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Louisiana Property and Casualty Practice Exam. | Questions with 100% Correct Verified Answers
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Louisiana Property and Casualty Practice Exam. | Questions with 100% Correct Verified Answers
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Louisiana Property and Casualty Practice Exam. |Questions with 100% Correct Verified Answers
when a claim is reported and filed - ✔✔in which of the following instances would coverage
be triggered under a claims made form...
Risk of loss is a speculative risk - ✔✔Which one of the following is NOT an element of
insurability?
a. Loss must be calculable
b. Risk of loss must represent a financial harship
c. Cost of insurance must be affordable
d. Risk of loss is a speculative risk
declarations - ✔✔What part of an insurance policy personalizes the policy as to who and
what are insured?
outdoor curbside signs - ✔✔each of the following is covered under a commercial property
policy EXCEPT...
bailee policy - ✔✔the owner of a Laundromat who dry-cleans clothing belonging to others
would purchase which of the following...
$75000 - ✔✔jaime has an automobile policy with limits of $50000 per person and $100000
per occurrence. An accident occurs and two people are injured, one with $25000 in injuries and
the other with $75000 in injuries. If Jaime is found responsible, what is the maximum amount
his policy will pay for the injuries?
either by repairing or replacing the damaged part or by paying the difference between the
actual cash value before and after the loss - ✔✔the pair and set clause found in property
, insurance policies states that in the event of a loss to only part of a pair or set, losses will be
settled...
Completed Operations Liability - ✔✔an auto repairman forgets to replace the oil drain plug
in a customer's engine that results in a loss of oil during the next several days. the loss of oil
causes the engine o seize. Which of the following coverages would protect the repairman in this
situation?
declaration page - ✔✔a portion of an insurance contract that informs who and what is
covered, in addition to when coverage is effective, is known as the...
costs the insured incurs in hiring their own attorney - ✔✔all of the following are
supplemental payments found in liability policies except...
conditions - ✔✔a list of the insured's duties following a loss can be found in which of the
following policy sections...
robbery - ✔✔the dishonest taking of property while placing another person in fear of
physical violence best describes...
property damage liability - ✔✔if a driver loses control of his auto and damages the fence of a
neighbor, the damages will be paid for by the drivers...
occurrence policy - ✔✔tony has a liability policy that covers his business. Sometime during
the policy period a loss occurs, but tony does not become aware of the loss until several years
after his policy expires. Which of the following types of policies would cover the loss?
What is a hazard? - ✔✔An increase in the possibility that a loss might occur
the purpose of insurance is to? - ✔✔Transfer risk from a person, business, or organization to
an insurance company that agrees to pay for losses in exchange for a premium.
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