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GA PROPERTY & CASUALTY TEST Exam Questions and Answers (Latest Update 2023 Verified Answers)
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GA PROPERTY & CASUALTY TEST Exam Questions and Answers (Latest Update 2023 Verified Answers)
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GA PROPERTY & CASUALTY TEST Exam Questions and Answers (Latest Update 2023 Verified Answers)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 MIGHT INDICATE?
- Correct Answer ✅MORAL HAZARD
PURE & SPECULATIVE RISK - Correct Answer ✅THE RISK OF LOSS MAY BE CLASSIFIED AS?
AGGREGATE LIMIT OF LIABILITY - Correct Answer ✅Defined as the MAXIMUM LIMIT of coverage available under a liability policy DURING A POLICY YEAR- irregardless of the number of choices that may occur
COMBINED SINGLE - Correct Answer ✅MAMA IS DRIVING HER CAR THROUGH A RESIDENTIAL AREA AND LOOSES CONTROL OF THE CAR AND CRASHED INTO CASY'S FRONT PORCH. CASEY GETS INJURED. MAMA'S LIABILITY INS. POLICY HAS A LIMIT SET AT $500,000. THIS AMOUNT APPLIES TO THE TOTAL OF DAMAGES FOR ANY BODILY INJURY AND PROPERTY DAMAGE RESULTING FROM ONE ACCIDENT. GA PROPERTY & CASUALTY TEST Exam Questions and Answers (Latest Update 2023 Verified Answers)
Which type of limit of liability does Mama have?
RETENTION - Correct Answer ✅WHEN A PERSON DECIDES NOT TO BUY INSURENCE BECAUSE OF THE COST - WHAT METHOD OF RISK AS BEEN UNDERTAKEN?
THE LAW - Correct Answer ✅LEGAL LIABILITY IS WHEN A PERSON IS CONSIDERED LIABLE FOR DAMAGE ACCORDING TO?
RETENTION - Correct Answer ✅WHEN APRIL PURCHASED AN INSURENCE PLOICY WITH A LARGE DEDUCTIBLE - WHAT RISK MANAGEMENT TECHNIQUE
WAS SHE PARCTICING?
APPRAISAL, CANCELLATION & NON-RENEWAL, AND
SUBROGATION - Correct Answer ✅WHAT ARE THE 3 CONDITIONS COMMONLY FOUND IN THE INSURENCE POLICY?
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