Questions

The Federal Fair Credit Reporting Act

Regulates consumer reports

In order to transact insurance within a given state, an insurer must obtain a

certificate of authority

Professional liability policies are usually written on a

claims-made form

A builders risk form is most often written on a

completed value form

As an additional coverage, homeowners policies will pay up to ___ of a loss assessment

$1,000

The maximum penalty that may be assessed for a single non-willful violation of the Insurance Code is

$1,000

An extension of coverage under the commercial fine art floater is included for newly acquired property for 30 days for up to 25% of the total limit of insurance, for a maximum of

$10,000

The violation of a cease and desist order may result in a fine of

$10,000

The maximum amount an insurer will pay under the equipment dealers pollution cleanup and removal extension of an inland marine policy is

$10,000 for all expenses incurred during a 12-month period

Workers compensation rating is developed by applying a rating bureau job classification rate to each

$100 of payroll

A premium discount is the term that describes when an insured owes a total standard premium greater than

$5,000

willful violation

$5,000

Water backup or sump pump overflow is excluded from coverage under the dwelling policy forms. However, with the purchase of the water backup and sump pump overflow endorsement, coverage for up to ___ in loss or damage, subject to a ___ deductible, can be provided for an additional premium.

$5,000, $250

Workers compensation benefits in Georgia are limited to

$575 a week

NFIP flood insurance has a policy period of

1 year

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

2 years

Under workers compensation laws, injured workers are entitled to ___ weeks of treatment from the date of the accident

400

If the premiums for a policy will be increased by more than 15 percent, the insured must get ___ days warning

45

To be eligible for businessowners policy coverage, an office building CANNOT be higher than

6 stories

According to the loss payment condition in HO policies, losses must be paid within ___ days of the insurer receiving proof of loss

60

What are common carriers required to issue to every shipper that it transports goods for?

A uniform bill of lading

When does a producer's license expire?

Every 2 years on the last day of the producer's birth month

The period of restoration for extra expense coverage under businessowners property insurance begins ___ after a direct loss

Immediately

___ has the power to issue certificates of authority

The Commissioner of Insurance

In insurance, an offer is usually made when

an applicant submits an application to the insurer

In property insurance, the amount of loss retained by the insured is called the

deductible

The limit of the equipment breakdown policy applies to property of the insured, property of others, and expediting expenses in any combination as long as

expediting expense does not exceed $25,000

The process of determining the premium charged and how much insurance is required for a particular loss is called

loss valuation

In liability insurance, the amount of loss retained by the insured is called

retention

In personal auto policies, the term "we" refers to

the insurance company.

In personal auto policies, the term "you" refers to

the named insured