Louisiana Property & Casualty Exam - PSI & ExamFX Questions and Answers 100% Correct
Question :If a producer allows his license to lapse, within
what time period may the producer reinstate the same license?
- 1 year
- 2 years
- 30 days
- 6 months
Correct 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.
Question :Which of the following would be eligible for
Homeowners Coverage F - Medical Payments in the event of injury at the insured's premises?
a) The named insured's child
b) A tenant
c) The named insured
d) A full-time maid
Correct answer:d) A full-time maid
Medical payments on the HO policy cover costs incurred for up to three years after the accident. Coverage does not apply to any insured or a regular resident of the premises, except resident employees not covered by workers compensation.
Question :Which of the following statements is NOT true of a
commercial umbrella liability policy?
a) It would automatically cover all losses as they occur.
b) It would provide coverage for certain losses that may not
be covered by the underlying policy.
c) There is usually a minimum limit of liability the insured
must carry & maintain on the basic policies, such as $1,000,000 for commercial risks.
d) There are usually retained limits (called a self-insured
retention, or SIR) that the insured must satisfy before the umbrella policy will respond to certain kinds of losses.
Correct answer:a) It would automatically cover all losses as
they occur.
There is usually a minimum limit of liability the insured must carry & maintain on the basic policies, such as $1,000,000 for commercial risks. In addition, there are usually retained limits (called a self-insured retention, or SIR) that the insured must satisfy before the umbrella policy will respond to certain kinds of losses.
Question :Which of the following perils is NOT covered the
DP-2?
a) Breakage of glass
b) Weight of ice & snow
c) Damage to pets, birds, or fish
d) Falling objects
Correct answer:c) Damage to pets, birds, or fish
DP-2 covers perils caused by breakage of glass, weight of ice
- snow, or falling objects. Not damage to pets, birds or Fish
Question :Which is NOT true of workers compensation
coverages?
a) The purpose of workers compensation is to provide
medical benefits & partial payment for lost wages to workers injured on the job.
b) Benefits are limited.
c) Medical Payment benefits are limited.
d) Workers compensation is a type of liability coverage.
Correct answer:c) Medical Payment benefits are limited.
Workers compensation medical payments are unlimited.
Question :The garage coverage from is written to cover the
insurance needs of an insured in the business of selling, repairing, servicing or storing automobiles. Which of the following coverages are not included in a garage policy?
