Louisiana Property & Casualty Insurance Course Exam with Complete Solutions
6 views 0 purchase
Course
Louisiana Property & Casualty Insurance
Institution
Louisiana Property & Casualty Insurance
Louisiana Property & Casualty Insurance Course Exam with Complete Solutions Louisiana Property & Casualty Insurance Course Exam with Complete Solutions Louisiana Property & Casualty Insurance Course Exam with Complete Solutions
Which One Of The Following Is NOT A Possible Defense Against Negligen...
Louisiana Property & Casualty Insurance Course Exam with Complete Solutions Which One Of The Following Is NOT A Possible Defense Against Negligence?
A. Statue Of Limitations B. Doctrine Of Reasonable Expectation C. Intervening Cause
D. Comparative Negligence - ANSWER-Doctrine Of Reasonable Expectation
What Is A Hazard? - ANSWER-An Increase In The Possibility That A Loss Might Occur.
The Purpose Of Insurance Is To____________ - ANSWER-Transfer Risk From A Person, Business Or Organization To An Insurance Company.
The Type Of Insurance Company In Which The Policyholder Is Considered An Owner, With The Right To Vote And Share Profits, Is A________ - ANSWER-Mutual Company
The Renewal Fee For A Louisiana Producer License Is________ - ANSWER-$50
The Federal Law That Says The Federal Government Can Only Regulate Insurance Companies To The Extent They Are Not Regulated By The State Law Is________ - ANSWER-McCarran-Ferguson Act
An Insurance Policy Is Prepared By The Insurance Company, With Little Or No Input From The Insured. This Means That An Insurance Policy Is A/An________ - ANSWER-
Adhesion Contract
An Individual Who Owns And Lives In A Condominium Can Obtain Broad Coverage For
Personal Property In The Condo Under Which Homeowners Form? - ANSWER-HO-6
What Rating Method Involves Modifying The Premium Based On The Insured's Loss Experience Over A Specific Period Of Time? - ANSWER-Experience Rating
Which One Of The Following Types Of Benefits Is Generally Not Provided By A State's Workers Compensation Law? - ANSWER-Pain & Suffering Which Of The Following Describes An Insurance Company Doing Business In A State Other Than The One Where It Is Incorporated? - ANSWER-Foreign
What Type Of Insurance Policy Insures Against All Risk Of Loss That Are Not Specifically Excluded By The Policy? - ANSWER-Open Peril Policy
Which Of The Following Describes Actual Cash Value? - ANSWER-Replacement Cost-
Depreciation
An Insured Purchased New Furniture For $6,000. At The Time Of A Fire Loss, It Had Depreciated $2,000. The Same Furniture Will Cost $7,000 To Replace. What Is The Actual Cash Value Of The Destroyed Furniture?
A. $4,000
B. $8,000
C. $6,000
D. $5,000 - ANSWER-$5,000
The Primary Purpose Of The Business Income Coverage Forms Is To Reimburse The Insured For __________. - ANSWER-Loss Of Income Resulting From Property Damage At The Insured's Property
The Homeowners Form That Provides Open Peril Coverage On The Dwelling And Broad Coverage On Personal Property Is The_______
A. HO-3
B. HO-4
C HO-2
D. HO-6 - ANSWER-HO-3
Which Of The Following Losses To Covered Equipment Would Be Covered Under The Equipment Breakdown Protection Coverage Form? - ANSWER-Damage From An Explosion Caused By The Centrifugal Force Of Moving Parts
According To The Cancellation Condition In The Common Policy Conditions Form, If The Insurance Company Is Cancelling A Commercial Package Policy For Nonpayment Of Premium, The Insured Must Be Given At Least How Many Days Notice Of Cancellation? A. 30
B. 60
C. 14
D. 10 - ANSWER-10
Which Of The Following Coverages IS Included In The Homeowners Policy But Is NOT Included In An Unendorsed Dwelling Policy? - ANSWER-Liability Open Peril Coverage For Both The Dwelling And Personal Property Is Provided By The _________ A. HO-2
B. HO-3
C. HO-5
D. HO-4 - ANSWER-HO-5
The Insureds Home Is Covered By A DP-3. Two Years Ago, The Insured Bought The Home For $58,000. Today, Its Replacement Value Is $60,000. How Much Coverage A Does The Insured Need To Qualify For Replacement Cost Coverage?
A. $60,000
B. $46,000
C. $58,000
D. $48,000 - ANSWER-$48,000
If An HO-3 Policy Has A Coverage Limit Of $100,000 On The Dwelling, How Much Coverage Would Automatically Apply To Cover The Insureds Personal Property Under Coverage C?
A. $20,000
B. $25,000
C. $50,000
D. $100,000 - ANSWER-$50,000
Which Of The Following Insurance Principles Permits A Policy Holder To Be Reimbursed For Losses Experienced? - ANSWER-Indemnification
Uncertainty Concerning Financial Loss Best Describes The Concept Of ________ - ANSWER-Risk
Collision Insurance Covers Which Of The Following?
A. All Damage To An Auto Struck By The Insured, If The Insured Is Legally Liable B. Upset Of The Auto Without A Deductible Applying C. Direct Loss To The Auto Caused By Collision With Another Object D. Collision Of The Covered Vehicle With A Large Animal - ANSWER-Direct Loss To The Auto Caused By Collision With Another Object
All Of The Following perils Are Covered By A Basic Property Insurance Policy EXCEPT - ANSWER-Falling Objects
The benefits of buying summaries with Stuvia:
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
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
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 Crystall. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $11.99. You're not tied to anything after your purchase.
