Which kind of losses are covered under a standard fire policy? Correct
Answer - Direct
All fires are not covered by the Standard Fire policies, only those that:
Correct Answer - are hostile and have a flame or glow
At what time does a fire policy go into affect? Correct Answer - 12:01am
standard time at the location of the insured's property
A property is insured under two Standard Fire policies for $25,000 each. A fire
causes $10,000 worth of damage. What is the maximum amount the insured
may collect under each policy? Correct Answer - $5,000
A fire burning in the middle of the living room would be considered: Correct
Answer - a hostile fire
An insured's house is damaged by fire caused by a neighbor's negligence. The
insurance company will attempt to recover damage from the neighbor. This is
called: Correct Answer - subrogation
Which of the following statements are true concerning requirements of the
standard fire policy? Correct Answer - The insured must separate
damaged from undamaged property in the event there is a loss AND If a loss
occurs, the insured normally has 60 days to file a proof of loss with the insurer
Which types of property are excluded from coverage under the basic fire
policy? Correct Answer - accounts, currency, deeds, and securities
Who is insured under the Standard Fire policy? Correct Answer - the
named insured and his legal representatives
An agreement which affords temporary insurance protection until the policy
is issued is called: Correct Answer - a binder
,as a general rule, a complete fire insurance policy would be made up of:
Correct Answer - the Standard Fire policy with one or more forms
attached
The one condition listed below which will not void a fire policy:
a) false swearing
b) misrepresentation
c) over-insurance
d) concealment Correct Answer - over-insurance
replacement cost minus depreciation: Correct Answer - Actual Cash
Value (ACV)
The Standard Fire policy with an extended coverage endorsement attached
covers which of the following: Correct Answer - riot
A loss due to order of Civil Authority: Correct Answer - is excluded
unless the loss occurs because of an order by Civil Authorities for the purpose
of controlling a fire
The term "unoccupancy" refers to the absence of : Correct Answer -
persons from a building
Suppose a fire occurs on February 26th. On April 30th, the insurance company
notifies the mortgagee the insured has not filed a proof of loss. To protect
their interest, the mortgagee must file a proof of loss within _________ days after
what date? Correct Answer - 60 days after April 30th
For recovery under the Standard Fire policy, a party must: Correct Answer
- be named in the policy and show an insurable interest in the property at
the time the loss occurs
What is the requirement on how much experience one must have to be elected
the insurance commissioner in Georgia? Correct Answer - None
Once elected, how long is the insurance commissioner's term? Correct
Answer - 4 years
, Is there a limit on the number of terms an insurance commissioner can serve?
Correct Answer - No
Who is Georgia's current insurance commissioner? Correct Answer -
Ralph Hudgens
What two capacities does Georgia's insurance commissioner serve? Correct
Answer - 1. Chief Officer of Insurance Dept.
2. Chief Fire Marshall
What happens if the Insurance Commissioner has to resign early? Correct
Answer - No election; the Chief Deputy will take over
What is the requirement to serve as Chief Deputy in Georgia? Correct
Answer - must have a bond in the amount of $15,000
If you are a domestic insurer in Georgia, how often does code say your
financials must be examined? Correct Answer - once every 5 years
Only one court in Georgia has the right to overturn the decision of the
Insurance Commissioner. Which is it? Correct Answer - Superior Court
of Fulton County
What certificate is required for a company to be an authorized insurer in
Georgia? Correct Answer - Certificate of Authority
Surplus Lines Risk Correct Answer - has been rejected by 3 authorized
insurers
What is the primary reason the state of Georgia would revoke an insurance
company's certificate to authorize? Correct Answer - if they're under
financial distress
What are the requirements to be a licensed producer in Georgia? Correct
Answer - must be at least 18 years old, take a 40 hour course, pass
licensing exam, apply for license, pass background check
Which of the following would be considered an "offer"? Correct Answer -
the applicant submits an application to the company with payment
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