Georgia casualty and property

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

250000

How long is the waiting period after the application has been accepted before flood coverage goes into effect

30 days

Physical

(Physical conditions)

The extension of coverage under the commercial fine arts floater includes coverage for newly acquired property for a maximum of

10,000

Insurer

A company that issues an insurance policy

Which of the following is covered under the camera and musical instruments dealers floaters

A customers camera left at a camera shop for repair

In which of the following would the jewelers block extension cover loss

A jeweler fixes a necklace and sends it by registered mail to the owner when the necklace arrives it has been damaged

Agent/producer

A legal representative of an insurance company

A business owners policy is

A self contained pre packaged policy

Which of these is defined as the maximum limit of coverage available under a liability policy during a policy year regardless of the number of claims that may be made or the number of accidents that may occur

Aggregate limit of liability

An insured is driving her car through a residential area when she loses control and crashes into a neighbors front porch the neighbor who is sitting on the porch is insured the insured liability policy has a limit of 500,000 this amount applies to total of damages for any bodily injury and property damage resulting from one accident which type of limit of liability does the insured have

Combined single

What term best describes the act of withholding information that would be crucial to an underwriting decision

Concealment

Hazard

Conditions that increase the probability of a loss

An insurer 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

When an insured makes truthful statements on the application for insurance and repays the required premium it is known as which of the following

Consideration

I dwelling policy's automatic increase in insurance is

Coverage by endorsement

Which of the following is covered under the mail floater of a commercial inland marine policy only if is sent by registered mail

Currency and unsold travelers checks

A unique feature in a Bailee form is that it covers

Customers property wether or not the insured has been legitimate

Which of the following terms best describes a trembling or shaking of the earth that is volcanic or seismic in origin

Earthquake

According to the appraisal condition of a homeowners policy what procedure may be followed if the insurer and the insured do not agree as to the size of loss

Either party may make a written request for an appraisal

What is the purpose of co insurance clause found in property insurance policies

Encourage the insured to insure property closer to its full value

Which of the following would modify the the original insurance contract by either adding or removing coverage

Endorsements

Which of the following policy's do not contain an automatic reinstatement provision

General liability written with an aggregate limit

A mobile homeowners policy is structured the same as

Homeowners policy

A mobile homeowners policy is structured the same as a

Homeowners policy

The policy conditions define

How party's to the contract must act following a loss

The proof of loss statement must be

In writing

Morale

Indifference to loss

All of the following are conditions commonly found in the insurance policy except

Insuring agreement

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

Insuring agreement

Adverse selection

Insuring of risks more prone to loss

Adverse selection

Insuring of risks more prone to loss than the average risk

All of the following statements describe the concept of strict liability except

It is imposed on defendants engaged in hazardous activities

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

It removes the coverage

What is the basis for a claim against an insurance policy?

Loss

The process of determining a premium charged an how much insurance is required for a particular loss

Loss Valuation

The physicians and surgeons equipment floater in not intended for which of the following

Medical supplies located in a hospital

An insured carries a property policy on her home in the amount of 250,000 a bank is shown as as the mortgager in the policy last month the insured made her final mortgage payment but did not remove the bank from her policy in the event to a covered loss in her home how much will the bank receive

Nothing

Indemnity

Restoring the insured to the condition that existed before loss

Insurance transaction

Solicitation negotiations or effectuation of a contract

The policy provision found in property insurance policies that prevents the insured from collecting twice for the same loss called

Subrogation

The right to seek recovery from a third party that was responsible for the loss is none as

Subrogation

Moral

Tendency toward increased risk

How much is the premium for dwelling under construction endorsement under the dwelling policy

The average amount of insurance during construction

How much is the premium for the dwelling under construction endorsement under the dwelling policy

The average amount of insurance during construction

Peril

The cause of loss

In insurance an offer is usually made when

The completed application is submitted

Which of the following protects consumers against the circulation of inaccurate or obsolete personal or financial information

The fair credit reporting act

Under the provisions of the business income coverage form all of the following are true except

The insured is rein versed for the loss from the date of loss to date of restoration or policy expiration date which ever comes first

Law of large numbers

The larger the number of people with the same exposure to loss the more predictable the actual loss will be

Insured

The person covered by the insurance policy

In terms of party's which of the following does not describe a competent party

The person must at least have completed secondary education

Policy owner

The person who has the rights and privileges in the policy

An agent try's to sell insurance over the phone to an applicant who seems to be confused but is eventually able to give enough information for the applicant to be completed after the policy was issued the agent talked to the insureds family and they explained that the insured was recovering from a. Surgery and might have been under the influence of medication at the time of the application which of the following is true

The policy may be voided but if it can't be proven that the applicant was not capable of making a buying decision at the time of the application

Insurance

Transfer of risk of loss from an individual to an insurer

An insured covered under a mobile homeowners policy wants to move the location of the mobile home which of the following must the insured obtain from insurer

Transportation permission to move endorsements

The type of insurance used to cover goods for one specific trip is called

Trip transit

Risk

Uncertainty or chance of loss

Which coverage form would provide coverage for all in going and outgoing shipments

Annual transit

Which of the following clauses establishes the procedure for determining the amount of a loss when the insurer and the insured cannot agree on the value of property or amount of loss

Appraisal clause

If a loss occurs the insured with a homeowners policy is required to do the following except

Arrange for an appraisal by an unbiased third party

Which of the following describe a transfer of a legal right or interest in an insurance policy

Assignment

Insurable Interest in property covered in a policy must be proven

At time of loss

An insurance contract must contain all of the following to be considered legally binding except

Beneficiary's consent

For the reported losses of an insured group to become more likely to equal the statistical probability of loss for that particular class, the insured group must be

Larger

Coverage for water backup or sump pump is excluded from the dwelling policy however with the purchase of the water backup and sump pump overflow endorsements coverage for up to 5,000 dollars in loss or damage can be provided for an additional premium what is the deductible associated with this coverage

350

A man is working on the roof of his house and his neighbor is watching from the ground when roof shingles are thrown off the roof they hit the neighbor in the face injuring his eye which best the homeowners legal liability

Bodily injury

The liability coverage of the business owners policy is written as one

Businesseowners liability coverage form

What term includes damage where the insured peril was the proximate cause of loss

Direct loss

ABC trucking hauls products for acme inc as a contract carrier on one shipment the driver stopped at a truck stop for lunch leaving truck in the parking lot he made certain that the truck was locked before leaving it upon returning to the truck he discovered that someone had broken into the truck and stolen the cargo is a be legally liable for this loss

No the driver had taken resonable measures to protect the property by locking the truck

The mobile home endorsements alters the homeowners policy to cover a mobile home and other structures on land

Owned or leased by the resident of the mobile home

Liability imposed on one party as a result of the actions of another person is known as

Vicarious liability