Louisiana Study guides, Class notes & Summaries

To assure the public that only competent trustworthy individuals and other entities sell insurance and to protect and promote the public interest. - Answer-Licensing/Purose A contract under which one party undertakes to pay another against a loss of a specified contingency or peril. - Answer-Insurance What is another word for insurance company? - Answer-Insurer What is another word for a client? - Answer-Insured Who is the producer? - Answer-you are Any individual who is required ...

Accelerated Benefits - Answer-riders attached to life insurance policies which allow death benefits to be used to cover nursing and convalescent home expenses. Accident - Answer-an unplanned, unforeseen event which occurs suddenly and at an unspecified place. Accident Insurance - Answer-A type of insurance that protects the insured against loss due to accidental bodily injury. Accidental Bodily Injury - Answer-unplanned, unforeseen traumatic injury to the body. Accidental Death and D...

Individual Producer - Answer- someone who is required to be licensed under Louisiana law to solicit, sell, negotiate, bind, procure, or renew insurance Business Entity - Answer- someone who is required to be licensed under Louisiana law to solicit, sell, negotiate, bind, procure, or renew Insurance. Includes a corporation, association, partnership, limited liability company, limited liability partnership, or other legal entity Resident Producer - Answer- someone who works or lives in Louis...

CONTRACTS - Aleatory Contract - Answer-A contract in which the performance of either party's obligation depends on an uncertain event INSURANCE - Benchmark Rate(s) - Answer-The rate set annually by the Commissioner of Insurance by line, relative to which the flexibility bands and statutory rate limitations apply. INSURANCE - Churning - Answer-Can occur when an agent persuades a consumer to borrow against an existing life insurance policy to pay the premium on a new one. INSURANCE - Div...

Lender Interest Provisions - Answer-Protects lender interest by allowing the lender certain rights in the policy. Coinsurance Penalty - Answer-A property insurance provision that penalizes the insured's loss recovery if the limit of insurance purchased by the insured is not equal to or greater than a specified percentage (commonly 80 percent) of the value of the insured property. Underinsured - Answer-A situation resulting from a failure to carry enough coverage on the value of a property...

diminished value - Answer-a concept that states an automobile's market value has decreased, even though it's been repaired after an accident; occurs because of the theory that repairs can't be made to put the vehicle into its exact pre-loss condition market value - Answer-a concept, which takes into account, what the property would sell for on the open marketplace; utilized frequently when selling property such as homes and auto agreed value - Answer-the difference is that the agreed va...

Objectives: ◦ List requirements of obtaining and maintaining a Louisiana Insurance License ◦ Recognize Louisiana laws governing the business of insurance ◦ Name important Federal laws that apply to insurance producers and insurers ◦ Recognize statutory time limits and dollar amounts from Louisiana Insurance Code This topic is 24% of the 150 questions on the P&C Exam - Answer-Key Terms: Producer Certificate of Authority Controlled Business Cease & Desist Rebates Inv...

Which type of coverage limits apply to an insured's property at any location? - Answer-Blanket An unforeseen loss that occurs at a specific time and place is - Answer-an accident In general practice, can the Commissioner of Insurance inspect the business records of a company or agency for any valid reason? - Answer-Yes, because of the powers defined by state laws Mutual companies are owned by which of the following? - Answer-Policy owners Any of the following may be an unfair claims...

licensing - Answer-pre-licensing requirements: -be at least 18 years of age -reside in or work mainly from an office located in Louisiana -complete pre-licensing education required to prepare for state required exam -paid their fees and submitted application -successfully pass exam with a 70% or higher The department can conduct background checks on all applying to sell insurance in the state and may deny licenses or certificates of authority for felony convictions. types of licens...

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