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