Georgia Property and Casualty Insurance verified/passed!(bundled)

Property and Casualty Insurance Study GEORGIAInsurance - correct answer transfer of risk from a person or business to an insurer Speculative risk - correct answer A chance of loss, no loss, or gain. Pure Risk - correct answer a risk that presents the chance of loss but no opportunity for ga...

GA PROPERTY & CASUALTY INSURANCE TEST - PERSONAL AUTOPersonal Automobile Policy - correct answer • Accounts for 40% of all premiums • Vehicles registered to individuals and operated primarily for personal activities o Driving to work is a personal activity o Policy allows use of vehicle f...

Georgia life/health insurance exam insurance - correct answer the possibility of transferring risks (sharing loses) from an individual to a group insurance contract - correct answer 2 parties: 1. the insurer aka insurance company or principle 2. policyowner/holder insurer - correct answ...

GA PROPERTY & CASUALTY INSURANCE TEST - COMMERCIAL GENERAL LIABILITY Commercial General Liability (CGL) - correct answer • Making contact with the public could result in a claim of injury or damage brought against the insured • Needed for commercial insureds to cover claims involving liabili...

Georgia Laws and Rules PertinentA stock insurance company is BEST defined as an incorporated company that has its capital divided into shares and - correct answer is owned exclusively by its shareholders If an agent tells an applicant that an insurance policy is like a share of stock, the agent ...

Georgia Property and Casualty Insurance coverage EXCLUDED for HO policies - correct answer flood coverage EXCLUDED for HO policies - correct answer landslides coverage EXCLUDED for HO policies - correct answer mudslides not insurable on HO policies - correct answer land on which a hou...

GA Insurance Property and CasualtyInsurance Transfer - correct answer the risk of loss from an individual or business entity to an insurance company. Law of large numbers - correct answer states that the larger the number of people with a similar exposure to loss, the more predictable actual lo...

GA PROPERTY & CASUALTY TEST PURE RISK - correct answer TYPE OF RISK WHICH INSURANCE COMPANIES WILL INSURE IS CALLED? RANDY, THE OWNER OF A SMALL BUSINESS APPLIED FOR FIRE INSURANCE WITH LIMITS EQUAL TO 100% of THE PROPERTY VALUE. HE HAD A HUGE UNSOLD INVENTORY AND A LARGE GAMBLING DEBT. THIS MI...

Georgia- Property & CasualtyAll of the following are true regarding aviation insurance EXCEPT: - correct answer It can be added to the CPP A customer has 5 identical vases that are insured on an inland marine floater for $30,000 and 1 of the vases is stolen. The remaining 4 vases are appraised a...

PROPERTY & CASUALTY QUESTIONS GA EXAM The arbitration clause in a personal auto policy would be used in which of the following circumstances? A. The ins company and a pedestrian struck by the insured's auto cannot reach an agreement regarding the settlement of a claim. B. The insured and an ...

Georgia casualty and propertyFor the reported losses of an insured group to become more likely to equal the statistical probability of loss for that particular class, the insured group must be - correct answer Larger What is the basis for a claim against an insurance policy? - correct answer Lo...

Property and Casualty Ga ExamAbsolute Liability - correct answer One is absolutely liable with no defense Actual Cash Value (ACV) - correct answer Cost to replace an item of property at time of loss minus depreciation. Often used to determine the amount of reimbursement for loss. Appurtenant...

Property and Casualty Georgia Insurance - correct answer the transfer of risk from a person or business to an insurer Risk - correct answer the uncertainty/possibility of a loss The 2 types of Risk - correct answer Speculative and Pure Peril - correct answer a cause of loss Direct -...

Property and Casualty Insurance Pro-Rate - correct answer the insurer is initiating the cancellation, entire unearned premium is refunded Short-Rate - correct answer the insured does not receive full premium (expenses and costs are subtracted) Other Insurance Clause (pro-rata liability) - ...

Property & Casualty Georgia Insurance Liability Coverage - correct answer Supplementary payments, found in Part A - Liability, include expenses incurred by the insured at the insurer's request, including $200 per day for attending trials or hearings. Proof of Loss - correct answer Proof of lo...

