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Personal Lines Producer - Series 107 — Information & Free Practice

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Personal Lines Producer - Series 107

Provider
PSI Services LLC
Format
Computer-administered examination at a PSI testing location
Exam questions
100 scored questions; the bulletin permits 5 to 10 additional unscored experimental questions
Time limit
120 minutes
Passing score
70% correct
Exam fee
$36.00
Examination outline
  • Louisiana Insurance Regulation (15%)
    • Licensing
    • Fingerprinting requirements (22:1694)
    • Background check (22:1694)
    • Application (22:1694)
    • Pre-licensing requirements (22:1571)
    • Types of licenses (22:1547, 1962(F))
    • Individual producer (22:1542(6), 1546(A))
    • Business entity (22:1542(2), 1546(B))
    • Resident versus nonresident (22:1546, 1548, 1560)
    • Temporary (22:1553)
    • Maintenance and duration
    • Refusal, suspension, revocation (22:1547; 22:1554)
    • Renewal/nonrenewal (22:1547(C); 22:1142; 22:887)
    • Reinstatement (22.1142)
    • Change of name, address, telephone number (22:1547(G))
    • Assumed names (22:1552)
    • Reporting of actions (22:1563)
    • Continuing education requirements including exemptions and penalties (37:XI:10.703, .705 & Rule 10.711)
    • Inactivity due to extenuating circumstances
    • Inactivity due to military service
    • Disciplinary actions
    • Hearings (22:1968, 2191, 2193-2195, 2197, 2198, 2204-2208)
    • Cease and desist order (22:1969)
    • Civil/criminal (22:1554)
    • Penalties/fines (22:16; 22:1457; 22:1969-1970)
    • State regulation
    • Commissioner's general duties and powers (22:2, 1967)
    • Acts constituting insurance transaction (22:23; 22:1542(6)
    • Negotiate (22:23; 22:1542(6)
    • Sell (22:23; 22:1542(6)
    • Solicit (22:23; 22:1542(6)
    • Company regulation
    • Certificate of authority (22:65, 66)
    • Solvency (22:571)
    • Financial requirements (22:571)
    • Records maintenance (22:68)
    • Policy forms/rates/exceptions (22:864)
    • State of domicile
    • Producer regulation
    • Controlled business (22:1544(C))
    • Policy and application signatures (R.S. 9:2605)
    • Premium payment (H.B.-1032 (13); 22:855)
    • Producer representation
    • Commissions/compensations/fees ((22:1542 (3); 22:1557)
    • Fiduciary responsibility
    • Records maintenance (22:68)
    • Claims reporting (22:523)
    • Prohibited or unfair trade practices (22:1964)
    • Misrepresentation (22:1964(1, 18))
    • False or deceptive advertising (22:1964(2))
    • Defamation (22:1964(3))
    • Boycott, coercion and intimidation (22:1964(4))
    • False financial statements (22:1964(5))
    • Unfair discrimination (22:1964(7); 22:34)
    • Rebating and twisting (22:1964(8); 37:XIII.575 (B)(1)
    • Prohibited fees/premium/extra charges (22:1964)
    • Discrimination (22:34; 22:1964 (7)
    • Larceny, acting without a license (22:1964)
    • Claims settlement (22:1964)
    • Misappropriation of funds (22:1964)
    • Testimonials and comparisons (22:1964)
    • Non-disclosure of fees or charges (22:1964)
    • Examination of books and records (22:1967, 1981, 1990)
    • Privacy of Consumer Financial Information (37:XIII.9903– .9953)
    • Federal regulation
    • Other federal regulations (e.g.Do Not Call List) (https://www.donotcall.gov)
  • Licensing and Regulation (2%)
    • Federal Regulation
    • Fair Credit Reporting Act
    • Fraud and False Statements (18 USC Sections 1033 and 1034)
    • Privacy (Gramm Leach Bliley)
    • National Flood Insurance Program
  • General Insurance Concepts (13%)
    • Risk
    • Methods of Handling Risk (e.g., Avoidance, Retention, Sharing, Reduction, Transfer)
    • Elements of Insurable Risks
    • Definitions (e.g., Risk, Hazard, Peril, Loss)
    • Classifications of Insurers
    • Mutual, Stock
    • Admitted, Non-Admitted
    • Foreign, Domestic, Alien
    • Elements of a Contract
    • Consideration
    • Competent Parties
    • Legal Purpose
    • Offer
    • Acceptance
    • Authority and Powers of Producers
    • Express
    • Implied
    • Apparent
    • The Law of Agency
    • Legal Interpretations Affecting Contracts
    • Reasonable Expectations
    • Indemnity
    • Good Faith
    • Fraud
    • Warranties, Representations, Misrepresentations, and Concealment
  • Property and Casualty Insurance Basics (25%)
    • Insurable Interest
    • Liability
    • Absolute
    • Strict
    • Vicarious
    • Underwriting
    • Purpose
    • Process
    • Rate Development
    • Types
    • Components
    • Types of Hazards
    • Types of Perils
    • Named
    • Special
