Louisiana Study guides, Class notes & Summaries

Resident License - Answer- Before 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 cr...

The owner of a small business applies for a fire insurance policy with limits equal to 100% of the property's value. The owner has huge unsold inventories and a large personal gambling debt. From an underwriting standpoint, this might indicate - Answer-A moral hazard Which of the following best describes an insurance company that has been formed under the laws of this state? - Answer-Domestic Which are the following are the authorities that an agent can hold? - Answer-Expressed and Implie...

1. In dwelling policies, automatic increase in insurance is (Choose from the following options) 1. Coverage for newly acquired property. 2. Coverage by endorsement. 3. Automatic coverage. 4. Coverage without additional premium. - Answer-2. Coverage by endorsement. 2. Personal business property out in the open is covered under Commercial Property Policy only while (Choose from the following options) 1. Within 150 feet of the described premises. 2. Within 100 feet of the des...

Which policy consists of the Declarations and Conditions, Endorsements, and other attachments applicable to a single line of insurance? (a) Commercial Package (b) Monoline (c) Insurance (d) Casualty - Answer- (b) Monoline A Monoline Policy contains only one coverage part page 72 A Commercial Package Policy (CPP) allows the insured to select the coverage needed and customize the policy to meet the needs of the insured's business. In a CPP, the business owner may select from al...

Financial (monetary interest) Blood (a relative) Business (a business partner) - Answer- 3 elements of insurable risk at the time of the loss - Answer- In property and casualty insurance, insurable interest must exist __ ___ ____ __ ___ ____ insured - Answer- anyone who is covered under the policy, whether named or not named insured - Answer- the individual whose name appears on the policy's declaration first named insured - Answer- the individual whose name appears first on the p...

Individual Producer - Answer-an individual producer is a person licensed to quote insurance policies, market and sell insurance products and consult other with regard to insurance. 18 years or older reside in or work from an office located tin Louisiana Completer re licensing education paid their fee and submitted application pass exam 70% or more Term and Renewal - Answer-to maintain your license every licensee must complete a certain number of hours in CE maintain conduct ans send rene...

What types of vehicles are covered under a personal auto policy? - Answer-The following vehicles are covered under a personal auto policy : any vehicle listed on the declaration page; newly acquired vehicles for 30 days; trailers owned by the insured; and temporary substitute vehicles. Define a newly acquired auto. - Answer-Any vehicle acquired by the insured during the policy period. Give an example of a non owned auto. - Answer-A nonowned auto is any private passenger auto , pickup, van,...

A business entity acting as a claims adjuster is required to obtain a claims adjuster license. Application shall be made using what application? - Answer-Uniform business entity application These required steps below represent what type of adjustor's license application? * *An adjuster seeking what type of License** (1) Is eligible to designate this state as his home state or is a nonresident who is not eligible for a license (2) Has not committed any act that is a ground for ...

The insurer's duty to defend the insured, as provided by Section II of a Homeowners policy, ends: A) When the insured admits they were negligent B) When the damages awarded against the insured exhaust the personal liability limit C) If the insured becomes bankrupt or insolvent D) If the claim is groundless - Answer-When the damages awarded against the insured exhaust the personal liability limit Reasoning: Once the Coverage E limit is exhausted by the payment of damages for bodily inju...

Depreciation - Answer-reduction in value, particularly due to wear and tear Earned premium - Answer-the portion of premium paid in advance that now belongs to the insurer because it applies to the elapsed part of the policy Exposure units - Answer-used as a measure of the rating units or the premium base of a risk (exposure units multiplied by the rate results in the premium) Homogeneity - Answer-the degree to which items are similar Implied warranty - Answer-a legal term meaning tha...