Georgia Laws, GA Property & CasualtyThe Commissioner - correct answer Chief executive officer of the office of Insurance . . . Insurance and Safety Fire Commissioner Chief Deputy I.C. - correct answer Has a $15,000 bond The Commissioner Term - correct answer Elected by the public for a 4 ye...

Georgia Property & Casualty Exam. indemnity - correct answer Referred to as reimbursement. So, in the event of loss it restores what was lost. Nothing more, nothing less. Subrogation - correct answer This is the insurers legal right to seek damages from third parties. This is to prevent the in...

Property and Casualty Insurance Licensing ExamTo prevent recovery beyond the amount of the insured's actual loss, the policy will contain: - correct answer An Other Insurance Clause Collision coverage of an auto policy covers: a) road damage to the tires b) upset of the vehicle c) frozen eng...

Georgia- Pre-License Certification Exam - Property and Casualty GeneralYour house burns down because your neighbor negligently burned leaves on a windy day. Your HO policy will pay for your loss and then ____________ to your neighbor to recover the amount paid. - correct answer On a Business Au...

GA Property & Casualty ExamInsurance policy covers what type of losses - correct answer Direct and Indirect In order to have an indirect loss, you must have - correct answer a direct loss What does property insurance cover? - correct answer structures and contents Direct loss - correct ...

Georgia Property & Casualty Pre-Licensing Course The Casualty Basket - correct answer all of the policies that aren't covered by Life and Health Insurance or Property Insurance Main Policy Type in the Casualty Basket - correct answer policy type... - liability insurance Liability Insuranc...

GA PROPERTY & CASUALTY INSURANCE TEST - OCEAN & INLAND MARINEOcean Marine Insurance - correct answer - nonfiled contracts insuring ships and their cargo - insurance designed to provide broad coverage for cargo and ships in transit over sea. -Includes Cargo insurance, Hull insurance, Freight and ...

GA Insurance Rules and RegulationsNational Association of Insurance Commissioners (NAIC) - correct answer -Non-profit organization -Drafts model legislation addressing emerging problems in industry -Helps keep state laws uniform while maintaining more localized control The ______ elect Ins...

Georgia Property & Casualty Pre-Licensing Quiz 1 (Geico) Insurance - correct answer Means to transfer risk from one person or organization to a company, thereby allowing a sharing of losses among all the insured persons or organizations. Loss - correct answer Suffering financial harm; A reduct...

Georgia Property and Casualty testEach of the following is generally considered to be an insurable risk EXCEPT: A. catastrophic B. Accidental C. Economic D. Measurable - correct answer A) Catastrophic Which of the following is considered to be a "participating" Insurer? A. a mutual insu...

Georgia Property and Casualty ExamProperty Insurance - correct answer Items that are tangible: all structures in a policy will be classified as _______________ Casualty - correct answer Liability Coverage, 3rd party coverage. Two parties of insurance policy - correct answer Insured and Carr...

Georgia- Pre-License Certification Exam - Georgia Property and Casualty LawThe Commissioner of Insurance is: - correct answer Elected by the people of Georgia A Florida insurer who is authorized to do business in this State is known as a(n) _______ insurer: - correct answer Foreign The state...

GA PROPERTY & CASUALTY INSURANCE TEST - FIDELITY & SURETY BONDSFidelity Bonds - correct answer -Bonds that are a form of insurance that protects an employer against losses sustained due to acts of dishonest employees. -Those that benefit from this protection are: 1.Businesses 2.Non-profits 3.Ch...

Georgia Property and Casualty Agent3 lines of personal property lines - correct answer dwelling and contents, homeowners, mobile homes 3 types of dwelling policy forms - correct answer DP-1, DP-2, DP-3 DP-1 - correct answer Basic form DP-2 - correct answer Broad form DP-3 - correct ...

GEORGIA PROPERTY & CASUALTY BLANKET - correct answer A policy which insures all property at multiple locations for a single amount is referred to as SPECIFIC COVERAGE - correct answer Property insurance which provides 100,000 coverage for a building and 50,000 coverage for personal property at...