Which kind of losses are covered under a standard fire policy?
Direct
All fires are not covered by the Standard Fire policies, only those that:
are hostile and have a flame or glow
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Insurance Adjuster
Exam questions and
answers
Which kind of losses are covered under a standard fire policy? - answer
Direct
All fires are not covered by the Standard Fire policies, only those that: -
answer are hostile and have a flame or glow
At what time does a fire policy go into affect? - answer 12:01am standard
time at the location of the insured's property
A property is insured under two Standard Fire policies for $25,000 each. A
fire causes $10,000 worth of damage. What is the maximum amount the
insured may collect under each policy? - answer $5,000
A fire burning in the middle of the living room would be considered: -
answer a hostile fire
An insured's house is damaged by fire caused by a neighbor's negligence.
The insurance company will attempt to recover damage from the neighbor.
This is called: - answer subrogation
Which of the following statements are true concerning requirements of
the standard fire policy? - answer The insured must separate damaged
from undamaged property in the event there is a loss AND If a loss occurs,
the insured normally has 60 days to file a proof of loss with the insurer
,Which types of property are excluded from coverage under the basic fire
policy? - answer accounts, currency, deeds, and securities
Who is insured under the Standard Fire policy? - answer the named
insured and his legal representatives
An agreement which affords temporary insurance protection until the
policy is issued is called: - answer a binder
as a general rule, a complete fire insurance policy would be made up of: -
answer the Standard Fire policy with one or more forms attached
The one condition listed below which will not void a fire policy:
a) false swearing
b) misrepresentation
c) over-insurance
d) concealment - answer over-insurance
replacement cost minus depreciation: - answer Actual Cash Value (ACV)
The Standard Fire policy with an extended coverage endorsement
attached covers which of the following: - answer riot
A loss due to order of Civil Authority: - answer is excluded unless the loss
occurs because of an order by Civil Authorities for the purpose of
controlling a fire
The term "unoccupancy" refers to the absence of : - answer persons from
a building
Suppose a fire occurs on February 26th. On April 30th, the insurance
company notifies the mortgagee the insured has not filed a proof of loss.
To protect their interest, the mortgagee must file a proof of loss within
_________ days after what date? - answer 60 days after April 30th
, For recovery under the Standard Fire policy, a party must: - answer be
named in the policy and show an insurable interest in the property at the
time the loss occurs
What is the requirement on how much experience one must have to be
elected the insurance commissioner in Georgia? - answer None
Once elected, how long is the insurance commissioner's term? - answer 4
years
Is there a limit on the number of terms an insurance commissioner can
serve? - answer No
Who is Georgia's current insurance commissioner? - answer Ralph
Hudgens
What two capacities does Georgia's insurance commissioner serve? -
answer 1. Chief Officer of Insurance Dept.
2. Chief Fire Marshall
What happens if the Insurance Commissioner has to resign early? - answer
No election; the Chief Deputy will take over
What is the requirement to serve as Chief Deputy in Georgia? - answer
must have a bond in the amount of $15,000
If you are a domestic insurer in Georgia, how often does code say your
financials must be examined? - answer once every 5 years
Only one court in Georgia has the right to overturn the decision of the
Insurance Commissioner. Which is it? - answer Superior Court of Fulton
County
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