Georgia Property and Casualty Insurance Exam COMPLETE 500 QUESTIONS AND CORRECT DETAILED ANSWERS (VERIFIED ANSWERS) |ALREADY GRADED A+
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Georgia Property and Casualty Insurance
Institution
Georgia Property And Casualty Insurance
Georgia Property and Casualty Insurance Exam COMPLETE
500 QUESTIONS AND CORRECT DETAILED ANSWERS
(VERIFIED ANSWERS) |ALREADY GRADED A+
What is a Homeowners Insurance Policy? - CORRECT ANSWER
A standardized package insurance policy for residential real
estate owners.
What does a Homeowners ...
COMPLETE
Georgia Property and Casualty Insurance Exam
500 QUESTIONS AND CORRECT DETAILED ANSWERS
(VERIFIED ANSWERS) |ALREADY GRADED A+
What is a Homeowners Insurance Policy? - CORRECT ANSWER
A standardized package insurance policy for residential real
estate owners.
What does a Homeowners Insurance Policy cover? - CORRECT
ANSWER Financial loss from fire, theft, public liability, and
other common risks.
What is the Dwellings Policy also known as? - CORRECT
ANSWER Coverage A
What does the Dwellings Policy cover? - CORRECT ANSWER
Repairing or rebuilding your home after it's damaged by
something covered by your insurance.
What are examples of damages covered by the Dwellings
Policy? - CORRECT ANSWER A falling tree branch or bursting
frozen pipes.
What is commercial insurance also known as? - CORRECT
ANSWER Business insurance
What does commercial insurance protect a business from? -
CORRECT ANSWER Future risks
,What types of coverage may be included in a commercial
insurance policy? - CORRECT ANSWER Business property
damage, loss of income due to business interruption, legal
issues, theft, and employees' grievances
What types of losses does commercial insurance cover? -
CORRECT ANSWER Losses related to unexpected events like
lawsuits, accidents, or natural disasters
What is inland marine insurance an offshoot of? - CORRECT
ANSWER Ocean marine insurance
What does inland marine insurance cover? - CORRECT
ANSWER Equipment, tools, and other property used at a job
site, stored at a warehouse, or moved over land
What is the purpose of each type of inland marine
insurance? - CORRECT ANSWER To cover a specific type of
property
National Flood Insurance Program - CORRECT ANSWER The
federal government's program to provide Flood insurance at
subsidized rates.
Insurance - CORRECT ANSWER protection against possible
financial loss
Insurable Interest - CORRECT ANSWER Any financial interest
in life or property such that, if the life or property were lost
or harmed, the insured would suffer financially.
,Risk - CORRECT ANSWER Degree of uncertainty of return on
an asset; in business, the likelihood of loss or reduced profit.
Hazard - CORRECT ANSWER (n.) risk, peril; (v.) to expose to
danger or harm; to gamble
Peril - CORRECT ANSWER cause of loss
Loss - CORRECT ANSWER The basis of a claim for damages
under the terms of a policy
Loss Valuation - CORRECT ANSWER A factor in determining
the premium charged and the amount of insurance required.
Proximate Cause - CORRECT ANSWER Legal cause; exists
when the connection between an act and an injury is strong
enough to justify imposing liability.
Deductible - CORRECT ANSWER Amount you must pay before
you begin receiving any benefits from your insurance
company
Indemnity - CORRECT ANSWER a payment for damage or loss
Limits of Liability - CORRECT ANSWER The maximum amount
of money the insurance company will pay for a particular
loss, or for loss during a period of time.
Coinsurance/Insurance to Value - CORRECT ANSWER Splitting
or spreading of risk among the insurance company and the
insured. It rewards you when you buy adequate amounts of
coverage, but if you dont.
, Occurence - CORRECT ANSWER something that happens
Cancellation - CORRECT ANSWER The termination of an in-
force insurance policy by either the insured or the insurer
prior to the expiration date shown in the policy.
Non-renewal - CORRECT ANSWER A decision by an insurance
company not to renew a policy.
Vacancy - CORRECT ANSWER an empty area or space
Liability - CORRECT ANSWER (n.) a debt; something
disadvantageous
Negligence - CORRECT ANSWER careless neglect, often
resulting in injury
Binder - CORRECT ANSWER A temporary written or oral
agreement to provide insurance coverage until a formal
written policy is issued.
What is an insurance endorsement? - CORRECT ANSWER An
insurance endorsement is an amendment to a property and
casualty insurance policy.
What can an insurance endorsement do? - CORRECT ANSWER
It can add, remove, or change the policy's coverage.
Are endorsements legally binding? - CORRECT ANSWER Yes,
endorsements are legally binding and enforceable by law.
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