Exam (elaborations)
GA Adjuster Review Exam 2024
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GA Adjuster Review Exam 2024...
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GA Adjuster Review Exam 2024 In GA, _____insurance cannot be written by a reciprocal type insurer. - ANSWER life No insurer or licensee doing business in Georgia may pay any commissions or valuable consideration to any person for services as an agent, subagent, or adjuster unless that person is duly licensed under the - ANSWER Code Mediation is not _____ on the parties involved, but with arbitration the decision is final and _____. - ANSWER Binding Standard and Poor's, A.M. Best and Moody's are examples of: - ANSWER Independent Rating Services What is the application fee for filing to become a self-insurer for workers compensation in Georgia? - ANSWER $500 Insurance adjusters have the "power to bind". Which of the following statements best describes what this means? - ANSWER The principal is bound to the decisions of the adjuster. The perils most frequently covered by a Difference in Conditions policy are: - ANSWER Flood and Earthquake What is the purpose of the Georgia Insurance Guaranty Association? - ANSWER Cover claims of insolvent insurers Twisting - ANSWER The act of inducing or attempting to induce a policy owner to drop an existing life insurance policy and to take another policy that is substantially the same kind by using misrepresentations or incomplete comparisons of the advantages and disadvantages of the two policies. Most states have enacte d legislation making twisting a crime. Churning - ANSWER Churning occurs when an insurance agent replaces a policyholder's insurance policy for another insurance policy, usually without consulting the policyholder and often with no changes to the coverage itself. Agents who engage in churning do so in order to secure an additional commission for the new policy they swap in. Rebating - ANSWER Rebating — a portion of the premium or the agent's/broker's commission on the premium to the insured or other inducements to place business with a specific insurer. Rebating is illegal in the majority of states. Insurers must use filed rate credits or have supporting methodology. Uninsured motorist coverage law in Georgia applies to bodily injury claims sustained by an insured and caused by an uninsured motorist as defined by the law. UMPD coverage is also included. - ANSWER In Georgia, the Chief Deputy Commissioner must execute a bond in the amount of: - ANSWER $15,000 Adjusters must maintain record of each investigation or adjustment undertaken, and a statement of any fee, commission, or other compensation received or to be received on account of the investigation or adjustment. How long must the records be maintained for examination? - ANSWER 5 The limits of the Employers' Liability section of a standard workers' compensation policy are: - ANSWER Listed on the information page An insured has purchased BAP physical damage coverage against specified causes of loss. Protection applies to all of the following perils, EXCEPT: - ANSWER Falling objects Which of the following statements is NOT TRUE of the Builders' Risk coverage form? - ANSWER T An insured carries a liability policy and an umbrella policy. The verdict in a personal injury liability suit was higher than the insured's underlying liability policy's limit of insurance. In this situation: - ANSWER The insurance company providing the insured's umbrellaThe benefits of buying summaries with Stuvia:
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