LA Property & Casualty study guide
LA Property & Casualty · Work through your exam, one topic at a time.
The Louisiana Property and Casualty Producer license is the credential that lets you sell, solicit, and negotiate homeowners, dwelling, commercial property, personal and commercial auto, general liability, and workers' compensation coverage in Louisiana. Most candidates are career changers, agency support staff moving into a sales role, or employees of banks, dealerships, and rental agencies who need a limited or full lines license. The LA Property & Casualty study guide has 9 sections and about 3,130 words.
01Insurance Principles and Concepts
Risk is uncertainty about loss; insurance handles only pure risk (loss or no loss), never speculative risk. Separate the three look-alikes: risk (the chance of loss), peril (the cause - fire, wind, theft) and hazard (a condition that raises the chance or severity - physical, moral, morale).
314 words, about 2 min02Louisiana Insurance Laws, Rules, and Regulations
Louisiana is a civil-law state: statutes and the Civil Code control, so do not import common-law assumptions into exam answers. The Commissioner of Insurance heads the Louisiana Department of Insurance and enforces licensing, market conduct and rate/policy-form rules.
348 words, about 2 min03Property Insurance Fundamentals
Build every property answer from DICE : Declarations (who, what, where, how much, when), Insuring agreement (what is promised), Conditions (duties after loss, appraisal, other insurance, cancellation, mortgagee clause) and Exclusions. Read the causes of loss form separately from the coverage form - basic, broad and special (open perils) forms change what is covered without changing the limits.
299 words, about 1 min04Residential Property Coverages
HO-2 (broad named perils on both dwelling and contents), HO-3 (open perils on the dwelling, named perils on personal property), HO-5 (open perils on both), HO-4 renters (contents plus liability, no building), HO-6 condominium unit owners, HO-8 modified coverage for older homes. Learn the layout: Coverage A dwelling, B other structures, C personal property, D loss of use, E personal liability, F medical payments to others; Section I limits are usually stated as percentages of Coverage A.
375 words, about 2 min05Commercial Property Coverages
The commercial property coverage form insures the building, your business personal property (including tenant improvements and betterments and property of others in your care) and personal property of others. Choose a causes-of-loss form: basic, broad or special.
374 words, about 2 min06Casualty Insurance Fundamentals and Liability Concepts
Every liability analysis starts with four elements: duty (reasonable person standard), breach , proximate cause and damages . Related doctrines to recognize: negligence per se (statute sets the standard), res ipsa loquitur (the thing speaks for itself), strict liability (products, abnormally dangerous activity), vicarious liability (employer for employee within scope), attractive nuisance, and assumption of risk.
347 words, about 2 min07Automobile Insurance
Part A liability (bodily injury and property damage), Part B medical payments, Part C uninsured/underinsured motorists, Part D damage to your auto (collision and other than collision), Part E duties after an accident, Part F general provisions. Learn the definition of your covered auto, newly acquired autos (short automatic window), temporary substitute autos and non-owned autos.
358 words, about 2 min08Commercial General Liability and Related Liability Lines
Coverage A covers bodily injury and property damage caused by an occurrence (an accident, including continuous exposure). Coverage B covers personal and advertising injury, which is offense-based (libel, slander, invasion of privacy, wrongful eviction, infringement in an advertisement) and does not require an accident.
350 words, about 2 min09Workers' Compensation and Employer's Liability
Workers compensation is a statutory no-fault system: the employee gives up the right to sue the employer in tort, and the employer pays benefits regardless of fault for injuries arising out of and in the course and scope of employment. The exclusive remedy doctrine limits employer exposure to the statutory schedule plus Part Two employer's liability coverage for suits outside the comp statute (typically 1,000,000 per accident / 1,000,000 disease-each-employee / $1,000,000 disease-policy limit).
365 words, about 2 min