Louisiana Insurance Regulations
This Louisiana official has the authority to suspend or revoke an insurance producer’s license.
Who is the Commissioner of Insurance?
This homeowners form is designed specifically for tenants and renters.
What is HO-4?
Louisiana law requires drivers to carry this type of coverage for injuries to others.
What is bodily injury liability coverage?
This policy protects businesses against claims of bodily injury and property damage liability.
What is Commercial General Liability (CGL)?
This principle states that losses should be shared among many policyholders.
What is risk pooling?
An insurance producer in Louisiana must notify the Commissioner of an address change within this number of days.
What is 30 days?
This homeowners form is commonly used for condominium owners.
What is HO-6?
This auto coverage pays for damage to the insured vehicle caused by overturn or collision.
What is collision coverage?
This commercial property valuation method replaces property without deduction for depreciation.
What is replacement cost?
This term refers to situations that increase the possibility of loss.
This act occurs when a producer induces a policyholder to drop one policy for another through incomplete or misleading comparisons.
What is twisting?
Under homeowners policies, this coverage applies to detached garages and sheds.
What is Coverage B – Other Structures?
This coverage applies when an insured driver causes damage to another person’s property.
What is property damage liability?
This policy covers losses to business income after a covered property loss.
What is business interruption insurance?
A hazard involving carelessness or indifference to loss is classified as this type.
What is a morale hazard?
This Louisiana requirement ensures insurers have enough funds to meet future claims obligations.
What is maintaining reserves/solvency requirements?
This cause of loss is excluded under standard homeowners policies and requires separate coverage in Louisiana.
What is flood damage?
This coverage protects insureds struck by drivers who carry no liability insurance.
What is uninsured motorist coverage?
This bond guarantees that contractors will complete work according to contract terms.
What is a performance bond?
This legal element must exist for negligence to be proven.
What is duty, breach, causation, and damages?
This organization protects Louisiana policyholders if an insurer becomes insolvent.
What is the Louisiana Insurance Guaranty Association (LIGA)?
This homeowners policy condition requires the insured to protect property from further damage after a loss.
What is mitigation of damages / duties after loss?
In Louisiana, uninsured motorist coverage is automatically included unless this occurs.
What is rejection in writing by the insured?
This commercial crime coverage protects against employee theft.
What is employee dishonesty coverage?
This condition exists when a person would suffer financial loss from damage to insured property.
What is insurable interest?