PROPERTY AND CASUALTY EXAM-
LOUISIANA EXAM WITH CORRECT
QUESTIONS AND ANSWERS 2025
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 - CORRECT-ANSWERSAny of the insurers providing
coverage.
The policy conditions define - CORRECT-ANSWERSHow 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 - CORRECT-
ANSWERSConditions.
The value placed on property insured under a fire insurance policy is used to determine the
policy's - CORRECT-ANSWERSPremium.
,Shipbuilders and repairers are covered by the - CORRECT-ANSWERSU.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? - CORRECT-ANSWERSTemporary partial disability
Insurer examinations must occur no less frequently than every - CORRECT-ANSWERS5 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? - CORRECT-
ANSWERS10 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? - CORRECT-ANSWERSIt does not protect the
individual owner from loss to personal property owned exclusively by the unit owner.
,What is surplus lines insurance? - CORRECT-ANSWERSInsurance placed with an unauthorized
insurer
How long is a waiting period upon purchase of flood coverage through NFIP? - CORRECT-
ANSWERS30 days
Funding for the operation and administration of the Louisiana Insurance Guaranty Association
comes from - CORRECT-ANSWERSAnnual assessments paid by member insurers.
Uninsured Motorist property damage coverage is subject to a deductible of - CORRECT-
ANSWERS$250.
Rates that are established based on the similarities of the risk with other risks are known as -
CORRECT-ANSWERSManual rates.
The personal injury liability endorsement to an HO policy applies to all the following EXCEPT -
CORRECT-ANSWERSA 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 - CORRECT-ANSWERSUnderwriting.
Terrorism Risk Insurance Program Reauthorization Act of 2015 has extended the TRIA to the
year - CORRECT-ANSWERS2020
According to the Fair Credit Reporting Act, all of the following would be considered negative
information about a consumer EXCEPT - CORRECT-ANSWERSDisputes regarding consumer
report information
Replacement cost coverage is provided in both the broad and special form dwelling policies
when - CORRECT-ANSWERSAt 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? - CORRECT-ANSWERSTime element
LOUISIANA EXAM WITH CORRECT
QUESTIONS AND ANSWERS 2025
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 - CORRECT-ANSWERSAny of the insurers providing
coverage.
The policy conditions define - CORRECT-ANSWERSHow 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 - CORRECT-
ANSWERSConditions.
The value placed on property insured under a fire insurance policy is used to determine the
policy's - CORRECT-ANSWERSPremium.
,Shipbuilders and repairers are covered by the - CORRECT-ANSWERSU.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? - CORRECT-ANSWERSTemporary partial disability
Insurer examinations must occur no less frequently than every - CORRECT-ANSWERS5 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? - CORRECT-
ANSWERS10 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? - CORRECT-ANSWERSIt does not protect the
individual owner from loss to personal property owned exclusively by the unit owner.
,What is surplus lines insurance? - CORRECT-ANSWERSInsurance placed with an unauthorized
insurer
How long is a waiting period upon purchase of flood coverage through NFIP? - CORRECT-
ANSWERS30 days
Funding for the operation and administration of the Louisiana Insurance Guaranty Association
comes from - CORRECT-ANSWERSAnnual assessments paid by member insurers.
Uninsured Motorist property damage coverage is subject to a deductible of - CORRECT-
ANSWERS$250.
Rates that are established based on the similarities of the risk with other risks are known as -
CORRECT-ANSWERSManual rates.
The personal injury liability endorsement to an HO policy applies to all the following EXCEPT -
CORRECT-ANSWERSA 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 - CORRECT-ANSWERSUnderwriting.
Terrorism Risk Insurance Program Reauthorization Act of 2015 has extended the TRIA to the
year - CORRECT-ANSWERS2020
According to the Fair Credit Reporting Act, all of the following would be considered negative
information about a consumer EXCEPT - CORRECT-ANSWERSDisputes regarding consumer
report information
Replacement cost coverage is provided in both the broad and special form dwelling policies
when - CORRECT-ANSWERSAt 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? - CORRECT-ANSWERSTime element
