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Louisiana Insurance Exam questions with correct answers latest update 2023
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Louisiana Insurance Exam questions with correct answers latest update 2023
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Louisiana Insurance Exam questionswith correct answers latest update 2023
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 Dismemberment (AD&D) - Answer-an insurance policy which
pays a specified amount or a specified multiple of the insured's benefit if the insured
dies, loses his/her sight, or loses two limbs due to an accident.
Accidental Death Benefits - Answer-a policy rider that states that the cause of death will
be analyzed to determine if it complies with the policy description of accidental death.
Accidental Death Insurance - Answer-an insurance policy that provides payment if the
insured's death is the result of an accident.
Accumulation Period - Answer-the time over which the annuitant makes payments or
investments in an annuity, and when those payments earn interest tax deferred.
Activities of Daily Living (ADL's) - Answer-activities individuals must do every day such
as moving about, getting dressed, eating, bathing, etc.
Actual Cash Value (ACV) - Answer-the required amount to pay damages or for property
loss, which is calculated based on the property's current replacement value minus
depreciation.
Actual Charge - Answer-the amount a physician or supplier actually bills for a particular
service or supply.
Actuary - Answer-a person trained in the technical aspects of insurance and related
fields, particularly in the mathematics of insurance; a person who, on behalf of the
company, determines the mathematical probability of loss.
Adhesion - Answer-a contract offered on a "take-it-or-leave-it" basis by an insurer, in
which the insured's only option is to accept or reject the contract. any ambiguities in the
contract will be settled in favor of the insured.
, Adjustable Life - Answer-life insurance which permits changes in the face amount,
premium amount, period of protection, and the duration of the premium payment period.
Adjuster - Answer-a representative of an insurance company who investigates and acts
on the behalf of the company to obtain agreements for the amount of the insurance
claim
Administrator - Answer-an individual appointed by a court as a fiduciary to settle the
financial affairs and estate of a deceased person.
Admitted (authorized) Insurer - Answer-an insurance company authorized and licensed
to transact business in a particular state.
Adult Day Care - Answer-a program for impaired adults that attempts to meet their
health, social, and functional needs in a setting away from their homes.
Adverse Selection - Answer-the tendency of risks with higher probability of loss to
purchase and maintain insurance more often than the risks who present lower
probability.
Agency - Answer-an insurance sales office or company
Agent - Answer-an individual who is licensed to sell, negotiate, or effect insurance
contracts of behalf of the insurer.
Agent's Authority - Answer-special powers granted to an agent by his or her agency
contract.
Aleatory - Answer-A contract in which participating parties exchange unequal amounts.
Insurance
contracts are aleatory in that the amount the insured will pay in premiums is unequal to
the amount the insurer will pay in the event of loss.
Alien Insurer - Answer-an insurance company that is incorporated outside the U.S.
Ancillary - Answer-additional, miscellaneous services provided by a hospital, such as x-
rays, anesthesia, and lab work, but not hospital room and board expenses.
Annual Statement - Answer-a detailed financial report that an insurance company must
submit every year to the insurance department of state(s) in which it conducts business
Annuity - Answer-a contract that provides income for a specified period of years, or for
life.
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