EXAM
insurance comapnies must update copies of rates, plans, systems, and underwriting rules every
2 years
under workers comp injured workers are entitled to how many weeks of treatment from the date of the accident?
400 weeks
employee theft crime policy includes a coverage extension that applies to employees temp. outside the coverage territory up to:
90 days
LLC can be un a BOP if
LLC is the named insured
reciprocity agreement
a nonresident may recieve a nonresident license if they reside in a state that awards non resident agent licese to residents in GA on the same basis.
insurer decides to stop issues auto policies in the state and cancelling existng policies: they msut send what to the insureds
a notice of elegibility for the auto insurance plan
who holds a producer license?
a person who negotiated insurance contracts
to be a licensed producer:
a salaried employee who advertises and solicits insurance
what will not be covered by personal property coverage?
animals and birds and fish
who is required to participate in georgias insurers insolvency pool?
any insurer who write p&C insurance in GA
commisioner of insurance is:
chief officer of the department of insurance
what would be considered an illegal inducement to purchase insuracne?
confirming future divdiends ina. life insuracne proposal
what is breakage of glass included in dwelling policy?
dp 2 and dp3
what does annual transit cover
incoming and outgoing shipments
what are workers comp benefits limited to in GA?
$575 a week
violation of a cease and desist order can result in a fine of:
10k
insured must get advanced warnings if premiumns will be increase by more than
15%
maximum penalty that may be assessed for a single nonwillful violation of insurance code is:
1k willful: 5k
if an agent changes their address how many days do they have to notify the commissioner?
30 days
how long do discounts apply to premiums when taken the defensive driving course?
3yrs
a premium discount occurrs when an insured owes a total standard premium greater than
5k
how many months in the year must a residen tof the state be present in to be an agent?
6 months
what is the period of restoration for business income coverage?
72 hours after direct loss
producers cant repeat education requirements of the same courses to meet the hours for alicensing period
COrrect
if policy has been in effect for 60 days a cancellation may only be ffect if:
a change in the risk substantially increases the azard insured against
in personal auto policy med payments coverage is similar to
accident insurance because it pays med expenses regardless of fault
members of Georgia Fair Access to insurance requirements plan are:
all aithorized insurers of property insurance msut become members
aleatory:
an insurance contract is this when it requires a relatively small amount of premium for a large risk
coverage c - medical payments und er commercial general liability
are good will because payments are made without regard to fault
what is manadatory part of an insurance policy that varies with each indiv. policy?
declarations
what are the essential parts of a policy?
declarations, insuring claise, conditions and exclusions
what does workers comp cover?
doctor bills, hospital bills, physical therapy, prescriptions, and necessary travel expenses
in addition to common policy conditions, all the following conditions apply to liability coverage except:
employers liability
the gerogia workers comp assigned risk plan exists to provide workers comp covg to
employers who dont qualify for coverage in voluntary market
deposit premium
estimated premium paid in advance at the time the policy is issued adjusted on by audit based on actual premises
what type of compensatory damages will pay for pain and suffering and disfigurement
general
who pays benefits for claims that insurance companies were unable to pay?
georgia insurers insolvency pool
what does an equipment dealer's cover?
indiv. in business of selling construction equipment and mobile equipment
who fills out the notice of claim form?
insured
robbery
insured property was taken by the use of violence or threat of violence
under dp-2 what is covered under the policy's falling object peril?
interior building dasmage IF the exterior was damaged first
HO POlicy doesn't cover:
land on which the property is located
What is not a misrepresentation as it pertains to unfair trade practices?
making comparisons between different policies
consideration in terms of insurer
must pay in the event of a loss
unilateral contract:
one sided: only one party makes an enforceable promise
supplementary payments do not:
pay defense costs even after aggregate limit has been reached under a CGL
what is covered in jewelrys block extension?
property in transit by registered mail is covered
transacting insurance
refers to acts of soliciting insurance, making an insurance contract effectivem and dealing with matters arising form that contract
which of the following types of insurers is owned by stock holders?
stock
surety bonds are written fro a definite limit called:
the bodn penalty
insuring agreement includes:
the covered perils and natrue of coverage
if an insured failed to maintian the underlying limits as reqiuired by a personal umbrella policy:
the insured would be responsibile for the amoutn required as underlying limits in the event of a claim
if no premium shown on commercial package dec page:
there is no civerage
Ceritificate of authority
to legally transact insurance in the state
what liability insurance may an insured reject in writing?
uninsured motorist coverage
garage coverage form:
used by auto business, suto dealers, service stations, and auto repair shops
what endorsement can be added to a business owners policy to protect against loss of income due to lightning striking an electrical grid:
utolity service time element endorsement
floor plan merchandise
within 30 days fter the end of each month