Georgia prop and casualty -E

What's the limit for the forgery or alteration coverage in business owners policy

$2,500

Equipment breakdown coverage is written with a single limit of insurance per accident. What is the sub limit for hazardous substance clean up or repair or replacement of contaminated property

$25,000

If a policy is canceled due to nonpayment of premium how many days advance notice must the insurer give the policyholder before cancellation

10 days

Under business owners policy section one if an insurer wants to non-renew a policy for nonpayment of premium, how many days before the expiration date must the insurer notify the mortgage holder

10 days

A driver who completely defensive driving course may qualify for premium discount of

10%

A driver who completes a defensive driving course may qualify for a premium discount of

10% for 3 years

The earthquake and volcanic Irruption endorsement add it's a commercial property policies consider all earthquake success one earthquake if they occur within what maximum time.

168 hours or 7 days

Insurance must update copies of rates, plans, systems, and underwriting rules every

2 years

If the actual value exceeds the limit of insurance, the business owners policy contains a seasonal increase provision that automatically increases the limit of insurance for business personal property by

25%

An insurance agent has received a request for a hearing from the commissioner within how many days must a hearing be held

30 days

If the premiums for a policy will be increased by more than 15%, how much water must the insured get

45 days

The insurer must provide information regarding a claim within

45 days

An agent must be a resident of the state and present in the state for at least how many months each year

6

How soon after the insurer has received proof of loss must it make payment

60 days

Under the dwelling policy for what is the maximum time limit during which multiple volcanic activities would be considered part of one occurrence

72 hours

Insurer and insured degree to amount payable for a loss cover under dwelling policy how soon after the insurer has received proof of loss must it make payment

90 days

The employee death crime policy form includes a coverage extension that applies to employees temporary outside the coverage territory for up to

90 days

Strict Liability

A liability that refers to damages caused by defective products even though the main factors for negligence cannot be proven

Agreed Value

A property policy with a provision agreed upon by the insurer and insured as to the amount of insurance that represents a fair valuation for the property at the time the insurance is written.

Subrogation

A provision found in most insurance policies that gives the insurer after payment of loss caused by third-party the insurance rights to recovery against that third-party. The insurance rates are only to the extent of the loss payment

Coverage F medical payments under a homeowners policy would cover

A residence employee who is injured on the job

When other insurance is written on the same basis as a commercial property policy the obligation of the insurance to cover

A share of the loss

Physical Hazard

A type of hazard that arises from the physical characteristics of an individual, such as a physical disability due to either current circumstance or a condition present at birth.

Absolute Liability

A type of liability that occurs due to extremely dangerous operations, such as the Use of explosives or working at extreme Heights

Which of the following types of valuation works best for property whose value does not fluctuate much

Agreed value- regardless of depreciation or appreciation

How much is covered for debris removal under the HO property additional coverages

All reasonable costs

Stated amount

An amount of insurance scheduled in a property policy which is not subject to any coinsurance requirements in the event of a covered loss.

The limited that endorsement is intended for which type of property

An apartment building in which the owner does not reside

What is not covered under accounts receivable coverage form

Any loans required to offset uncollectible amounts

Under the personal auto policy, and which of the following locations would a vehicle primarily garage in California be covered

Any other state

And equipment breakdown coverage, all accidents will be considered a single accident if they occur

At a single location at the same time and from the same cause

Insurable interest in a property policy must be

At the time of loss

Georgia requires that all owners and operators of motor vehicles in the state carry which type of auto insurance as evidence of security in complying with the states financial responsibility law

Auto liability coverage

A bank manager has had several instances of employee dishonesty involving transfer of funds. His risk manager is researching the best coverage for this situation. Which bond rider should he recommend

Computer systems rider

Which of the following risks is eligible for coverage under a business owners policy

Condominiums

When an insured makes truthful statements on an application for insurance and pays the premium it is known as which of the following

Consideration

Which of the following coverages and dwelling in homeowners policies is for indirect losses

Loss of use

The purpose of the Georgia automobile insurance plan is to

Make automobile insurance available for insureds who are unable to purchase coverage in the voluntary market

What is considered a work related injury occupational disease under Worker's Compensation law

Occupational disease must be caused or aggravated by condition of the employment

All of the following are additional liability coverage is automatically provided and homeowners policy except

Personal injury

All of the following are examples of transacting insurance in Georgia except

Placing advertisements for an insurer

Medical payments

Provide coverage to the insured and any passengers in the insureds vehicle. Injuries to other persons are covered by a personal auto policy PAP

Which of the following would be the ensures duty in the event of a loss according to the duties and event of occurrence claim or suit condition

Providing specific details regarding an occurrence

A non-resident agent is allowed to conduct insurance transactions in Georgia because his home state allows Georgia residents to transact insurance business in it this is known as a

Reciprocity agreement

The Federal Fair Credit Reporting Act

Regulates consumer reports

What type of info would be found in a policies insuring agreement

Renewal dates

When an insured lose his property to another because the person used violence or threat of violence to gain the property, this is defined as

Robbery

Which if the following is included under the physical damage coverage of a personal auto policy?

