Louisiana Property And Casualty Insurance Actual
Exam Questions and Answers| Updated
Should 2 or more insurers issue a combined Standard Fire Policy insuring a single
risk, in the event of a loss, the insured must notify
Any of the insurers providing coverage.
The policy conditions define
How parties to the contract must act following a loss.
Because an insurance policy is a legal contract, it must conform to the state laws
governing contracts which require all of the following elements EXCEPT
Conditions.
The value placed on property insured under a fire insurance policy is used to
determine the policy's
Premium.
Shipbuilders and repairers are covered by the
U.S. Longshore and Harbor Workers Compensation Act.
Which of the following terms refers to a person's ability to do some work or the
need to do alternative work?
,Temporary partial disability
Insurer examinations must occur no less frequently than every
5 years.
If a commercial policy, in effect for less than 60 days, is to be canceled for
nonpayment of premium, how much prior notice must the insurer give to the
first named insured?
10 days
The Residential Condominium Building Association Policy (RCBAP) is used for
residential condominium building associations to cover the entire building under
one policy. Which of the following statements about RCBAP is true?
It does not protect the individual owner from loss to personal property owned
exclusively by the unit owner.
What is surplus lines insurance?
Insurance placed with an unauthorized insurer
How long is a waiting period upon purchase of flood coverage through NFIP?
30 days
Funding for the operation and administration of the Louisiana Insurance
Guaranty Association comes from
Annual assessments paid by member insurers.
,Uninsured Motorist property damage coverage is subject to a deductible of
$250.
Rates that are established based on the similarities of the risk with other risks
are known as
Manual rates.
The personal injury liability endorsement to an HO policy applies to all the
following EXCEPT
A third party breaks a leg when the insured knocks him down.
The process an insurer uses to evaluate applications and determine if a policy
should be issued and on what terms, conditions, and rates is known as
Underwriting.
Terrorism Risk Insurance Program Reauthorization Act of 2015 has extended the
TRIA to the year
2020
According to the Fair Credit Reporting Act, all of the following would be
considered negative information about a consumer EXCEPT
Disputes regarding consumer report information
, Replacement cost coverage is provided in both the broad and special form
dwelling policies when
At least 80% of the replacement cost
The business income coverage form covers consequential loss of business
income that occurs when a business must suspend operations because of a
direct loss. Which of the following terms best describes the nature of this type
of coverage?
Time element
Under which type of coverage does the insurer agree to pay for bodily injury or
property damage liability which the insured has agreed to assume under a
written contractual agreement?
Contractual liability policy
Which commercial crime form would provide coverage for a loss that did not
necessarily happen during the policy period but was revealed during the policy
period?
Discovery form
Under the Fair Credit Reporting Act, if the consumer challenges the accuracy of
the information contained in his or her report, the reporting agency must
Respond to the consumer's complaint.
Exam Questions and Answers| Updated
Should 2 or more insurers issue a combined Standard Fire Policy insuring a single
risk, in the event of a loss, the insured must notify
Any of the insurers providing coverage.
The policy conditions define
How parties to the contract must act following a loss.
Because an insurance policy is a legal contract, it must conform to the state laws
governing contracts which require all of the following elements EXCEPT
Conditions.
The value placed on property insured under a fire insurance policy is used to
determine the policy's
Premium.
Shipbuilders and repairers are covered by the
U.S. Longshore and Harbor Workers Compensation Act.
Which of the following terms refers to a person's ability to do some work or the
need to do alternative work?
,Temporary partial disability
Insurer examinations must occur no less frequently than every
5 years.
If a commercial policy, in effect for less than 60 days, is to be canceled for
nonpayment of premium, how much prior notice must the insurer give to the
first named insured?
10 days
The Residential Condominium Building Association Policy (RCBAP) is used for
residential condominium building associations to cover the entire building under
one policy. Which of the following statements about RCBAP is true?
It does not protect the individual owner from loss to personal property owned
exclusively by the unit owner.
What is surplus lines insurance?
Insurance placed with an unauthorized insurer
How long is a waiting period upon purchase of flood coverage through NFIP?
30 days
Funding for the operation and administration of the Louisiana Insurance
Guaranty Association comes from
Annual assessments paid by member insurers.
,Uninsured Motorist property damage coverage is subject to a deductible of
$250.
Rates that are established based on the similarities of the risk with other risks
are known as
Manual rates.
The personal injury liability endorsement to an HO policy applies to all the
following EXCEPT
A third party breaks a leg when the insured knocks him down.
The process an insurer uses to evaluate applications and determine if a policy
should be issued and on what terms, conditions, and rates is known as
Underwriting.
Terrorism Risk Insurance Program Reauthorization Act of 2015 has extended the
TRIA to the year
2020
According to the Fair Credit Reporting Act, all of the following would be
considered negative information about a consumer EXCEPT
Disputes regarding consumer report information
, Replacement cost coverage is provided in both the broad and special form
dwelling policies when
At least 80% of the replacement cost
The business income coverage form covers consequential loss of business
income that occurs when a business must suspend operations because of a
direct loss. Which of the following terms best describes the nature of this type
of coverage?
Time element
Under which type of coverage does the insurer agree to pay for bodily injury or
property damage liability which the insured has agreed to assume under a
written contractual agreement?
Contractual liability policy
Which commercial crime form would provide coverage for a loss that did not
necessarily happen during the policy period but was revealed during the policy
period?
Discovery form
Under the Fair Credit Reporting Act, if the consumer challenges the accuracy of
the information contained in his or her report, the reporting agency must
Respond to the consumer's complaint.
