Exam (elaborations)
GEORGIA ADJUSTER EXAM 2024 QUESTIONS AND ANSWERS
- Course
- Institution
GEORGIA ADJUSTER EXAM 2024 QUESTIONS AND ANSWERS
[Show more]
Content preview
GEORGIA ADJUSTER EXAMWhat type of bond guarantees that a construction contractor will enter into a
contract at a set price?
When construction contracts projects are awarded based on the lowest bid, the
obligee usually requires a bid bond. The bid bond promises that if the contractor
is awarded the contract, the contractor actually will accept the contract. -
ANSWERS-Bid Bond
Supplemental payments on a CGL provide all the following EXCEPT
Supplemental payments will cover only $250 for these. - ANSWERS-Up to $500 a
day for lost earnings and $2000 for the cost of bail bonds
In the event of a claim under a commercial general liability policy, the insured has
all the following duties to the insurer EXCEPT
Under medical payments, the injured third party has to submit to an exam upon
request, not the insured. - ANSWERS-Submitting to a medical exam when
requested.
An insurance producer fails to obtain automobile insurance for client after
agreeing to do so. The client is involved in an automobile accident after running a
red light and is found to be at fault. The damage to the other vehicle totals
$5,000. Which statement regarding the producer's errors and omissions liability
policy is true?
,Errors and omissions coverage protects insurance producers and brokers from
financial losses they may suffer if an insured sues to recover his or her financial
loss due to the producer giving incorrect advice or not informing the insured of
important issues - ANSWERS-It will provide coverage because the damage to the
client resulted from the producer's negligence.
Crews of ships are covered by
The Jones Act is a federal law that provides remedies to seamen who are injured
while working on a vessel. It extends the provisions of FELA. - ANSWERS-The Jones
Act
An advertising company has its annual holiday party for employees and
customers, after which a customer who had too much to drink is involved in an
automobile accident. Occupants of the other car involved in the accident sue the
company for serving the customer too much alcohol. Will the company's
businessowners policy provide coverage?
The liquor liability exclusion applies only to insureds in the business of
manufacturing, distributing, selling, serving, or furnishing alcoholic beverages. In
this case, the company's businessowners policy most likely will have to pay. -
ANSWERS-Yes, none of the exclusions will apply.
In return for premium, an insurance company must - ANSWERS-Be fair in
underwriting and pay covered losses.
All of the following are conditions commonly found in the insurance policy
EXCEPT
,Insuring agreement provides information on the policy's coverages. Conditions
state the legal obligations and duties of the parties to the contract. - ANSWERS-
Insuring agreement
When Mary decided to sue her neighbor for damages to her yard, she was told to
get a bond that would guarantee she would be able to pay court costs and
resulting damages if she loses the case. What kind of bond is this?
Cost bonds guarantee that the person (plaintiff) who brings legal action against
another (defendant) will be able to pay court costs and any resulting damages in
the event he or she loses the case. - ANSWERS-A cost bond
Which of the following is NOT consideration on the part of an insured? The
binding force in any contract is consideration. Consideration on the part of the
insured is the payment of premiums and the health representations made in the
application. Consideration on the part of the insurer is the promise to pay in the
event of loss. - ANSWERS-Promise to submit timely claims
Victoria keeps a set of china figurines on top of the piano. One afternoon,
Victoria's two-year-old daughter climbs up on top of the piano to play with the
figurines. As she is reaching for one of them, it slips out of her hands and breaks.
According to the pair and set clause, how much will Victoria's insurance policy
pay? - ANSWERS-The loss settlement would be based on the reasonable and fair
proportion that the damaged part bears to the total value of the set.
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? - ANSWERS-Consequential also known as Indirect Loss
, 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 - ANSWERS-Combined Single
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 -
ANSWERS-$100,000
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. - ANSWERS-Absolute
An agent license can be issued - ANSWERS-Only to individuals
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 - ANSWERS-A change in the risk
that substantially increases the hazard insured against
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller Teacher101. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $14.49. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
82871 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now