Ga Property & Casualty Insurance Study Guide Questions and Answers with complete solutions
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Course
Ga Property & Casualty Insurance
Institution
Ga Property & Casualty Insurance
"Your covered automobile" - all of the vehicles that you may be driving for the coverages in the
policy and need coverage
listed on the declarations page
includes automobiles covered for newly acquired vehicles, additional and replacement
Eligible Vehicles - o Private passenger automobiles
o T...
Ga Property & Casualty Insurance Study
Guide
"Your covered automobile" - all of the vehicles that you may be driving for the coverages in the
policy and need coverage
listed on the declarations page
includes automobiles covered for newly acquired vehicles, additional and replacement
Eligible Vehicles - o Private passenger automobiles
o Trucks <10,000 lbs.
o Vans <10,000 lbs.
Owned or Leased
No business activities covered for trucks and vans
Financial Responsibility State - • Georgia is a financial responsibility state
o To legally operate an automobile in the state of Georgia, a person must show that they are able to
financially compensate the person(s) that they may injure or where they damage the other person's
property
Financial Responsibility - may be show by the following:
1. Personal automobile insurance - Liability coverage
2. Motor vehicle bond
3.Cash or security deposit
Compulsory Insurance Laws - 25/50/25 state minimum limits (split)
$25,000 bodily injury per person
$50,000 bodily injury per occurrence
$25,000 property damage
,Or
$75,000 - Combined single limits
Policy Terms - either 6 months or 1 year
Personal umbrella - separate policy for catastrophic liability claims, in excess of primary coverage;
must have primary coverage in force and raise the limits of liability
Personal Automobile Policy - • 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 for incidental business activities
GA Assigned Risk - when someone cannot qualify for insurance, high premium
Ineligible Vehicles - o Vehicles owned by businesses
o Taxis
o Motorcycles
o Trucks/Vans >10,000 lbs.
o Vehicles used for government purposes
o Vehicles furnished for the regular use of an insured by an employer
o Trailer - cannot propel itself when the trailer and the vehicle are connected, both are one in the same
for liability claims
Territorial Limits - o United States
o Canada
o United States Territories & Possessions
Puerto Rico
Guam
, United States Virgin Islands
American Samoa
o Coverage will not transfer to Mexico, can be purchased on a daily basis
Insured - -Named Insured
-Spouse, residing in household (automatically insured, even if not listed)
• If the spouse leaves the Named Insured and takes a listed vehicle with them and sets up their own
household, the vehicle is covered up to 90 days
Family members residing in household
Anyone driving with permission
Occupying - while in, on, upon, entering onto or exiting from
... - newly acquired additional
has 14 days to add to the policy
newly acquired replacement - physical damage coverage up to 14 days, all other coverage until
the end of the policy term
Coverage A - Liability- paid to other person because the insured is liable
meets the financial responsibility standard in GA
there must be proof that the insured caused the accident
Mandatory in GA
Third party coverage
Negligence must apply
Intentional acts are excluded, ex: Road Rage
o Bodily Injury
o Property Damage
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