Individual Producer - ANSWER18 yrs, reside in La,passed exam
Business Entity - ANSWERCorporation or Partnership. Must have license to transact insurance within the business
Temporary License - ANSWERgood for up to 180 days
License Renewal - ANSWEREvery two years on the last day of you birt...
Business Entity - ANSWERCorporation or Partnership. Must have license to transact
insurance within the business
Temporary License - ANSWERgood for up to 180 days
License Renewal - ANSWEREvery two years on the last day of you birth month
30 days - ANSWERnotify the commisioner of name change, address or phone number
10 days - ANSWERunapproved trade names or assumed names must stop within how
long of the notification
solvency - ANSWERevery authorized insurer must file a state of its financial condition
quarterly and annually with the NAIC and the Commissioner
Unfair Claim Settlement - ANSWERmisrepresenting pertinent facts, failing to act
responsibly, refusing to pay claims with out conducting appropriate investigation
Controlled business - ANSWERmust NOT exceed 25% of you commissions in a 12
month period
Unfair Trade Practice - ANSWERrebating, twisting, defamation, coercion
rebating - ANSWERinducement to cancel or switch insurance
twisting - ANSWERfraudulent comparison of insurance policies
coercion - ANSWERmental or physical force to buy a policy
False Financial Statements - ANSWERintended to deceive the public of the insurers
financial status.
LIGA - ANSWERPays claims when a company is unable to pay them, because of it's
financial state.
gram, leach, bliley - ANSWERmay not disclose privacy information to a non affiliated
third part
, Risk - ANSWERuncertainty of loss
avoidance - ANSWEReliminating chances of loss
retention - ANSWERpayments to help retain the loss
sharing - ANSWERreciprocal insurance group
reduction - ANSWERreducing the chance of loss
Hazard - ANSWERincrease chance of a loss
Physical Hazard - ANSWERstructural defect, home unfit
moral hazard - ANSWERDishonesty act
Morale hazard - ANSWERCarelessness act
Peril - ANSWERcause of loss that is covered
loss - ANSWERreduction, decrease, or disappearance of someone or something
Elements of a Contract - ANSWEROffer, Consideration,Competent Party, Legal
Purpose and Acceptance
Express - ANSWERwritten in the contract
implied - ANSWERassumed to have to conduct business
Apparent - ANSWERactions or word
contract of adhesion - ANSWERtake it or leave it
aleatory - ANSWERunequal exchange
unilateral - ANSWERone sided
personal - ANSWERbetween the person and the insurer
mysterious disappearance - ANSWERmissed-place or loss property
Judgment rating - ANSWERimpossible to construct a class due to exposure units vary
scheduled rating - ANSWERprice per unit rating
experience rating - ANSWERclaim history rating
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