P&C Licensing Exam Review with
verified answers 100%
Which of the following statements is false with respect to continuing education requirements? -
correct answer ✔✔Credit Hours awarded in a compliance period may not be carried over to
another renewal period (False bc up to 10 credit hours awarded in a compliance period may be
carried over or applied to any other renewal period. )
What are the minimum liability limits required for personal auto coverage in Louisiana? - correct
answer ✔✔$15,000/$30,000/$25,000
Which of the following statements is correct with respect to the Named Driver Exclusion
Endorsement? (PP 13 43) - correct answer ✔✔Allows an insured to name specific persons in the
policy as named excluded drivers
(The policy will not cover damages or expenses (including medical) or loss arising out of the use
of any auto by a named excluded driver. The Endorsement allows an insured to name specific
persons in the policy as named excluded drivers)
How many credit hours of continuing education must a producer complete every renewal
period? - correct answer ✔✔24 (with at 3 hours in ethics)
A producer must complete 24 credit hours of continuing education every renewal period with at
least 3 hours in ethics.
True regarding a nonresident license: - correct answer ✔✔-A person residing in another state
may be licensed as a nonresident producer if the person is currently licensed in his/her home
state
, -A person residing in another state may be licensed as a nonresident producer if the person's
home state issues nonresident producer licenses to Louisiana residents on a reciprocal basis
-A person residing in another state may be licensed as a nonresident producer if the person is
currently in good standing in his/her home state
All of the following are true regarding a nonresident license, except - correct answer ✔✔A
nonresident licensee may be authorized for any line of insurance for which the licensee is not
authorized in his/her home state
Qualifications required for a product license: - correct answer ✔✔-Pass a licensing examination
for each line of insurance to be transacted
-Have not committed any act that is grounds for denial, suspension or revocation of license
-Pay the required license fee
With respect to loss payments for property damage claims: - correct answer ✔✔- An insurer
must pay a claim within 30 days after receiving proof of loss
-An insurer must initiate loss adjustment of a claim within 14 days
-an insurer that fails to pay a claim within the required time frame may be penalized the greater
of 50% of the amount due or $1,000
Commissions & Compensation: - correct answer ✔✔- Renewal commissions may be paid to a
person for selling or negotiating insurance in this state if the person was required to be licensed
at the time of the sale or negotiation, and was licensed at that time
- An insurer or producer may pay commissions to a duly licensed producer for negotiating,
soliciting, or effecting insurance contracts
-An insurer or producer may not pay a commission to a person for selling, soliciting, or
negotiating insurance in this state if that person is required to be licensed and is not licensed.
verified answers 100%
Which of the following statements is false with respect to continuing education requirements? -
correct answer ✔✔Credit Hours awarded in a compliance period may not be carried over to
another renewal period (False bc up to 10 credit hours awarded in a compliance period may be
carried over or applied to any other renewal period. )
What are the minimum liability limits required for personal auto coverage in Louisiana? - correct
answer ✔✔$15,000/$30,000/$25,000
Which of the following statements is correct with respect to the Named Driver Exclusion
Endorsement? (PP 13 43) - correct answer ✔✔Allows an insured to name specific persons in the
policy as named excluded drivers
(The policy will not cover damages or expenses (including medical) or loss arising out of the use
of any auto by a named excluded driver. The Endorsement allows an insured to name specific
persons in the policy as named excluded drivers)
How many credit hours of continuing education must a producer complete every renewal
period? - correct answer ✔✔24 (with at 3 hours in ethics)
A producer must complete 24 credit hours of continuing education every renewal period with at
least 3 hours in ethics.
True regarding a nonresident license: - correct answer ✔✔-A person residing in another state
may be licensed as a nonresident producer if the person is currently licensed in his/her home
state
, -A person residing in another state may be licensed as a nonresident producer if the person's
home state issues nonresident producer licenses to Louisiana residents on a reciprocal basis
-A person residing in another state may be licensed as a nonresident producer if the person is
currently in good standing in his/her home state
All of the following are true regarding a nonresident license, except - correct answer ✔✔A
nonresident licensee may be authorized for any line of insurance for which the licensee is not
authorized in his/her home state
Qualifications required for a product license: - correct answer ✔✔-Pass a licensing examination
for each line of insurance to be transacted
-Have not committed any act that is grounds for denial, suspension or revocation of license
-Pay the required license fee
With respect to loss payments for property damage claims: - correct answer ✔✔- An insurer
must pay a claim within 30 days after receiving proof of loss
-An insurer must initiate loss adjustment of a claim within 14 days
-an insurer that fails to pay a claim within the required time frame may be penalized the greater
of 50% of the amount due or $1,000
Commissions & Compensation: - correct answer ✔✔- Renewal commissions may be paid to a
person for selling or negotiating insurance in this state if the person was required to be licensed
at the time of the sale or negotiation, and was licensed at that time
- An insurer or producer may pay commissions to a duly licensed producer for negotiating,
soliciting, or effecting insurance contracts
-An insurer or producer may not pay a commission to a person for selling, soliciting, or
negotiating insurance in this state if that person is required to be licensed and is not licensed.
