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Louisiana P&C Insurance Exam questions with complete solutions 2023
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Louisiana P&C Insurance Exam questions with complete solutions 2023
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Louisiana P&C Insurance Examquestions with complete solutions 2023
Commissioner's term of office - Answer-4 years
Commissioners will examine each insurer - Answer-5 years
Time to conduct a hearing - Answer-30 days
Age to apply for producer's license - Answer-18 years old
Producer license valid for how long - Answer-2 years
How long to file notice of appointment with Commissioner - Answer-15 days
How long for commissioner to determine whether producer is suitable for appointment -
Answer-30 days
How long for Commissioner to inform insurer that producer is ineligible for appointment -
Answer-15 days
How long to notify Commissioner of termination of appointment - Answer-30 days
Temporary license period - Answer-180 days
CE required for insurance producers every 2 years - Answer-24 hours
CE that must be about ethics - Answer-3 hours
Maximum amount of business that can be attributed to controlled business - Answer-
25%
Time to report change of home or business address - Answer-10 days
Time to report administrative action or conviction - Answer-30 days
Fine for using an unapproved name - Answer-$250
Fine for repeated violations of the approved name regulation - Answer-$5,000
Fine for unintentional violations of Insurance Code - Answer-$1,000
Aggregate fine for unintentional violations of Insurance Code - Answer-$100,000
, Fine per violation for willful violations of Insurance Code - Answer-$25,000
Maximum fine for all willful violations of Insurance Code within a 6-month period -
Answer-$250,000
HO policy Coverage A percentage - Answer-100%
HO policy Coverage B percentage - Answer-10% of coverage A
HO policy Coverage C percentage - Answer-50% of coverage A
HO policy Coverage D percentage - Answer-20% of coverage A
HO policy Coverage for contents away from premises - Answer-10% of coverage C
Pro-rate (pro-rata) cancellation - Answer-When insurer cancels. 100% refund of
unearned premium.
Short Rate cancellation - Answer-When insured cancels. Refund of most of unearned
premium, less fee.
CRIME:
These 5 are NOT classified as employees - Answer-Agents, brokers, factors,
commission merchants, independent contractor
Section I of Homeowners is what type of coverage - Answer-Property
Section II of Homeowners is what type of coverage - Answer-Liability
What is the major difference between HO and DP policies - Answer-Homeowners
includes liability and theft
What is the HO coverage C limit for trailers - Answer-$1,500
What is the HO coverage C limit for theft of jewelry, furs, (semi)precious stones -
Answer-$1,500
What is the HO coverage C limit for theft of firearms - Answer-$2,500
What is the HO coverage C limit for theft of silver(plated)ware and gold (plated) ware -
Answer-$2,500
Utility Services - Time Element - Answer-Coverage for lost income due to interruption of
communication, power, and water services caused by damage from a covered cause
(such as a fire or windstorm) to property away from your insured premises.
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