LA Bail Bonds Study Guide Exam
Questions Fully Solved.
Alien insurer - Answer One formed under any country other than the US
Approved unauthorized insurer - Answer An insurer without a certificate of authority or otherwise
qualified under the provisions of this code and which is on the list of approved unauthorized insurers
under the provisions of RS 22:436 and from which a licensed surplus lines broker may procure insurance
under provisions of RS 22:432 .
Authorized insurer - Answer And insurer with a certificate of authority or license issued under
provisions of this code or otherwise qualified under RS 22:481 .
Department - Answer DOI or Department of Insurance
Domestic Insurer - Answer One formed under laws of this state (LA)
Foreign Insurer - Answer One formed under the laws of any other state or territory of the US or the DC
Insurer - Answer Includes every person engaged in the business of making contracts of insurance other
than a fraternal benefit society
Life insurer - Answer All insurers issuing life insurance contracts, including industrial and service
insurers.
Officer - Answer Means a president, Vice President, treasurer, actuary, secretary, controller, and any
other person who performs for the company functions corresponding to those performed by the
foregoing officers.
Person - Answer Any individual, company, insurer, Association, organization, reciprocal or
interinsurance exchange, partnership, business, trust, limited liability company, or corporation.
, Premium - Answer All sums charged, received, or deposited as consideration for the purchase for
continuance of insurance for a definitely stated term, and shall include any assessment, membership,
policy, survey, inspection, service, or similar fee or charge made by an insurer as a part of the
consideration for the purchase or continuance of insurance.
Producer - Answer A person required to be licensed under the laws of the state to sell, solicit, or
negotiate insurance and includes all persons or business entities otherwise referred to in this code as
"insurance agent", "agent", "insurance broker", "broker", "Insurance solicitor", "solicitor", or "surplus
lines broker".
Resident - Answer Any individual, company, and sure, partnership, Association, organization,
corporation, we're super cool or interinsurance exchange, business, or trust that principal he resides or
maintains a principal place of business in the state.
Small company - Answer Admitted assets don't exceed 10 million $ and yearly premiums not exceeding
2 million $.
Surplus lines insurance - Answer Any property and casualty insurance in the state on properties, Risks,
or exposures, located or to be performed in the state permitted to be placed through a licensed surplus
lines broker with an approved unauthorized insurer.
Unauthorized insurer - Answer Any insured which does not possess a certificate of authority to do
business in this state.
Principal - Answer The individual or entity that you owe duties to.
Agency agreement - Answer Duties that are owed to the principal. Also known as the "mandate
agreement".
Legal concept - Answer A contract by which a person, the principal, confers authority on another
person, the agent, to transact one or more affairs for the principal.
