Property and Casualty Exam- Louisiana and Correct Answers Graded A+

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Property and Casualty Exam- Louisiana and Correct Answers Graded A+ 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 ✔✔ Any of the insurers providing coverage. The policy conditions define ✔✔ How 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 ✔✔ Conditions. The value placed on property insured under a fire insurance policy is used to determine the policy's ✔✔ Premium. Shipbuilders and repairers are covered by the ✔✔ U.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? ✔✔ Temporary partial disability Insurer examinations must occur no less frequently than every ✔✔ 5 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? ✔✔ 10 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? ✔✔ It does not protect the individual owner from loss to personal property owned exclusively by the unit owner. What is surplus lines insurance? ✔✔ Insurance placed with an unauthorized insurer How long is a waiting period upon purchase of flood coverage through NFIP? ✔✔ 30 days Funding for the operation and administration of the Louisiana Insurance Guaranty Association comes from ✔✔ Annual assessments paid by member insurers. Uninsured Motorist property damage coverage is subject to a deductible of ✔✔ $250. Rates that are established based on the similarities of the risk with other risks are known as ✔✔ Manual rates. The personal injury liability endorsement to an HO policy applies to all the following EXCEPT ✔✔ A 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 ✔✔ Underwriting. Terrorism Risk Insurance Program Reauthorization Act of 2015 has extended the TRIA to the year ✔✔ 2020 According to the Fair Credit Reporting Act, all of the following would be considered negative information about a consumer EXCEPT ✔✔ Disputes regarding consumer report information Replacement cost coverage is provided in both the broad and special form dwelling policies when ✔✔ At least 80% of the replacement cost [Show More]

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