Louisiana Property And Casualty Study Guide Rated A+

"Waiver" is defined as? {Ans: the voluntary giving up of a legal right.}On an HO policy, the term "business" is defined to mean {Ans: a trade, profession or occupation engaged in on a full-time, part-time or occasional basis.}On the Dwelling Broad Form DP-2 building structures (Coverages A & B) are written with {Ans: an 80% coinsurance requirement.}The HO 8 was created specifically for {Ans: older homes where the replacement cost exceeds the market value.}Deductibles in property policies have the impact of lowering the cost of insurance, since they represent a portion of the risk that the insured retains. The higher the deductible, the lower the premium and vice versa. {Ans: }The amount of the deductible may be found in the {Ans: policy declarations.}Exclusions eliminate {Ans: uninsurable perils (like flood).}On an HO, liability coverage does not extend to a location where you are {Ans: temporarily conducting your business.}The Basic Dwelling form DP-1 is {Ans: a named or specified peril policy.}An HO-6 (unit-owner's policy) does not cover {Ans: common area buildings.}An insurance policy must list? {Ans: names of the parties to the contract, subject of the insurance, risks insured against, effective