Study guides, Class notes & Summaries

If a producer allows his license to lapse, within what time period may the producer reinstate the same license? - Answer-b) 2 years Producers who allow their license to lapse may reinstate them same license within 2 years, upon proof of fulfilling all continuing education requirements through the date of reinstatement, & by paying all overdue fees. Which of the following would be eligible for Homeowners Coverage F - Medical Payments in the event of injury at the insured's premises? - Answ...

Which One Of The Following Is NOT A Possible Defense Against Negligence? A. Statue Of Limitations B. Doctrine Of Reasonable Expectation C. Intervening Cause D. Comparative Negligence - Answer- Doctrine Of Reasonable Expectation What Is A Hazard? - Answer- An Increase In The Possibility That A Loss Might Occur. The Purpose Of Insurance Is To____________ - Answer- Transfer Risk From A Person, Business Or Organization To An Insurance Company. The Type Of Insurance Company In Which ...

In which type of commercial crime policy coverage is triggered by a loss that happens during the policy period but is not necessarily discovered during the policy peri - Answer- Robbery is: - Answer-Taking of property by use of force, violence, or fear The crime of forced entry into the premises of another by a persons with felonious intent is defined as: - Answer-Burglary Erroneous Publishing copied all the material from Angel's Inc book. The only changes made by Erroneous were to ren...

Surety Bond - Answer-aka performance bonds. contract bond- guarantee that contractors perform according to contract court bond- required by court to enforce certain behavior license & permit bond- required by municipalities as a condition for granting a license to engage in activity Fidelity Bonds - Answer-aka Honesty Bonds- cover employer from direct loss due to fraudulent & dishonest acts of employees Individual Bond- bond single employee None Schedule Bond- bond several employees ...

Contracts of adhesion - Answer- Because an insurer writes the policy language and the insured has little or no control over the content, any ambiguity in the wording is usually resolved in favor of the insured. Because the design and wording of a policy are in the hands of the insurer, insurance policies are said to be: Express Authority - Answer- The authority of an insurance producer that is spelled out in the written words of the agency contract between the producer and the insurer is: ...

Authorized insurers may choose not to participate in the plan - Answer- All of the following are true regarding the Louisiana Automobile Insurance Plan EXCEPT: short-rate - Answer- The named insured may cancel a property insurance policy in this state at any time, in which case the insurer must refund any unearned premium due on a __________ basis: Standard fire policy - Answer- The basis for all property insurance sold in this state is the Louisiana: Sole proprietors must be covered un...

180 days - Answer-The maximum term a temporary license may be issued for is 32 - Answer-Continuing Education hours for a producer holding both a L&H and a P&C is every odd numbered year - Answer-Property & Casualty licenses must be renewed $25,000 - Answer-What is the maximum fine that may be imposed for a willful violation of a cease and desist order issued by the commissioner? April 30th of odd years - Answer-P&C producers license expires on Must reside or maintain a principal p...

What is a hazard? - Answer- An increase in the possibility that a loss might occur the purpose of insurance is to? - Answer- Transfer risk from a person, business, or organization to an insurance company that agrees to pay for losses in exchange for a premium. mutual company - Answer- type of insurance company in which the policyholder is considered an owner, with the right to vote and share in the profits. $50 - Answer- the renewal fee for a Louisiana producer license. b McCarran-Fe...

A ******* is a person required under this state's laws to be licensed to sell, solicit, or negotiate insurance. This includes all persons or business entities referred to as "insurance agent", "agent", "insurance broker", "broker", "insurance solicitor", "solicitor", or "surplus lines broker". - Answer-Individual producer A person applying for a producer license must: - Answer--atleast 18 years old -Reside, or maintain their place of business in LA -Not committed any act tha...

Individual Producer [Sec. 22:1546(A)] - Answer- An individual producer is a person licensed to quote insurance policies, market and sell insurance products, and consult others with regard to insurance. Most people in Louisiana are accustomed to calling these persons insurance agents, but the term referring to them is officially insurance producers. An applicant for this license must: i) Be at least 18 years of age ii) Reside in or work mainly from an office located in Louisiana iii) ...