Missed Practice Exam Q's

Réussis tes devoirs et examens dès maintenant avec Quizwiz!

The extension of coverage under the Commercial Fine Arts Floater includes coverage for newly acquired property for a maximum of

$10,000

The pollutant cleanup and removal coverage in the businessowners policy has a limit of

$10,000 in any 12-month period

What is the expediting expense limit in an equipment breakdown policy?

$25,000

If the premium for a policy will be increased by more than 15 %, how much warning must the insured get?

45 days

Authorized insurance companies are examined by the commissioner at least once every

5 years

If a liability policy has split limits of 50/100/30, what is the maximum amount that would be payable in the event of injury to a single person?

50,000

According to the loss payments condition in HO policies, losses must be paid within how many number of days of the insurer receiving proof of loss?

60 days

What is a businessowners policy?

A self-contained prepackaged policy

What type of liability does a person who owns wild animals have?

Absolute

Insurance Policies are not drawn up through negotiations, and an insured has little to say about its provisions. What contract characteristic does this describe?

Adhesion

What type of valuation works best for property whose value does not fluctuate much?

Agreed value

Which coverage form would provide coverage for all incoming and outgoing shipments?

Annual Transit

What do producers need to transact insurance on behalf of an insurer?

Appointment

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 state's financial responsibility law?

Auto Liability Coverage

An insured's business is damaged because of a fire, and he is forced to close the business temporarily for repairs. As a result, the insured lost income. What type of loss is this?

Consequential

An insured neglects to pay a legitimate claim that is covered under the terms of the policy. Which of the following insurance principles has the insurer violated?

Consideration

An insurer neglects to pay a legitimate claim that is covered under the terms of the policy. Which insurance principle has the insurer violated?

Consideration

When an insured makes truthful statements on the application for insurance and pays the required premium, it is known as what?

Consideration

The part of a property policy that shows the amount of insurance, premium, and policy term is the

Declarations

If a producer makes maliciously critical statements about another insurer, what is this illegal practice called?

Defamation

If a property and casualty insurer is unable to pay claims, which entity would pay benefits to policyholders?

GA Insurers Insolvency Pool

What type of compensatory damages will pay for pain and suffering and disfigurement?

General

In insurance transactions, fiduciary responsibility means

Handling insurer funds in a trust capacity

If an insured is in an accident in another state that has higher limits of liability, how much will the insured's policy pay?

Higher limits

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

Insuring Agreement

What contains the covered perils and the nature of coverage of the contractual agreement between the insurer and the insured?

Insuring Agreement

How does the mobile home endorsement affect the other coverage of law and ordinance in a homeowners policy?

It removes the coverage

Which of the following is the basis for a claim against an insurance policy?

Loss

Which coverage in dwelling and homeowners policies is for indirect loss?

Loss of use

What is the purpose of Georgia Automobile Plan?

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

When can a licensee repeat the same CE courses?

NOT in the same renewal period

When does loss of use coverage apply?

Only after a direct loss caused by a covered peril has occurred

What's the major differnce between a stock company and a mutual company?

Ownership

Who might receive dividends from a mutual insurer?

Policyholders

How long is a waiting period upon purchase of flood coverage through NFIP?

30 days

Burglary is defined as

taking of property from within the premises leaving visible signs of forced entry

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 of the self-insured retention

Who may a participating insurance policy pay dividends to?

the policyowner

What are the two HO Policy types that include open peril?

(3) Special, and (5) Comprehensive: (odd and Open)

What is the only Homeowner policy that isn't owner occupied?

(4) Renter (4 renters only)

What are the four classes of inland marine risks?

- Bridges, tunnels and other instrumentalities of transportation - Commercial Property Floater risks - Personal Property Floater Risks - Domestic shipments and transportation risks

The maximum penalty that may be assessed for a single nonwillful violation of insurance code is

1,000

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

10 days

What is the maximum period of time a temporary license can be in force?

15 months

Insurers who are members of the GA Insurers Insolvency Pool may be assessed up to what percentage of their net direct written premiums?

2%

How many hours of continuing education are producers required to complete every licensing period?

24

The national flood insurance program would insure an eligible single-family dwelling for up to

250,000

What else is direct liability called?

Proximate cause

What is the reasonably foreseeable act of event that results in an injury or damage?

Proximate cause

A nonresident agent is allowed to conduct insurance transactions in GA because his home state allows GA residents to transact insurance business in it. This is known as?

Reciprocity agreement

What regulates consumer reports?

The federal fair credit reporting act

What is stated amount coverage?

The value of the insured property is determined when the policy is written. Amount paid regardless of coinsurance

What term refers to the acts of soliciting insurance, making an insurance contract effective, and dealing with matter arising from that contract?

Transacting insurance

When does acceptance occur when forming an insurance contract?

When the underwriter approves coverage

What is included in the declarations page?

Who, what, when, where, and how much insurance and premium are

The bankruptcy provision found in the personal auto policy states that bankruptcy of the insured

Will not receive the insurer of its policy obligations

What is a bill of lading?

a contract for the transport of goods between the shipper and the carrier

If an insured meets the states financial requirements and is approved to transact business in the state, it is considered to be

authorized

An agent commingles $500 of insurance premiums collected with new applications with his personal funds. The agent could be found guilty of a

misdemeanor


Ensembles d'études connexes

18: Nursing Management of the Newborn PREPU

View Set

chapter 9 --- Teacher & training

View Set

Architect's HandBook of Professional Practice: Objective 2.1 & 2.2

View Set

AP Euro Ch. 15 (God help us all)

View Set

13.3 - Economic Profit versus Accounting Profit

View Set

Cenozoic Birds and Origin of Mammals

View Set