The Louisiana Department of Insurance works to improve competition in the state’s insurance market while assisting individuals and businesses to become informed consumers of insurance. As a regulator, the LDI enforces the laws that provide a fair and stable marketplace and makes certain that insurers comply with the laws in place to protect policyholders.
This two-hour course will begin with an introduction to the Louisiana Department of Insurance, the structure of the organization, and their mission. The wide array of services available to all citizens by LDI are explained.
The insurance policy is a legal contract that defines the obligations of both parties, before, during, and after a claim. This element of the insurance process, along with the principle of indemnity, will be examined with the focus on how it protects the consumer.
In the most comprehensive module of this class, we will deconstruct the policy's major sections. The purpose and function of each are defined to show their function in the obligations of the agreement. Key elements like Exclusions, Endorsements, and Deductibles, are illustrated to show how each works in the underwriting/rating process to determine limits of coverage and premium.
Regulations play a vital role, yet they remain largely misunderstood. The process and implementation of regulations will be explained, with specific examples used to illustrate.
The final module will examine the roles and interactions of those professionals that consumers may interact with during the term of their policy. There will be a review of the LDI "Policy Holder Bill of Rights".
Instructor: Jennifer Mourain, Department of Consumer Affairs, Office of the Insurance Commissioner