Louisiana Property Casualty Exam - PSI

Louisiana Property & Casualty Exam - PSI & ExamFX Latest Update - from Credible Source with Questions and 100% Verified Detailed Correct Answers Guaranteed A+ Approved by Professor

A agent's license may be suspended or revoked for all of the following reasons

EXCEPT... - CORRECT ANSWER: b) Sharing commissions with another agent.

The Commissioner has the power to suspend, revoke, or refuse to renew a producer's license for failure to comply with the Insurance Code or licensing regulations, as well as for fraud and failure to pay income taxes, among other violations. Sharing commissions is allowed as long as both agents are properly licensed.

A liability policy that provides coverage for a claim for injury or damage if the claim is first reported or filed against the insured during the policy period is called... - CORRECT

ANSWER: Claims-made form

A small appliance manufacturer in this state provides products around the globe. A customer in Switzerland is injured using one of its products. If the appliance manufacturer is found liable for the damage, why would its commercial general liability

policy cover the customer's claim for bodily injury? - CORRECT ANSWER: b) The

appliance was manufactured in the U.S.

Coverage territory means anywhere in the world if injury or damage results from goods or products manufactured or sold in a coverage territory.

According to the Insured Duties after a Loss provision in homeowners policies, in the event of loss, the insured must do all of the following EXCEPT... - CORRECT ANSWER:

a) Promptly hire an adjuster to evaluate the property damage.

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Hiring an adjuster is not one of the requirements for the insured. The rest of the options are required insured's duties.

All of the following are true about the cancellation provision of a commercial insurance policy EXCEPT... - CORRECT ANSWER: a) The insurer is required to provide proof that the insured received the cancellation notice prior to cancelling the policy.

If the notice of cancellation is mailed, the insurance company is not required to prove that the insured actually received the notice. It is required to prove only it was mailed to the first named insured at the mailing address as shown on the policy.

An applicant may challenge information discovered as a result of an investigative

consumer report under which of the following Acts? - CORRECT ANSWER: a) Fair

Credit Reporting Act

The federal Fair Credit Reporting Act regulates consumer investigative reports that are ordered in connection with applications for credit, insurance or employment. If an insurer takes adverse action against an applicant based upon incorrect information received in a credit report, the Act contains procedures for the applicant to follow in order to get it corrected, without the need to file a lawsuit.

An insured has $5,000 of medical coverage under a personal auto policy at the time of a covered accident. The insured and 3 passengers are injured. The insured's medical expenses are $8,000. The first passenger's total $4,000; the second passenger's total $6,500; and the third passenger's total $1,200. How much will the policy pay under the

medical payments coverage? - CORRECT ANSWER: c) $15,200

The medical payments coverage is provided by a limit of liability per person. In this example, the limit for the policy is $5,000 per person, so the policy will pay the maximum ($10,000) for the insured and the second passenger because their medical expenses exceed the limit. All of the expenses for the first passenger and third passenger would be paid ($5,200). The grand total paid under medical expenses is

$15,200.

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