Ga property - Study guides, Class notes & Summaries

Ga Property & Casualty Insurance Study Guide with Complete Solutions 100% Verified Personal Automobile Policy - Correct Answer • Accounts for 40% of all premiums • Vehicles registered to individuals and operated primarily for personal activities o Driving to work is a personal activity o Policy allows use of vehicle for incidental business activities Financial Responsibility State - Correct Answer • Georgia is a financial responsibility state o To legally operate an automobile ...

Georgia PROPERTY & CASUALTY QUESTIONS GA EXAM LATEST UPDATE 100+ QUESTIONS AND VERIFIED CORRECT

Replacement cost : the full cost to repair damage property or replace damaged property, with property of like kind and quality, at current pricing , without deduction for depreciation Market Value : the price a willing buyer would pay for property purchased from a willing seller under fair market conditions. Stated Value : means that the insurer bases the policy premium on the insureds statement of the property value. (However the insurers will pay the lesser the amount between the ...

Ga Property & Casualty Insurance Study Guide Questions And Answers Personal Automobile Policy - ANS • Accounts for 40% of all premiums • Vehicles registered to individuals and operated primarily for personal activities o Driving to work is a personal activity o Policy allows use of vehicle for incidental business activities Financial Responsibility State - ANS • Georgia is a financial responsibility state o To legally operate an automobile in the state of Georgia, a pe...

In Return for premium, and insurance company must.. - Answer Be Fair in underwriting and pay covered losses In return for premium, an insurance company must be fair and impartial in underwriting of risks and must pay claims made for all covered losses. The part of a policy that clarifies terms in the policy is the - Answer Definitions The valued policy statute applies in which of the following events? - Answer In the event of a total loss by fire to a one or two family residential...

GA PROPERTY & CASUALTY INSURANCE EXAM | QUESTIONS & 100% CORRECT ANSWERS (VERIFIED) | LATEST UPDATE | GRADEA+ Replacement cost Correct Answer: the full cost to repair damage property or replace damaged property, with property of like kind and quality, at current pricing , without deduction for depreciation Market Value Correct Answer: the price a willing buyer would pay for property purchased from a willing seller under fair market conditions. Stated Value Correct Answer: mean...

Ga Property & Casualty Insurance Study Guide Latest 2024

GA PROPERTY & CASUALTY INSURANCE TEST- GA RULES & REGULATIONS QUESTIONS AND ANSWERS 100% PASS GA Insurance Commissioner - Correct Answer ️️ -Ralph Hudgens - Serves as Chief Officer of Department of Insurance - Fire Marshall Chief -Elected every 4 years - Can run as as many time as you want - Reports to state legislature - Must not have a financial interest with an insurer - The Commissioner must appoint a chief deputy commissioner and when appointed they are required to have a $15...

GA PROPERTY & CASUALTY QUESTIONS EXAM with Verified Solutions 2024 The arbitration clause in a personal auto policy would be used in which of the following circumstances? A. The ins company and a pedestrian struck by the insured's auto cannot reach an agreement regarding the settlement of a claim. B. The insured and an injured 3rd party cannot reach an agreement regarding the settlement of a claim. C. The court have ruled against an injured 3th party. - Answer -B. The insured and an inju...

GEORGIA PROPERTY & CASUALTY GA EXAM 2024| 100+ ACTUAL EXAM QUESTIONS AND CORRECT ANSWERS GUARANTEED A+ AT FIRST ATTEMPT A bond guaranteeing the obligation of one party to another by a third party is known as a: A. surety bond B. guarantee bond C. fiduciary bond D. municipal bond - CORRECT ANSWER: A. surety bond A building to an insured's business is severely damaged by fire. bc of the nature of the damage to the adjoining property, the insured is denied access to the business by the fire dept...