Updated- Georgia All Line Adjuster Exam Question and Answers [100% Correct] 2025 Latest Releas
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Course
Georgia claims adjuster
Institution
Georgia Claims Adjuster
Updated- Georgia All Line Adjuster Exam
Question and Answers [100% Correct] 2025
Latest Release
What is the term used to describe the amount the insured must pay for certain losses that are not
covered by the primary insurance in an umbrella policy, before the umbrella policy will step in? ...
Updated- Georgia All Line Adjuster Exam
Question and Answers [100% Correct] 2025
Latest Release
What is the term used to describe the amount the insured must pay for certain losses that are not
covered by the primary insurance in an umbrella policy, before the umbrella policy will step in?
Self-insured retention
What action must the insured take in order for a new boat to be automatically covered under a
boatowners policy, including any additional premium due for the replacement?
Notify the insurer within 45 days of purchase and pay any additional premium required.
In property insurance, what is the term for the portion of a loss that the policyholder is responsible for
paying, usually before the insurance coverage kicks in to cover the rest of the claim?
Deductible
In casualty insurance, which term is used to describe the portion of a loss that the policyholder must
bear themselves, rather than the insurance company paying for it?
Retention
What is the primary objective of the National Flood Insurance Program (NFIP), especially in relation to
gaps in coverage left by private insurers for flood-related risks?
To fill the gap left by private insurers in flood coverage
What is the maximum coverage amount provided by the regular National Flood Insurance Program
(NFIP) for a single-family dwelling, and what basis is used to determine this value?
$250,000, written on a replacement cost basis
Which insurance policy provision covers the costs of defending against claims, including legal fees,
without requiring the insured to pay additional premiums?
1
, Additional coverage clause
What is the classification of risk where a loss is certain to occur, but there is no opportunity for gain, and
this type of risk is typically insurable?
Pure risk
What is the purpose of an umbrella liability policy, and how does it provide additional coverage
compared to the underlying casualty policies?
It provides increased limits and expanded coverage over underlying casualty coverages, covering
exclusions that are not excluded by the umbrella policy.
What type of policy is used to pay a predetermined amount to replace property after it is destroyed,
regardless of its depreciation at the time of loss?
Valued policy
What is the key feature of the replacement cost method of loss valuation in property insurance,
especially in relation to depreciation?
It does not account for depreciation if the proper amount of insurance is maintained, ensuring
the property is replaced at full cost.
What is the purpose of the pro-rata liability provision in an insurance policy, and how does it affect the
insurer’s liability in a claim when multiple policies cover the same property?
It limits the insurer’s liability to a portion of the loss based on the insurer’s share of the total
coverage, preserving the principle of indemnity.
What clause in an insurance policy allows a broader coverage extension to apply to property losses that
are not specifically insured under the primary policy?
Extensions of coverage clause
What legal principle is commonly applied in product liability cases, making a business responsible for
defective products, regardless of fault or negligence?
The concept of strict liability
2
, What type of risk involves uncertainty about whether the outcome will be a gain or a loss, and is
generally considered uninsurable?
Speculative risk
What is the maximum coverage available under a liability policy that has an aggregate limit, and how
does this limit affect claims made during the policy year?
Aggregate limit of liability, which is the maximum amount available regardless of the number of
claims or accidents.
What condition in an insurance policy prevents the insured from abandoning damaged property in order
to claim a total loss before the insurer has made a determination?
Abandonment
Which type of insurance coverage is designed to protect professionals against negligence or mistakes
made in the course of their work, specifically covering errors and omissions?
Errors and omissions coverage
What is the main purpose of the FAIR plan in property insurance, and what specific types of properties
are eligible for coverage under this plan?
To provide coverage for properties that are unable to obtain insurance through the normal
market, typically due to high risk or previous coverage refusals.
What type of insurance policy provides coverage for a dwelling and its contents on an actual cash value
basis, rather than replacement cost?
DP-1, which insures on an Actual Cash Value basis.
What is the typical application of the coverage by endorsement in dwelling policies, and how does it
address changes in the value of the property over time?
It allows for automatic increases in insurance to offset the effects of inflation, typically requiring
an additional premium.
3
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