TESSSSSSST

john had a disagreement with his insurer on the value of his damaged property. after making a written demand both john and the insurer each selected an appraiser. the appraisers then agreed on a fair value without having to select an umpire. what condition did john use?

appraisal

When do binders expire?

as soon as the policy is issued

The transfer of a legal right or interest in an insurance policy is called

assignment

which of the following perils is not covered on the DP2?

damage to pets, birds, or fish

If the premiums collected by an insurer participating in the WYO flood program are insufficient to cover losses, which of the following would be true?

the insurer will be reimbursed for the EXCESS cost by the NFIP

If the premiums collected by an insurer participating in the WYO flood program are insufficient to cover losses, which of the following would be true?

The insurer will be reimbursed for the excess costs by the NFIP

What is the main distinction between a hired auto and a nonwoned auto?

Who owns the auto

Georgia drivers must keep proof of financial responsibility for

1 year

after a policy is cancelled any excess premiums paid to the agent must be returned to the insured within

10 BUISNESS days

The personal property off premises extension of dwelling forms provides limits of coverage up to?

10% of PP anywhere in the world

What is the maximum period for a temporary license in this state?

6 months

Which of the following components is NOT part of the policy structure

Benefits

Which of the following is not true regarding the auto increase in insurance endorsement in dwelling polices?

It does not require additional premium

An agreement that is enforceable by law is known as what kind of contract?

Legal

Which of the following describes an insurer responsibility for payment under a policy, as stated in the common policy provisions?

Limits of liability

for their to be negligent liability all of the following must exist except

a reasonable expectation that the act may cause injury or damages

what is a sudden unplanned and unexpected event not under the control of the insured, resulting in injury or damage that is neither expected nor intended called?

accident

in ref to insurable interest which of the following is not an element of insurable risk

personal

what is the purpose of requiring licenses for persons who transact insurance

protect the general public

The amount of loss the insured is willing to absorb without insurance protection is known as

self insured retention

when is the company responsible for actions of its agents?

whenever the agent is acting within the conditions of the contract

A personal umbrella may act as excess over any of the following insurance coverage polices except?

Auto collision coverage

in order to receive transportation expenses under the personal auto policy following damages to your auto caused by collision you must have

collision coverage

how often must insurers update the records of their rates plans systems and underwriting rules

every 2 years

Which of the following provisions is usually found in homeowners polices and provides a replacement sot settlement to policyholders who carry adequate insurance?

Insurance to value