GA Property & Casualty Exam Actual Questions and Answers 2024/2025 with complete solutions;100% verified
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Course
GA Property & Casualty
Institution
GA Property & Casualty
Partial Retention - partial responsibility for losses
buys policy
has deductible
Cancellation - Stop policy mid-term before it has the chance to expire. Both insurer and insured
can cancel a policy
Broker - Producer who represents the insured and NOT the insurer
Direct loss - physical destruc...
GA Property & Casualty Exam
Partial Retention - partial responsibility for losses
buys policy
has deductible
Cancellation - Stop policy mid-term before it has the chance to expire. Both insurer and insured
can cancel a policy
Broker - Producer who represents the insured and NOT the insurer
Direct loss - physical destruction of property by lightening, wind, fire, theft, etc
Does insurance cover sentimental losses? - No
First Named Insured - the ranking insured in a Commercial Lines policy
Full Retention - self insured
doesn't buy insurance
FULLY responsible for losses
How do insurance companies use premiums? - Insurance companies use our premiums to cover
losses of the few.
In order to have an indirect loss, you must have - a direct loss
Indirect loss - consequences of direct losses - e.g. loss of income, additional expenses to live, loss
of rental income, etc.
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