Sound reproduction equipment permanently installed in the covered auto

When the amount of insurance written in a property policy is not subject to any coinsurance provision and that amount is paid in the event of a covert lost the coverage is said to be written as

Stated amount

How are surety bonds different from insurance?

Surety bonds guarantee specific duties or obligations will be fulfilled; insurance pays for losses.

A driver whose license is suspended for violating financial responsibility laws must

Surrender their drivers license

Theft coverage under an HO-8 is restricted to

The actual cash value of what was stolen, with limits for certain classes of property.

The amount and ensure will pay under coverage D (loss of use) depends on

The amount of coverage on the dwelling

A parking garage owner completed major renovations to a parking garage just prior to selling it to another company three months later overhead concrete fell onto cars in the second floor level. Under the garage coverage policy conditions which of the following is true

The damage occurred when the concrete fell

The claims may trigger is based on which of the following

The date the claim is first made

Morale Hazard

The effect a persons indifference concerning laws has on the risk to be insured

Moral Hazard

The effect of a persons reputation, character, living habits on his or her insurability

When an umbrella policy is broader than underlying insurance and it pays a loss that is not covered by the underlying policy it usually only pays

The excess over the self-insured retention. Retention is the equivalent of a deductible in property insurance

The medical payments coverage in a personal auto policy will pay reasonable medical expenses for all of the following except

The insured is injured while exiting a friend's mobile home

Which of the following is most likely to occur if it is determined by the audit that the deposit premium was too high

The insured will receive a return premium

Under a business owners policy the inspections and surveys condition specifies all of the following except

The insurer does not have the right to inspect the insured's property and operations.

The cancellation provision in a business owners policy specifies all of the following except

The method of transferring the owner's rights.

According to business owners policy section one, which of the following is not a condition to be met for the terms of the policy to apply to mortgage holders

The mortgage holder must petition the state department of insurance for named status

proximate cause

The reasonably foreseeable act or event that results in an injury or damage

Insuring Agreement

The section of an insurance policy containing insurance promise to pay, the description of coverage provided and pearls insured against

All the following are true statements regarding the supplementary payments of a commercial general liability policy except

They pay the fence cause even after the aggregate limit has been reached

An insured is driving her auto and strikes a large pothole, causing a flat tire. Which coverage of the insured's personal auto policy will pay for the repair?

This loss is not covered, it's considered a road hazard instead

Which of the following best expresses the purpose of a stated value contract

To pre-establish the amount of coverage available for property items that are difficult to value

What is the business auto coverage territory for

United States and its territories, Canada, or world web for private passenger hire autos

Commercial general liability will pay

Up to the occurrence limit plus, supplementary payments, the cost of court and Attorny fees over and above the limit

A building is insured but no one has lived and worked in it for 10 years. The building is completely empty have any furniture or personal belongings from an insurance standpoint of building is considered

Vacant

What is NOT one of the available additional coverages in the builders risk form

Vandalism

Controlled business

When producers sell policies on themselves, their family, or their coworkers, it shouldn't be anymore than 25% of agents volume

In forming an insurance contract when does acceptance usually occur

When the insurer's underwriter approves coverage

What are the two major sections of commercial crime policies

commercial entities and government entities

In addition to the common policy conditions all of the following conditions apply to liability coverage except

employers liability

All the following are condition commonly found in the insurance policy except

insuring agreement

participating policy

life insurance that provides potential policy dividends to policy holders

While an insured was towing a utility trailer with his auto, the trailer came loose and ran into a store front. What part of the insured's auto policy would pay for the damage to the store?

property damage liability

Payment for medical expenses loss of wages funeral expenses or the cost of repair or replace damaged property are known as what type of compensatory damages

special

Insuring Agreement

summarizes the major promises of the insurer based on the policy's coverages

A policy that ensures all property at multiple locations for a single amount is referred to as

Blanket

Which of the following would not be covered under the liability section of a personal auto policy

Bodily injury is caused by the insured's negligence while driving a three-wheel all-terrain vehicle.

What other coverage is NOT included in the basic dwelling policy

Breakage of glass only in DP-2 & DP-3

The crime of forced entry into the premise of another by person or persons with felinis intent is defined as

Burglary

A liability policy that provides coverage for a claim for injury or damage if the claim is first reported or filed against the insured during the policy period

Claims-made form

Which of the following entities has the power to issue certificates of authority

Commissioner of insurance

Who will transport the property of anyone who hires them

Common carriers

Indemnity

Compensation to the insured that restores them to the same financial position that they enjoyed prior to the loss

Additional coverages In the liability section of a homeowners policy cover all of the following except

Damages to a third-party property for which the insured is legally liable

All the following are found in the declaration section of a policy except

Exclusions

What method of premium computation relates an employer's losses, payroll, and premiums to the rating bureau's classifications of operations?

Experience modification factor

In the event a business is victim of a cyber attack, requiring the business to pay ransom for sensitive data, which of the following coverage for switch cover the loss

Firsthand Cyber insurance

Replacement cost is defined as

Full replacement of property at its current cost, new and without reduction for depreciation.

The proof of loss statement must be

In writing

The part of the insurance contract that describes the covered perils and the nature of coverage of the contractual agreement between the insurer and the insured is called

Insuring agreement