10/23/24, 8:10 PM GEORGIA ADJUSTER EXAM / GA ADJUSTER EXAM 2 LATEST VERSION ACTUAL EXAM AND STUDY GUIDE 137 QUESTIO…
GEORGIA ADJUSTER EXAM / GA ADJUSTER
EXAM 2 LATEST VERSION ACTUAL EXAM AND
STUDY GUIDE 137 QUESTIONS AND CORRECT
DETAILED ANSWERS
Terms in this set (137)
An insured's business is damaged because of a fire
Consequential also known and he is forced to close business temporarily for
as Indirect Loss repairs. As a result the insured lost income. What type
of loss is this?
The insured crashes into a porch and the person
sitting on the porch. The person on the porch is
injured. The insured's insurance policy has a limit set at
$500,000. This amount applies to the total of damages
for any bodily injury and property damage resulting
Combined Single
from one accident. Which type of limit of liability does
the insured have? This single dollar limit of liability
applying to the total of damages for bodily injury and
property damage combined resulting from one
accident or occurrence
If a liability policy had split limits of 100/300/100, what
is the maximum amount that would be payable in the
$100,000 event of injury to a single person? The first limit shown
is the most the policy will pay for bodily injury to any
one person
,10/23/24, 8:10 PM GEORGIA ADJUSTER EXAM / GA ADJUSTER EXAM 2 LATEST VERSION ACTUAL EXAM AND STUDY GUIDE 137 QUESTIO…
What kind of liability would a person with a swimming
pool have?
Absolute
Any conduct that is inherently dangerous imposes this
liability. The claimant does not have to prove
anythhing.
Only to individuals An agent license can be issued
A change in the risk that If a policy has been in affect for at least 60 days or is
substantially increases the due for renewal, a cancellation may only be affected
hazard insured against for this reason
An insurer that holds a Certificate of Authority in the
Authorized Insurer
state in which it transacts business is considered to be
An insured must get advanced warning if the
premiums will be increased by more than
15% Written notice of an increase in premiums that exceed
this amount of the current policy's premium must be
delivered or mailed to the insured at least 45 days
before the effective date of the change
The insurance principle that states if a policy allows
for greater compensation than the financial loss
Indemnity
incurred, the insured may only receive benefits for the
amount lost.
Insurance is a contract by which one seeks to protect
Loss
another from
, 10/23/24, 8:10 PM GEORGIA ADJUSTER EXAM / GA ADJUSTER EXAM 2 LATEST VERSION ACTUAL EXAM AND STUDY GUIDE 137 QUESTIO…
The loss settlement based on the reasonable and fair
portion that the lost or damaged part bears to the
total value of the set
In the event of a loss to only part of a pair or set,
losses will be settled either by repairing or replacing
the damaged part or by paying the difference
Pair and Set Clause between the actual cash value before and after the
loss.
Provides the insurer a method of settling a loss when
only a part of the insured pair or set is damaged. The
insurer will pay for the loss or damage to an insured
item, plus the amount that the loss of one item
detracts from the value of undamaged item(s) of the
pair or set.
Insuring clause, The essential parts of an insurance policy
Exclusions, Conditions
Because an insurance policy is legal contract, it must
conform to the state laws governing contracts which
require all the following statements except
Conditions
Legal purpose, Consideration, Conditions, Offer and
Acceptance
An insurance contract must contain all of the
following to be considered legally binding EXCEPT
Offer and Acceptance, Consideration, Beneficiary's
Beneficiary's consent Consent, Competent Parties
The essential elements of a legal contract are
Offer and Acceptance, Consideration, Competent
Parties, Legal Purpose
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