100% satisfaction guarantee Immediately available after payment Both online and in PDF No strings attached
logo-home
Previously searched by you
Previously searched by you
logo
Louisiana P&C Insurance Exam Review set one Questions with Complete Solutions| Verified Answers| 2024-25 $12.99
Add to cart
Quickly navigate to
Preview
  2.  
  3. Louisiana Property & Casualty
  4.  
  5. Louisiana Property & Casualty

Exam (elaborations)

Louisiana P&C Insurance Exam Review set one Questions with Complete Solutions| Verified Answers| 2024-25
 0 purchase
  • Course
  • Louisiana Property & Casualty
  • Institution
  • Louisiana Property & Casualty

Louisiana P&C Insurance Exam Review set one Questions with Complete Solutions| Verified Answers| 2024-25

Preview 2 out of 15  pages

Document information

  • November 22, 2024
  • 15
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

Subjects

  • louisiana pc insurance exam review set one questi

Written for

  • Louisiana Property & Casualty
  • Louisiana Property & Casualty

Seller

avatar-seller
Examsplug

Reviews received

Content preview

Louisiana P&C Insurance Exam Review set one
Questions with Complete Solutions| Verified
Answers| 2024-25

It is illegal for an agent to pay, allow, give, offer, or promise to a prospective insurance buyer
any return of premiums, any special favor or advantage, or anything of value not specified in
the insurance contract, as an inducement to buy insurance. This practice is known as -
✔✔rebating.



Rebates - ✔✔are prohibited. It is illegal to allow, offer, give or promise any rebate of
premium, any special favor or advantage, or anything of value not specified in the insurance
contract.


An insurance company incorporated under the laws of a state in which it is operating is
classified by that state as - ✔✔a domestic insurer.



The term 'domestic insurer' - ✔✔is used by a state to refer to an insurer formed under the
laws of that particular state.


Within your own state of residence, an insurance company formed under the laws of a
European country would be classified - ✔✔an alien insurer



An 'alien insurer' typically means - ✔✔one formed under the laws of a nation other than the
United States of America.



An insurer's 'loss ratio' is determined by - ✔✔dividing its underwriting losses by total
premiums.



A 'loss ratio' - ✔✔is determined by dividing losses by total premiums received.

, Misrepresenting an insurance policy, or making incomplete comparisons of policies, for the
purpose of inducing someone to change or replace an existing insurance policy is an illegal
practice known as - ✔✔twisting.


It is unlawful for a person to misrepresent a policy, or to make incomplete comparisons, for the
purpose of inducing a policyholder to change or replace existing insurance. - ✔✔This
practice is known as twisting.


Which type of licensee represents insureds or prospective insureds and does not represent an
insurance company? - ✔✔An insurance broker.



A broker - ✔✔works as an independent contractor and solicits, negotiates, or procures
insurance on behalf of insureds or prospective insureds, and not on behalf of an insurer or an
agent.



An agent who represents more than one insurance company is a/an - ✔✔independent
agent.



In the independent agency system - ✔✔agencies that are independent contractors contract
with several different companies to represent and sell insurance for those companies.



The insurance business is regulated primarily by - ✔✔state laws.



Insurance is regulated - ✔✔at the state level. In addition to state insurance laws, each state
enacts insurance rules and regulations to help carry out the intent of the insurance code.


An insurance company that obtains capital from investors who own the company and share the
company's profits and losses is - ✔✔a stock company.

The benefits of buying summaries with Stuvia:

Guaranteed quality through customer reviews

Guaranteed quality through customer reviews

Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.

Quick and easy check-out

Quick and easy check-out

You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.

Focus on what matters

Focus on what matters

Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!

Frequently asked questions

What do I get when I buy this document?

You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.

Satisfaction guarantee: how does it work?

Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.

Who am I buying these notes from?

Stuvia is a marketplace, so you are not buying this document from us, but from seller Examsplug. Stuvia facilitates payment to the seller.

Will I be stuck with a subscription?

No, you only buy these notes for $12.99. You're not tied to anything after your purchase.

Can Stuvia be trusted?

4.6 stars on Google & Trustpilot (+1000 reviews)

69052 documents were sold in the last 30 days

Founded in 2010, the go-to place to buy study notes for 15 years now

Start selling
$12.99
  • (0)
Add to cart
Added