GA PROPERTY & CASUALTY TEST LATEST QUESTIONS WITH 100% CORRECT ANSWERS!!
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Module
GA PROPERTY & CASUALTY
Institution
GA PROPERTY & CASUALTY
WHAT PROPERTY CLAUSE ALLOWS THE EXTENSION OF A MAJOR COVERAGE APPLYING TO SPECIFIC
LOSSES NOT ALREADY INSURED? - THE EXTENSION OF COVERAGE CLAUSE
THE POLICY PROVISION FOUND IN PROPERTY INSURANCE POLICIES WHICH PREVENT THE INSURED
FROM COLLECTING TWICE FOR THE SAME LOSS IS CALLED? - SUBROGATION
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GA PROPERTY & CASUALTY TEST
WHAT PROPERTY CLAUSE ALLOWS THE EXTENSION OF A MAJOR COVERAGE APPLYING TO SPECIFIC
LOSSES NOT ALREADY INSURED? - THE EXTENSION OF COVERAGE CLAUSE
THE POLICY PROVISION FOUND IN PROPERTY INSURANCE POLICIES WHICH PREVENT THE INSURED
FROM COLLECTING TWICE FOR THE SAME LOSS IS CALLED? - SUBROGATION
MEANS THE METHOD OF LOSS VALUATION IS CONTRARY TO THE BASIC CONCEPT ON INDEMNITY SINCE
IT MAY PROVIDE THE INSURED, FOLLOWING A LOSS, WITH SETTLEMENT IN EXCESS OF THE PROPERTY'S
ACTUAL CASH VALUE. - REPLACEMENT VALUE
A CONTRACT THAT LEGALLY BINDS ONLY 1 PARTY TO THE CONTRACTUAL OBLIGATIONS AFTER THE
PREMIUM IS PAID IS CALLED? - UNILATERAL CONTRACT
A POLICY WHICH INSURES ALL PROPERTY AT MULTIPLE LOCATIONS FOR A SINGLE AMOUNT IS REFERRED
TO AS? - BLANKET
AN AGREEMENT THAT IS ENFORCEABLE BY LAW IS KNOWN AS? - LEGAL CONTRACT
BECAUSE AN INSURANCE POLICY IS A CONTRACT BETWEEN THE INSURER AND THE INSURED, IT MUST
CONFORM TO THE STATE LAWS GOVERNING CONTRACTS WHICH REQUIRE ALL OF THE FOLLOWING? -
COMPETENT PARTIES, OFFER AND ACCEPTANCE AND LEGAL PURPOSE
Defined as the MAXIMUM LIMIT of coverage available under a liability policy DURING A POLICY YEAR-
irregardless of the number of choices that may occur - AGGREGATE LIMIT OF LIABILITY
ESTABLISHES THE PROCEDURE FOR DETERMINING THE AMOUNT OF A LOSS WHEN THE INSURER AND
THE INSURED CANNOT AGREE ON THE VALUE OF PROPERY OR AMOUNT OF LOSS. - APPRAISAL
CLAUSE
, GREG OWNS SEVERAL BUILDINGS, EACH AT A DIFFERENT LOCATION AND INSURED ONA SEPERATE
POLICY. WHAT TYPE OF COVERAGE DOES GREG HAVE? - SPECIFIC COVERAGE
HOW MANY DAYS BEFORE A POLICY IS NON-RENEWED MUST AN INSURER DELIVER OR MAIL WRITTEN
NOTICE TO THE INSURED? - 30 DAYS
IF THE PREMIUM FOR A POLICY WILL BE INCREASED BY MORE THAN 15%, HOW MUCH WARNING MUST
THE INSURED GET? - 45 DAYS
INSURABLE INTEREST IN THE PROPERTY COVERED IN A POLICY MUST BE PROVEN WHEN? - AT THE
TIME OF LOSS
IT IS THE METHOD OF A CLAIM SETTLEMENT USED WHEN THE INSURED AND THE INSURER CANNOT
AGREE ON HOW TO SETTLE THE CLAM. - ARBITRATION
LEGAL LIABILITY IS WHEN A PERSON IS CONSIDERED LIABLE FOR DAMAGE ACCORDING TO? - THE
LAW
MAMA IS DRIVING HER CAR THROUGH A RESIDENTIAL AREA AND LOOSES CONTROL OF THE CAR AND
CRASHED INTO CASY'S FRONT PORCH. CASEY GETS INJURED. MAMA'S LIABILITY INS. 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 Mama have? - COMBINED SINGLE
MORAL HAZARD - RANDY, THE OWNER OF A SMALL BUSINESS APPLIED FOR FIRE INSURANCE
WITH LIMITS EQUAL TO 100% of THE PROPERTY VALUE. HE HAD A HUGE UNSOLD INVENTORY AND A
LARGE GAMBLING DEBT. THIS MIGHT INDICATE?
PROPERTY INSURANCE WHICH PROVIDES 100,000 COVERAGE FOR A BUILDING AND 50,000 COVERAGE
FOR A PERSONAL PROPERTY AT A SINGLE LOCATION IS CALLED? - SPECIFIC COVERAGE
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