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Property and Casualty Exam- Louisiana 2023/2024 already graded A+
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Property and Casualty Exam- Louisiana 2023/2024 already graded A+
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Property and Casualty Exam- LouisianaShould 2 or more insurers issue a combined Standard Fire Policy insuring a single risk, in the
event of a loss, the insured must notify - ANSAny of the insurers providing coverage.
The policy conditions define - ANSHow parties to the contract must act following a loss.
Because an insurance policy is a legal contract, it must conform to the state laws governing
contracts which require all of the following elements EXCEPT - ANSConditions.
The value placed on property insured under a fire insurance policy is used to determine the
policy's - ANSPremium.
Shipbuilders and repairers are covered by the - ANSU.S. Longshore and Harbor Workers
Compensation Act.
Which of the following terms refers to a person's ability to do some work or the need to do
alternative work? - ANSTemporary partial disability
Insurer examinations must occur no less frequently than every - ANS5 years.
If a commercial policy, in effect for less than 60 days, is to be canceled for nonpayment of
premium, how much prior notice must the insurer give to the first named insured? - ANS10 days
The Residential Condominium Building Association Policy (RCBAP) is used for residential
condominium building associations to cover the entire building under one policy. Which of the
following statements about RCBAP is true? - ANSIt does not protect the individual owner from
loss to personal property owned exclusively by the unit owner.
What is surplus lines insurance? - ANSInsurance placed with an unauthorized insurer
How long is a waiting period upon purchase of flood coverage through NFIP? - ANS30 days
Funding for the operation and administration of the Louisiana Insurance Guaranty Association
comes from - ANSAnnual assessments paid by member insurers.
Uninsured Motorist property damage coverage is subject to a deductible of - ANS$250.
Rates that are established based on the similarities of the risk with other risks are known as -
ANSManual rates.
,The personal injury liability endorsement to an HO policy applies to all the following EXCEPT -
ANSA third party breaks a leg when the insured knocks him down.
The process an insurer uses to evaluate applications and determine if a policy should be issued
and on what terms, conditions, and rates is known as - ANSUnderwriting.
Terrorism Risk Insurance Program Reauthorization Act of 2015 has extended the TRIA to the
year - ANS2020
According to the Fair Credit Reporting Act, all of the following would be considered negative
information about a consumer EXCEPT - ANSDisputes regarding consumer report information
Replacement cost coverage is provided in both the broad and special form dwelling policies
when - ANSAt least 80% of the replacement cost
The business income coverage form covers consequential loss of business income that occurs
when a business must suspend operations because of a direct loss. Which of the following
terms best describes the nature of this type of coverage? - ANSTime element
Under which type of coverage does the insurer agree to pay for bodily injury or property damage
liability which the insured has agreed to assume under a written contractual agreement? -
ANSContractural liability policy
Which commercial crime form would provide coverage for a loss that did not necessarily happen
during the policy period but was revealed during the policy period? - ANSDiscovery form
Under the Fair Credit Reporting Act, if the consumer challenges the accuracy of the information
contained in his or her report, the reporting agency must - ANSRespond to the consumer's
complaint.
Workers compensation benefits are provided for an employee injury or death that arises out of
the course of normal employment in all of the following situations EXCEPT - ANSOn his evening
stroll, an employee of an advertising company is injured while watching a competitor's billboard
sign being removed from an advertising site.
An insured pays a $100 premium every month for his insurance coverage, yet the insurer
promises to pay $10,000 for a covered loss. What characteristic of an insurance contract does
this describe? - ANSAleatory
An uninsured motor vehicle includes all of the following EXCEPT - ANSThe vehicle has no
liability bond or insurance in force.
Which of the following are the authorities that an agent can hold? - ANSExpress and implied
, All of the following are supplemental payments found in liability policies EXCEPT - ANSCosts
the insured incurred in hiring an attorney.
In a dwelling policy, which of the following provides coverage for additional living expenses
incurred by an owner-occupant in the event a covered peril makes the premises uninhabitable
due to a covered loss? - ANSCoverage E
A producer who fails to segregate premium monies from his own personal funds is guilty of -
ANSCommingling
What is the name for the type of property damage coverage that protects the insured or the
covered auto in an accident with someone who does not have coverage? - ANSUninsured
motorist
If a farm building or structure is vacant or unoccupied, which is true? - ANSIf for 120
consecutive days, the limits applicable to the building and its contents are reduced by 50%.
Workers compensation laws provide all of the following types of benefits EXCEPT -
ANSCompensatory benefits.
Which of the following liability exposures is most likely for a small specialty clothing retail
boutique? - ANSPremises liability exposure
When are the limits for uninsured motorist coverage set? - ANSWhen the coverage is
purchased
Which of the following is a statement that is guaranteed to be true, and if untrue, may breach an
insurance contract? - ANSWarranty
Residential structures, including individual condominium units, and their contents are insured by
what part of the National Flood Insurance Program? - ANSDwelling policy form
Under the business auto coverage form, mobile equipment is covered for liability insurance -
ANSWhen being carried or towed by a covered auto.
Which professional liability form provides form coverage for liability arising out of malpractice,
error, or mistakes made in rendering professional services? - ANSPhysicians, surgeons and
dentists malpractice
Which of the following would NOT be covered by medical payments to others in Section II of
your HO policy? - ANSYou are walking your neighbor's dog and it bites someone.
The requirement that agents not commingle insurance monies with their own funds is known as
- ANSFiduciary responsibility.
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