Louisiana Property and Casualty Insurance Exam New Latest Version with All Questions from Actual Exam and 100% Correct Answers
Question 1: 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 ANSWER: Any of the insurers providing
coverage.
Question 2: The policy conditions define
CORRECT ANSWER: How parties to the contract must act
following a loss.
Question 3: 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 ANSWER: Conditions.
Question 4: The value placed on property insured under a fire
insurance policy is used to determine the policy's
CORRECT ANSWER: Premium.
Question 5: Shipbuilders and repairers are covered by the
CORRECT ANSWER: U.S. Longshore and Harbor Workers
Compensation Act.
Question 6: Which of the following terms refers to a person's
ability to do some work or the need to do alternative work?
CORRECT ANSWER: Temporary partial disability
Question 7: Insurer examinations must occur no less
frequently than every
CORRECT ANSWER: 5 years.
Question 8: 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 ANSWER: 10 days
Question 9: 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 ANSWER: It does not protect the individual
owner from loss to personal property owned exclusively by the unit owner.
Question 10: What is surplus lines insurance?
CORRECT ANSWER: Insurance placed with an
unauthorized insurer
Question 11: How long is a waiting period upon purchase of
flood coverage through NFIP?
CORRECT ANSWER: 30 days
Question 12: Funding for the operation and administration of
the Louisiana Insurance Guaranty Association comes from
CORRECT ANSWER: Annual assessments paid by member
insurers.
Question 13: Uninsured Motorist property damage coverage
is subject to a deductible of
CORRECT ANSWER: $250.
Question 14: Rates that are established based on the
similarities of the risk with other risks are known as
CORRECT ANSWER: Manual rates.
Question 15: The personal injury liability endorsement to an
HO policy applies to all the following EXCEPT
CORRECT ANSWER: A third party breaks a leg when the
insured knocks him down.
Question 16: 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
