Study guides, Class notes & Summaries

Louisiana POST Study Guide QUIZ 2023

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Louisiana Final Exam Practice Does a licensee owe any duty to a customer? - Yes, to be fair and honest In Louisiana, sub agency is: - Allowed only by a contractual agreement An inactive licensee with their license on file with the LREC: - may not practice Rights and obligations that apply to movables are called: - Incorporeal movables An olographic will is one that is: - Handwritten and signed by the testator No associate broker or salesperson license may be renewed until: - Th...

The one who receives the authority to act on behalf of someone else? - Answer-Agent what does a sale's agent receive authority for? - Answer-to sell An insurance agent receives authority to what? - Answer-Settle claims brought against the insurer How do agents receive their authority? - Answer-written contract What is the power to bind? - Answer-an 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...

Insurance - Answer- A contract in which one party agrees to indemnify the insured party against loss. Indemnify - Answer- Make whole Pure risk - Answer- Situation that can only result in a loss or no change. Speculative risk - Answer- Involves opportunity for loss or gain, for example gambling. Not insurance risks - Answer- Speculative risks Exposure - Answer- Unit of measure used to determine rates charged for insurance coverage. Homogeneous - Answer- A large number of units h...

Insurance - Answer-the transfer of Pure risk to the insurance company in consideration for a premium must be pure risk and calculable. Pure Risk - Answer-the chance of loss without any chance of gain; insurable Speculative Risk - Answer-possibility for gain or loss; not insurable Risk - Answer-Chance of loss Exposure - Answer-a condition that could result in loss hazard - Answer-something that increases the chance of loss eg. presence of physical hazard increases the chance ...

Agent or Producer - Answer- a legal representative of an insurance company Producer - Answer- usually includes agents and brokers Agent - Answer- represents an insurer Broker - Answer- insurance producer not appointed by an insurer and is deemed to represent the client True - Answer- T/F the insured may or may not be the policyowner Principal/Insurer - Answer- The company who issues an insurance policy Reciprocity/Reciprocal - Answer- a mutual interchange of rights and privileg...

All of the following are correct about the required provisions of a health insurance policy EXCEPT A. The entire contract clause means the signed application, policy, endorsements, and attachments constitute the entire contract. B. A reinstated policy provides immediate coverage for an illness. C. Policies become incontestable after being in force for 3 years. D. A grace period of 31 days is found in an annual pay policy. - Answer-B. A reinstated policy provides immediate coverage fo...

Requirements - Answer-1. No person shall act or hold himself out to be an insurance producer unless licensed by the department of insurance 2. no insurance producer shall sell, solicit, make and application for etc. any policies for any lines of insurance as to which he is not then qualified and duly licensed in this state types of licenses (22:1547, 1962(f) - Answer-the state of Louisiana requires licenses for all insurance producers, agents, brokers, sellers. producers may be license...

in Louisiana, the insurance commissioner is elected for a term of - Answer-4 years Every insurer doing business in Louisiana must be examined at least once every - Answer-5 years An applicant for a resident insurance producer license in Louisiana must be at least - Answer-18 years old A resident producer who moves from Louisiana to another state must file a change of address and provide certification from the new resident state within how many days of the change of legal resident? - Ans...