2024 LATEST Louisiana Bail Questions SOLUTIONS

A Domestic insurance company - is a foreign insurer to other states - is a domestic insurer w/i the U.S. - is a foreign insurer only to other countries -must be incorporated in at least 2 states - ANSWER A domestic insurance co. is incorporated in the state within which it is located. It is a domestic insurer within its specific state - ie it is a foreign insurer to other states. A captive insurance co. exists primarily to underwrite the risks of the - parent owner - shareholders - partners - ANSWER A captive insurance company exists primarily to underwrite the risks of the parent owner. A domestic insurance company is incorporated in the state within which it is located. NoAgreement that lays the legal framework of insurance business - Partner declaration - Policy Declaration - Insurance agent partnership agreement - Shareholder dividend policy - Meeting minutes - ANSWER An insurance agent partnership agreement is for laying the legal framework of the insurance business. Its not legally required, although such an agreement in place is usually recommended. T or F: An arrest must be accopanied by physical restraints or handcuffs - ANSWER F: An arrest occurs when a person is taken into police custody and is no longer free to leave, w/ or w/o use of physical restraint/handcuffs. Main point of arrest is the exercise of police authority over a person as well as that person's voluntary or involuntary submission Process or procedure that involves the determination of a person's eligibility for release from custody in exchange for the posting of a set amt of money - Booking - Bailing - Bonding - Checking in - ANSWER After an arrest, there is a need for the processing of the arrested person into police custody. This is known as booking. It involves the determination of the person's eligibility for release from custody in exchange for the posting of a set amount of money, aka bail. T or F: Telling a partial truth is considered as concealment - ANSWER T: Concealment is hiding. Telling a partial truth is concealment since partial truth has obviously left something out. According to the doctrine of representations, a statement is considered as invalid even if the applicant honestly thought he was speaking the truth - ANSWER F: According to the doctrine of representations, a statement is considered as valid when the applicant honestly thought he was telling the truth T or F: When forming an insurance contract, an invitation to treat or to make an offer must come from the insurer - ANSWER F: When forming an insurance contract, an invitation to treat or to make an offer may come from the insurer or the applicant When coming from the insurer, it may be through an advertising program. Counter-offer is usually not possible in the process of negotiating an insurance contract - True - False - It depends on the item covered - It depends on the policy type - ANSWER F: A counter-offer is an alternative proposal. It is possible in the process of negotiating an insurance contract With an aleatory contract, a party may receive: - Considerably less in value than what he gives up - Considerably more in value than what he gives up - ANSWER With an aleatory contract, a party may receive considerably more in value than what he gives up. An insurance contract is of this type because claim proceeds may far exceed the premium paid. aleatory contract-agreement whereby the parties involved do not have to perform a particular action until a specific event occurs;trigger events are those that cannot be controlled by either party, ie natural disasters / death. With a __ contract, only 1 party can draw up the contract in its entirety - Adhesion - Aleatory - Executory - Bilateral - Unilateral - ANSWER With an adhesion contract, only one party can draw up the contract in its entirety. The receiving party cannot change it. A typical insurance contract is of this type (adhesion -1party has substantially more power than other in setting contract terms ; the offeror must supply customer with standard terms n conditions that R identical 2 those offered 2 others Terms / conditions r non-negotiable, meaning weaker party in the contract must agree w/ contract as rather than requesting clauses be added, removed, or changed = boilerplate or standard contracts. Hello - ANSWER Aloha With a __ contract, the covenants to the contract may remain partially or completely unfulfilled - Adhesion - Aleatory - Executory - Bilateral - Unilateral - ANSWER With an executory contract, the covenants to the contract may remain partially or completely unfulfilled bc the insurer will perform its obligation only when losses occur (executed contract is fully legal immediately p all parties have signed, and terms must b fulfilled immedly. Executory contract, terms r set 2 b fulfilled at future date. Both contracts r