Gianna

Insurable Interest - 3 Elements - ANSWERS1.) Financial (a monetary interest) 2.) Blood (a relative) 3.) Business (a business partner) **Insurable interest must exist at the time of the loss. Named Insured - ANSWERSThe individual(s) whose name appears on the policy's declaration. First Name Insured - ANSWERSThe individual whose name appears first on the policy's declaration. Has control of the policy Only one who may cancel the policy or request changes to the policy Respons...

180 days - ANSWERSThe maximum term a temporary license may be issued for is 32 - ANSWERSContinuing Education hours for a producer holding both a L&H and a P&C is every odd numbered year - ANSWERSProperty & Casualty licenses must be renewed $25,000 - ANSWERSWhat is the maximum fine that may be imposed for a willful violation of a cease and desist order issued by the commissioner? April 30th of odd years - ANSWERSP&C producers license expires on Must reside or maintain a principal p...

Roy brought his house 10 years ago for 150,000 but it would cost 200,000 to rebuild it today. Because his house is in a highly desirable area, it's Fair Market Value $275,000. What amount should the agent recommend that Roy insure his house for to provide replacement cost for a total loss? A) 150,000 B) 160,000 C)275,000 D) the ACV of the house - ANSWERSB) 160,000 A participating company headquartered in a Guam authorized to do business in your state would be described as which company...

Authorized insurers may choose not to participate in the plan - ANSWERSAll of the following are true regarding the Louisiana Automobile Insurance Plan EXCEPT: short-rate - ANSWERSThe named insured may cancel a property insurance policy in this state at any time, in which case the insurer must refund any unearned premium due on a __________ basis: Standard fire policy - ANSWERSThe basis for all property insurance sold in this state is the Louisiana: Sole proprietors must be covered under...

What is a hazard? - ANSWERSAn increase in the possibility that a loss might occur the purpose of insurance is to? - ANSWERSTransfer risk from a person, business, or organization to an insurance company that agrees to pay for losses in exchange for a premium. mutual company - ANSWERStype of insurance company in which the policyholder is considered an owner, with the right to vote and share in the profits. $50 - ANSWERSthe renewal fee for a Louisiana producer license. b McCarran-Fergus...

All of the following situations would be covered under a professional liability policy - ANSWERSAn accountant's error that inflated a bid and caused a client to lose a major account., Negligence of an architect who designed an unsafe building., Failure of a doctor to render the quality of care that is customary in the medical field, .EXCEPT The failure of an attorney to properly defend a client due to his personal dislike of the client Under a professional liability policy - ANSWERSIntention...

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Which one of the following statements about insurance contracts is true? - ANSWERSThey are personal contracts because they insure people, not property. Insurance policies are considered to be unilateral - ANSWERSbecause only the insurance company is legally bound to perform its part of the agreement. While both the insured and the insurer must give consideration, it need not be equal. The policy provisions are prepared by the insurer, with little or no input from the insured Which part of ...

If a producer allows his license to lapse, within what time period may the producer reinstate the same license? - ANSWERSb) 2 years Producers who allow their license to lapse may reinstate them same license within 2 years, upon proof of fulfilling all continuing education requirements through the date of reinstatement, & by paying all overdue fees. Which of the following would be eligible for Homeowners Coverage F - Medical Payments in the event of injury at the insured's premises? - ANSW...

In which type of commercial crime policy coverage is triggered by a loss that happens during the policy period but is not necessarily discovered during the policy peri - ANSWERS Robbery is: - ANSWERSTaking of property by use of force, violence, or fear The crime of forced entry into the premises of another by a persons with felonious intent is defined as: - ANSWERSBurglary Erroneous Publishing copied all the material from Angel's Inc book. The only changes made by Erroneous were to ren...