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Ga Property & Casualty Insurance Study Guide Questions and Answers
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Ga Property & Casualty Insurance Study Guide Questions and Answers
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Ga Property & Casualty Insurance StudyGuide Questions and Answers
Strict Liability Correct Ans-not allowed to have defense, such as manufacturers defects;
i.e.recalls due to defects (Manufacturers)
Absolute Liability Correct Ans-without defense; impacts employers involving workplace
accidents; such as employer's worker's compensation coverage for workplace accidents, based
on Absolute Laws. (Employers)
Vicarious liability Correct Ans-people are held accountable for the actions of someone else .
(kids, contractors, employees)
Types of Damages Correct Ans--Liability claims that others file for.
a. Specific - tangible with value that is known, damages/injuries that you can see (BI & PD) i.e.BI
= Broken arm PD = windstorm damages
b. General - intangible, compensation depends on the person, no specific value, pain &
suffering, mental anguish
c. Compensatory - combination of specific and general or tangible & intangible (BI with pain &
suffering)
d. Punitive - dollar value associated with punishment due to gross negligence, ex: DUI
Specific Correct Ans-tangible with value that is known, damages/injuries that you can see (BI
& PD) i.e.BI = Broken arm PD = windstorm damages
,General Correct Ans-intangible, compensation depends on the person, no specific value,
pain & suffering, mental anguish
Compensatory Correct Ans-combination of specific and general or tangible & intangible (BI
with pain & suffering)
Punitive Correct Ans-dollar value associated with punishment due to gross negligence, ex:
DUI
Legal Liability Limits Correct Ans-- Occurrence - represents the most a policy can pay during
one occurrence with in the policy term
- Aggregate Limits -represents the most a policy can pay during any one policy term regardless
of # of claims.
*once you have exhausted Aggregate Limit you have no coverage
Exclusions Correct Ans--Care, Custody and Control
a. 1st Exposer - Premises (BI) is covered
b. 2nd Exposer - Possession of property belonging to others - Not Covered
Baliee Coverage Correct Ans--coverage that pays for damages or loss of other peoples
personal property
- form of Inland Marine Coverage
, i.e. coverage purchased by dry cleaners, tv repair shops, computer repair shops
Garage Keeper Coverage Correct Ans--a form of Bailee Coverage
-covers damages while mechanic or valet is in possession of vehicle
Garage Liability Correct Ans-Covers:
-Premises
-Products Liability (faulty products)
-Complete operations liability - work defects
Fire Legal Liability Correct Ans-Provides;
-Fire Damage limits
-Fire Legal Liability - pay to damage of possessed space
-Exclusion Liability- pays for damages for other spaces that you don't possess.
Personal Umbrella Liability Correct Ans--separate policy that pays excess to primary coverage
policy
-primary polices include Home Owners and Personal Auto
-if primary policy can't cover, will pay excess to satisfy claim
-pays second
-covers "Substantial Claims Liability"
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