2024 GEORGIA ADJUSTER EXAM WITH 100% VERIFIED ANSWERS GRADED A+
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Course
2024 GEORGIA ADJUSTER
Institution
2024 GEORGIA ADJUSTER
2024 GEORGIA ADJUSTER EXAM WITH
100% VERIFIED ANSWERS GRADED A+
Consequential also known as Indirect Loss
An insured's business is damaged because of a fire and he is forced to close business
temporarily for repairs. As a result of the insured lost income. What type of loss is
this?
Combined ...
2024 GEORGIA ADJUSTER EXAM WITH
100% VERIFIED ANSWERS GRADED A+
Consequential also known as Indirect Loss
An insured's business is damaged because of a fire and he is forced to close business
temporarily for repairs. As a result of the insured lost income. What type of loss is
this?
Combined Single
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
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
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
An agent license can be issued
,A change in the risk that substantially increases the hazard insured against
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
An insurer that holds a Certificate of Authority in the state in which it transacts
business is considered to be
15%
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
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
Insurance is a contract by which one seeks to protect another from
Pair and Set Clause
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
The essential parts of an insurance policy
Conditions
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
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
** 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.
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