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Georgia Adjuster Exam _ Questions/Solutions
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Georgia Adjuster Exam _ Questions/SolutionsConsequential also known as Indirect Loss ✔️Ans - An insured's
business is damaged because of a fire and he is forced to close business
temporarily for repairs. As a result the insured lost income. What type of loss
is this?
Combined Single ✔️Ans - The insured crashes into a porch and the
person sitting on the porch. The person on the porch is injured. The insured's
insurance policy has a limit set at $500,000. This amount applies to the total of
damages for any bodily injury and property damage resulting from one
accident. Which type of limit of liability does the insured have? This single
dollar limit of liability applying to the total of damages for bodily injury and
property damage combined resulting from one accident or occurrence
$100,000 ✔️Ans - If a liability policy had split limits of 100/300/100,
what is the maximum amount that would be payable in the event of injury to a
single person? The first limit shown is the most the policy will pay for bodily
injury to any one person
Absolute ✔️Ans - What kind of liability would a person with a
swimming pool have?
Any conduct that is inherently dangerous imposes this liability. The claimant
does not have to prove anythhing.
Only to individuals ✔️Ans - An agent license can be issued
A change in the risk that substantially increases the hazard insured against
✔️Ans - If a policy has been in affect for at least 60 days or is due for renewal,
a cancellation may only be affected for this reason
Authorized Insurer ✔️Ans - An insurer that holds a Certificate of
Authority in the state in which it transacts business is considered to be
15% ✔️Ans - An insured must get advanced warning if the premiums
will be increased by more than
,Written notice of an increase in premiums that exceed this amount of the
current policy's premium must be delivered or mailed to the insured at least
45 days before the effective date of the change
Indemnity ✔️Ans - The insurance principle that states if a policy allows
for greater compensation than the financial loss incurred, the insured may
only receive benefits for the amount lost.
Loss ✔️Ans - Insurance is a contract by which one seeks to protect
another from
Pair and Set Clause ✔️Ans - The loss settlement based on the
reasonable and fair portion that the lost or damaged part bears to the total
value of the set
In the event of a loss to only part of a pair or set, losses will be settled either
by repairing or replacing the damaged part or by paying the difference
between the actual cash value before and after the loss.
Provides the insurer a method of settling a loss when only a part of the
insured pair or set is damaged. The insurer will pay for the loss or damage to
an insured item, plus the amount that the loss of one item detracts from the
value of undamaged item(s) of the pair or set.
Insuring clause, Exclusions, Conditions ✔️Ans - The essential parts of an
insurance policy
Conditions ✔️Ans - Because an insurance policy is legal contract, it
must conform to the state laws governing contracts which require all the
following statements except
Legal purpose, Consideration, Conditions, Offer and Acceptance
Beneficiary's consent ✔️Ans - An insurance contract must contain all of
the following to be considered legally binding EXCEPT
Offer and Acceptance, Consideration, Beneficiary's Consent, Competent
Parties
, The essential elements of a legal contract are
Offer and Acceptance, Consideration, Competent Parties, Legal Purpose
Consideration ✔️Ans - ** Something of value one party gives to another.
--The consideration on the part of the insured is the payment of premium and
the representations made in the policy.
** When an insured makes truthful statements on the application for
insurance and pays the required premium, it is known as which of the
following?
-Consideration is something of value that each party gives to the other. The
consideration on the part of the insured is the payment of premium and the
representations made in the application.
A specific time (usually 60 days, time may vary) ✔️Ans - In the event of
a loss covered by the policy, the named insured is required to submit to the
insurer a signed sworn proof of loss within
Garagekeepers Liability ✔️Ans - Physical damage coverage on
customers' autos while in care, custody and control of the garage operation.
No coverage is provided for autos stored for more than 45 days at a location
not shown in the declarations ✔️Ans - Which of the following
statements is true regarding physical damage coverage in a garage form?
Collision coverage is provided only for dealers
Autos held for sale by a dealer are listed individually in the policy
No coverage is provided for autos stored for more than 45 days at a location
not shown in the declarations
Specific causes-of loss coverage is not available for physical damage coverage
** Collision coverage is not limited to a specific risk. Autos held for sale are
covered when auto designation Symbol 31 (dealer's autos) is shown on the
declaration page. The specific causes of loss coverage is available for physical
damage coverage
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