and transfer risk. ...

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29 pages

Written in 2023/2024

Grade A+

shantelleG

Resident License - ANSWERSBefore issuing a claims adjuster license to an applicant under this section the commissioner of insurance must find that the applicant is eligiable -designate LA as his or her home state or is a non-resident eligible for a license resident -Has not committed any act that is ground for denial, suspension, or revocation -has paid required fees -Maintains an office in home state -Has written consent of commission or insurance pursuant to federal laws regulating cri...

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3 pages

Written in 2023/2024

Grade A+

shantelleG

Insurable Interest - 3 Elements - ANSWERS1.) Financial (a monetary interest) 2.) Blood (a relative) 3.) Business (a business partner) **Insurable interest must exist at the time of the loss. Named Insured - ANSWERSThe individual(s) whose name appears on the policy's declaration. First Name Insured - ANSWERSThe individual whose name appears first on the policy's declaration. Has control of the policy Only one who may cancel the policy or request changes to the policy Respons...

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7 pages

Written in 2023/2024

Grade A+

shantelleG

180 days - ANSWERSThe maximum term a temporary license may be issued for is 32 - ANSWERSContinuing Education hours for a producer holding both a L&H and a P&C is every odd numbered year - ANSWERSProperty & Casualty licenses must be renewed $25,000 - ANSWERSWhat is the maximum fine that may be imposed for a willful violation of a cease and desist order issued by the commissioner? April 30th of odd years - ANSWERSP&C producers license expires on Must reside or maintain a principal p...

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7 pages

Written in 2023/2024

Grade A+

shantelleG

Roy brought his house 10 years ago for 150,000 but it would cost 200,000 to rebuild it today. Because his house is in a highly desirable area, it's Fair Market Value $275,000. What amount should the agent recommend that Roy insure his house for to provide replacement cost for a total loss? A) 150,000 B) 160,000 C)275,000 D) the ACV of the house - ANSWERSB) 160,000 A participating company headquartered in a Guam authorized to do business in your state would be described as which company...

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11 pages

Written in 2023/2024

Grade A+

shantelleG

Authorized insurers may choose not to participate in the plan - ANSWERSAll of the following are true regarding the Louisiana Automobile Insurance Plan EXCEPT: short-rate - ANSWERSThe named insured may cancel a property insurance policy in this state at any time, in which case the insurer must refund any unearned premium due on a __________ basis: Standard fire policy - ANSWERSThe basis for all property insurance sold in this state is the Louisiana: Sole proprietors must be covered under...

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4 pages

Written in 2023/2024

Grade A+

shantelleG

Authorized insurers may choose not to participate in the plan - ANSWERSAll of the following are true regarding the Louisiana Automobile Insurance Plan EXCEPT: short-rate - ANSWERSThe named insured may cancel a property insurance policy in this state at any time, in which case the insurer must refund any unearned premium due on a __________ basis: Standard fire policy - ANSWERSThe basis for all property insurance sold in this state is the Louisiana: Sole proprietors must be covered under...

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4 pages

Written in 2023/2024

Grade A+

shantelleG

What is a hazard? - ANSWERSAn increase in the possibility that a loss might occur the purpose of insurance is to? - ANSWERSTransfer risk from a person, business, or organization to an insurance company that agrees to pay for losses in exchange for a premium. mutual company - ANSWERStype of insurance company in which the policyholder is considered an owner, with the right to vote and share in the profits. $50 - ANSWERSthe renewal fee for a Louisiana producer license. b McCarran-Fergus...

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4 pages

Written in 2023/2024

Grade A+

shantelleG

All of the following situations would be covered under a professional liability policy - ANSWERSAn accountant's error that inflated a bid and caused a client to lose a major account., Negligence of an architect who designed an unsafe building., Failure of a doctor to render the quality of care that is customary in the medical field, .EXCEPT The failure of an attorney to properly defend a client due to his personal dislike of the client Under a professional liability policy - ANSWERSIntention...

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38 pages

Written in 2023/2024

Grade A+

shantelleG

Which one of the following statements about insurance contracts is true? - ANSWERSThey are personal contracts because they insure people, not property. Insurance policies are considered to be unilateral - ANSWERSbecause only the insurance company is legally bound to perform its part of the agreement. While both the insured and the insurer must give consideration, it need not be equal. The policy provisions are prepared by the insurer, with little or no input from the insured Which part of ...

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11 pages

Written in 2023/2024

Grade A+

shantelleG