    • Types of Loss
    • Direct
    • Indirect
    • Loss Valuation
    • Actual Cash Value
    • Replacement Cost
    • Functional Replacement Cost
    • Market Value
    • Agreed Value
    • Valued Policy
    • Basic Types of Construction
    • Negligence
    • Torts
    • Elements of a Negligent Act
    • Defense Against Negligence
    • Accident versus Occurrence
    • Policy Structure
    • Declarations
    • Definitions
    • Insuring Agreement
    • Supplementary Coverage
    • Conditions
    • Exclusions
    • Endorsements
    • Policy Conditions
    • Insureds
    • Policy Period
    • Policy Territory
    • Cancellation and Non-Renewal
    • Deductibles
    • Other insurance (e.g. Primary and Excess, Pro Rata, Nonconcurrency, Contribution by Equal Shares)
    • Limits of Liability
    • Per Accident
    • Per Occurrence
    • Per Person
    • Aggregate
    • Split
    • Combined Single Limit
    • Coinsurance
    • Purpose
    • Definition
    • Calculation
    • Penalties
    • Total versus Partial Loss
    • Specific, Scheduled, and Blanket Insurance
    • Vacant versus Unoccupied
    • Named Insured Provisions
    • First Named Insured versus Other Insureds
    • Duties After Loss
    • Assignment
    • Waiver of Rights
    • Insurer Provisions
    • Liberalization
    • Subrogation
    • Claim Settlement Options
    • Duty to Defend
    • Third-Party Provisions
    • Standard Mortgage Clause
    • Loss Payable Clause
    • No Benefit to the Bailee
    • Louisiana laws, regulations and required provisions
    • Louisiana Valued Policy Law (22:1318)
    • Louisiana Insurance Guaranty Association (22:2051–2070)
    • Louisiana standard fire insurance policy (22:1311)
    • Wind and Hail Associations
    • Assigned risk/JUA
    • Cancellation and nonrenewal (22:887)
    • Homeowners (22:1265, 1333, 1335, 1336)
    • Binders (22:870, 1555)
    • Loss payment (22:1892)
    • Arbitration (R.S. 9:4201-4206)
    • Certificates of insurance (22:890 1&2)
    • Federal Terrorism Insurance Program 15 USC 6701; Public Law 107-297, 109-144, 110-160)
  • Dwelling Policy Concepts (9%)
    • Dwelling Policy
    • Characteristics
    • Eligibility
    • Purpose
    • Policy Definitions
    • Coverage Forms Specifying Perils Insured Against
    • DP-1 Basic
    • DP-2 Broad
    • DP-3 Special
    • Property Coverages
    • Dwelling
    • Other Structures
    • Personal Property
    • Fair Rental Value
    • Additional Living Expense
    • Dwelling Policy Exclusions
    • Dwelling Policy Conditions
    • Dwelling Policy Endorsements
    • Automatic Increase in Insurance
    • Dwelling Under Construction
    • Theft Coverage
    • Personal Liability Supplement
  • Homeowners Policy Concepts (17%)
    • Homeowners Policy
    • Characteristics
    • Eligibility
    • Purpose
    • Policy Definitions
    • Perils Insured Against
    • Basic
    • Broad
    • Special
    • Homeowners Policy Coverage Forms
    • Broad (HO-2)
    • Special (HO-3)
    • Contents Broad (HO-4)
    • Unit-Owners (HO-6)
    • Modified Coverages (HO-8)
    • Property Coverages
    • Dwelling
    • Other Structures
    • Personal Property
    • Loss of Use
    • Additional Coverages
    • Liability Coverages
    • Personal Liability
    • Medical Payments to Others
    • Homeowners Policy Exclusions
    • Homeowners Policy Conditions
    • Homeowners Policy Endorsements
    • Business Pursuits
    • Earthquake
    • Home Day Care
    • Personal Injury
    • Personal Property Replacement Cost
    • Watercraft
    • Identity Theft
    • Scheduled Personal Property/Personal Articles Floater
  • Personal Automobile Policy (15%)
    • Personal Automobile Policy
    • Definitions
    • General Provisions
    • Conditions
    • Duties After an Accident
    • Endorsements
    • Amendment of Policy Provisions — Louisiana (PP 01 95) 02/12
    • Extended Non-Owned Coverage (PP 03 06) 01/05
    • Miscellaneous Type Vehicle (PP 03 23) 01/05
    • Joint Ownership Coverage (PP 03 34) 01/05
    • Named Driver Exclusion — Louisiana (PP 13 43) 09/06
    • Personal Automobile Policy Liability
    • Bodily Injury and Property Damage
    • Supplemental Payments
    • Persons Insured
    • Exclusions
    • Expenses for Medical Services
    • Uninsured/Underinsured Motorist Coverage
    • Physical Damage
  • Other Types of Property Insurance (4%)
    • Personal Umbrella and Excess Policies
    • Mobile Home Policy
    • Purpose of Difference in Conditions
    • Flood and Earthquake Insurance Coverages
    • Louisiana Citizens Property Insurance Corporation (LRS 22:2291–2314)
    • FAIR and Coastal Plans (LRS 22:2321)
Examination sources

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