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LOUISIANA P&C ADJUSTER EXAM PREP LATEST 2024 QUESTIONS WITH COMPLETE SOLUTIONS
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LOUISIANA P&C ADJUSTER EXAM PREP LATEST 2024 QUESTIONS WITH COMPLETE SOLUTIONS The one who receives the authority to act on behalf of someone else? Agent what does a sale's agent receive authority for? to sell An insurance agent receives authority to what? Settle claims brought against the ...

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  • April 29, 2024
  • 28
  • 2023/2024
  • Exam (elaborations)
  • Questions & answers

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  • louisiana pc adjuster exam prep latest 2024 ques

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  • LOUISIANA P&C ADJUSTER
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LOUISIANA P&C ADJUSTER EXAM PREP LATEST 2024

QUESTIONS WITH COMPLETE SOLUTIONS


The one who receives the authority to act on behalf of someone else?

Agent

what does a sale's agent receive authority for?

to sell

An insurance agent receives authority to what?

Settle claims brought against the insurer

How do agents receive their authority?

written contract

What is the power to bind?

an agent's authority can bind:



-what an agent says or does can bind insurer

-agents should take the utmost care in what they say or do

-even if insure makes mistakes, the insurer may have to accept them

What are the three major responsibilities of contracted agents?

1.adhere to or follow contract

2. use reasonable judgement and care at all times

3. provide all necessary info and documentation to the insurer

,What are the three types of authority granted in agency relationship?

expressed, implied, apparent

What is expressed authority?

authority that is directly granted to the agent in writing via the agent's contract (usually

to sell policies, collect premiums, issue binders, offer discounts, cancel insurance)

What is implied authority?

authority that the public reasonably believes the agent to have, based on the agent's

representations

What does representation include?

-portraying oneself as a representative

-wearing a name tag w/ company logo

-handing out company business cards

-words to perform agent's duties

What is apparent authority?

indirect authority that is granted when the insurer does not correct agent, even though

agent may be acting in error

-by not correcting agent, insurer implies consent

-granted when insurer does not act

What are the four types of sales agents?

-independent insurance sales agent

-exclusive agent

-general agent

-direct writer

, What is an independent agent?

-self employed

-offers insurance from more than one company at the same

-they can compare and give quotes from different companies

-find a policy that best suits the customer

What is an exclusive agent?

-also called captive agent

-commissioned

-represents only one insurer and only their policies

What is a general agent?

-works for only one insurance company

-supervises other exclusive agents

-trains other agents

What is a direct writer agent?

-salaried employees

-works for one company

What are the sale agent duties?

-sell insurance policies

-service policyholders contracts

-collect premiums

-represent the insurer

What are the two claim function purpose?

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