NJ Ga Property & Casualty Insurance Study Guide.pdf file:///C:/Users/HP/Desktop/New%20folder%20(4)/NJ%20Ga%20Pro
NJ Ga Property & Casualty Insurance
Study Guide
1. 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
2. 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
3. Financial Responsibility: may be show by the following:
1. Personal automobile insurance - Liability coverage
2. Motor vehicle bond
3.Cash or security deposit
4. Compulsory Insurance Laws: 25/50/25 state minimum limits (split)
$25,000 bodily injury per person
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,NJ Ga Property & Casualty Insurance Study Guide.pdf file:///C:/Users/HP/Desktop/New%20folder%20(4)/NJ%20Ga%20Pro
$50,000 bodily injury per occurrence
$25,000 property damage Or
$75,000 - Combined single limits
5. Policy Terms: either 6 months or 1 year
6. 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
7. 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
8. GA Assigned Risk: when someone cannot qualify for insurance, high premium
9. 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
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,NJ Ga Property & Casualty Insurance Study Guide.pdf file:///C:/Users/HP/Desktop/New%20folder%20(4)/NJ%20Ga%20Pro
are one in the same for liability claims
10. Territorial Limits: o United States
o Canada
o United States Territories & Possessions
Puerto Rico
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