Louisiana Bail Exam Questions And Answers Verified 100% Correct

Louisiana Bail Exam Questions And Answers Verified 100% Correct Insurance underwriting typically involves ___ing risks - classifying - rating - selecting - eliminating - ANSWER Insur underwriting involves classifying, rating and selecting risks - @ selection/assessment of risk - using all avail info to sdet if an application shld be accepted Failure 2 act as a reasonable 3rd person wld do in exact same situation - Negligence - Misstatement - Misrepresentation - Fraud - Intentional Deception - ANSWER Negligence - failure 2 act as a reasonabl 3rd person wld act in the exact same situation. Negligence may pertain 2 all types of situations The deree of error in predicting losses will decrease when the # of individual exposure units is - increased - decreased - the same - ANSWER An exposure unit describes the person or property that is insured. The degree of error predicting losses will decrease when # individual exposure units is increased Who compiles statistical data @ exposure units and relative risk - Actuaries - Agents - Brokers - ANSWER Actuaries compile statistical data @ the exposure units and relevant risks From Insur co perspective, expected losses R always based on past experience of __ risk - average - highest - lowest - baseline - ANSWER Expected losses r always based on pasrt exper of average risk T / F: In theory, Congress can regulate Insur transactions that are of interstate commerce - ANSWER T: In theory, Congress can regulate Insur transactions that are of interstate commerce T / F: The Sherman Act is applicable 2 Insur biz 2 the extent that it is not regulated by state law - ANSWER T: The Sherman Act is applicable 2 Insur biz 2 the extent that it is not regulated by state law.(Sherman Act 1st antitrust law, signed by President Harrison 1890, 2 uphold competition in market / avoid monopolization, protect consumers from unfairly high prices, no price fixing, too vague and later amended by the Clayton Act. No contracts that restrain trade among states, DC & foreign nations. Attempt to monopolize is a felony Enforced by FTC) T / F: The Clayton Act is applicable 2 Insur biz 2 the extent that it is not regulated by state - ANSWER T: Clayton Act is applicable 2 Insur biz 2 the extent that it is not regulated by state - (Clayton Antitrust Act 1914 - gives pvt parties rite 2 sue 4 triple damages. Addresses mergers between competitors - govt can block a merger. Amended by Robinson-Patman Act 1936) T / F: The FTC Act is applicble 2 Insur biz to the extent that it is not reg'd by state law - ANSWER T: The FTC Act is applicble 2 Insur biz to the extent that it is not reg'd by state law What is the FTC Act - extra ques - ANSWER FTC Act - 2 prevent unfair methods o compet, unfair/ deceptive acts or affecting commerce; (b) seek monetary redress 4 conduct injurious to consumers; (c)trade regulation rules defining practices that are unfair or deceptive, establ requirements designed to prevent such acts or practices; (d) conduct investigations of entities engaged in commerce; and (e) make reports and legislative recommendations to Congress Act that gives states power 2 regulate their Insur industry - FTC Act - McCarran- Ferguson Act - Clayton Act - Sherman Act - ANSWER McCarran-Ferguson Act gives US states power to regulate the insurance industry. Usuly, state insur statutes override conflictin fed'l laws T/F Most of time, state insur statutes override conflicting fedl laws - ANSWER T __Agent owns agency and may hire sub-agents - Captive - Career - Captain - General - ANSWER General agent is empowered w/in a territory 2 sell insur products - He owns agency and may hire sub-agents __ insurers insure insurers - Reinsurers - General - Lead - Captive - ANSWER Reinsurers insure insurers. Reinsurance is a transaction b/t insurance companies Admitted insurance company possesses: - Certif of Authority - Certif of Registration - Insurance license - General agent license - Captive agent - ANSWER Insur co. mustmeet state requirements n get Certif of Authority to do biz. W/O it company is considered non-admitted 1st stage of courtroom proceedings is called - Arraignment - Bailing - Bond posting - Preliminary hearing - ANSWER Arraignment=1st stage ct proceedings - If defendant has jail time if convicted, he may seek attorney assistance __Held where judge decides if sufficeint evdence 2 force defendant to stand trial - ANSWER Preliminary hearing is p arraignmnt where J decides if enuf evid 2 force defent 2 stand trial - ?Has govt prod enuf evid 2 convince a reasonable jury def shld B found guilty T/F Agency contract = contract b/t insurer and insured - ANSWER F: Agency contract's provisions spell out what acts an agent is authorized to make 4 insurer T/F Implied authority may B inferred by virtue of the position held by an agent - ANSWER T: implied auth is authority agent possesses by virtue of bein reasonably necessary 2 perf his job, inferd by virtue o position held Apparent authority is AKA __ authority - Ostensible - Extensible - Intensified - Reversed - ANSWER Apparent auth = Ostensible auth: When principal's conduct wld lead a reasonable 3rd person 2 believe an agent was authorizd 2 act. It does not matter whether the principal and purported agent have actually talked about such arrangement Presumption of __Principle that shifts burden o proof onto prosecution - Innocence - Motion - Prejudice - Bail - ANSWER Presumptn of Innocence - foundation o criminal law procedures. Shift burdn o proof on2 prosecution who must prove that 1 committd criminal act Defendant is guarantd rite 2 trial by jury 4 offenses that has a penalty of _ mos prison (3,4,5,6,7,8,9) - ANSWER Jury trial is guaranteed if offense has penalty of 6 mos prision T/F Felony is usu;y severe crime that involves murder - ANSWER F; Felony usuly more severe crime n will get longer jail time - no has 2B murder. Misdemeanors = lesser crimes pinushd by fine or shorter jail time Bail factors considered at bail hearing - Nature of crime - Character n criminal Hx - Defendants avail financial resources - Gender - ANSWER After arrest, bail hearing 2 decide if accused allowed 2 post bail. Many Bail factors considered at bail hearing - Nature of crime - Character n criminal Hx - Defendants avail financial resources Bail process starts w/in __hrs after arrest: 48,72, 96, 128 - ANSWER Bail is a right in the form o surety bond. Bail process usuly starts w/in 48 hrs w/bail bondsman process can be much faster T/F Bail is always in form o aurety bond, required in every single criminal case - ANSWER F: Bail is a rite in form o surety bond that court holds 2 ensure accused will show @ trial. If J thinks accused is not likely 2 flee, he canB released on his own recognizance w/o bail W/a __bond, defendant no needs 2 pay $ up front but will have 2 pay only if he fails 2 appear - Surety - Posted - Cash - Unsecured - Free will - ANSWER Unsecured bond - defendant no has 2 pay $ upfront but will have 2 pay only if he fails 2 appear T/F Bail schedule almost always covers all offenses - ANSWER F: Bail schedule has a list o crimes and amt of bail that must B posted 4 those crimes. It does not mean to