Exam (elaborations)
GA P&C Chapter 3- Questions and Answers
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GA P&C Chapter 3- Questions and Answers
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GA P&C Chapter 3- Questions andAnswers
The creation of a contract requires each of these EXCEPT: Correct Ans-notarization
The Insured's promise to maintain a fire sprinkler system is a? Correct Ans-warranty
To collect on a loss, the Insured must comply with the procedures set forth in the? Correct
Ans-Conditions
Even though he owns several boats, the applicant states that he owns no boats. This is an
example of Correct Ans-misrepresentation
When must the applicant be told that an investigative report will be obtained? Correct Ans-
when the application is made.
Which federal law requires the insurer to notify the Insured in advance of its intent to obtain an
investigative consumer report? Correct Ans-Fair Credit Reporting Act
Which section of the policy contains the identity of the Insured and Insurer? Correct Ans-
Declaration
Willful failure to disclose material information is a/an? Correct Ans-concealment
, Which section of the policy contains the location of the risk (the insured property)? Correct
Ans-Declaration
Insurable losses will be listed in what section of the policy? Correct Ans-Insuring Agreements
Which section of the policy requires the Insurer to provide coverage? Correct Ans-Insuring
Agreements
Which section of the policy contains the company's promise of protection? Correct Ans-
Insuring Agreements
Binders: Correct Ans-may be oral
Which section of the policy limits the scope of coverage? Correct Ans-Exclusions
Which section of the policy contains the Insured's right to bring legal action against the Insurer?
Correct Ans-Conditions
Failure to file a Proof of Loss may result in: Correct Ans-denial of the claim
A binder becomes effective when: Correct Ans-made by the agent.
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