GA PROPERTY & CASUALTY TEST Exam Questions and Answers (Latest Update 2023 Verified Answer, Exams of Nursing

Download GA PROPERTY & CASUALTY TEST Exam Questions and Answers (Latest Update 2023 Verified Answer and more Exams Nursing in PDF only on Docsity! GA PROPERTY & CASUALTY TEST Exam Questions and Answers (Latest Update 2023 Verified Answers) PURE RISK - Correct Answer ✅TYPE OF RISK WHICH INSURANCE COMPANIES WILL INSURE IS CALLED? RANDY, THE OWNER OF A SMALL BUSINESS APPLIED FOR FIRE INSURANCE WITH LIMITS EQUAL TO 100% of THE PROPERTY VALUE. HE HAD A HUGE UNSOLD INVENTORY AND A LARGE GAMBLING DEBT. THIS MIGHT INDICATE? - Correct Answer ✅MORAL HAZARD PURE & SPECULATIVE RISK - Correct Answer ✅THE RISK OF LOSS MAY BE CLASSIFIED AS? AGGREGATE LIMIT OF LIABILITY - Correct Answer ✅Defined as the MAXIMUM LIMIT of coverage available under a liability policy DURING A POLICY YEAR- irregardless of the number of choices that may occur COMBINED SINGLE - Correct Answer ✅MAMA IS DRIVING HER CAR THROUGH A RESIDENTIAL AREA AND LOOSES CONTROL OF THE CAR AND CRASHED INTO CASY'S FRONT PORCH. CASEY GETS INJURED. MAMA'S LIABILITY INS. 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. GA PROPERTY & CASUALTY TEST Exam Questions and Answers (Latest Update 2023 Verified Answers) Which type of limit of liability does Mama have? RETENTION - Correct Answer ✅WHEN A PERSON DECIDES NOT TO BUY INSURENCE BECAUSE OF THE COST - WHAT METHOD OF RISK AS BEEN UNDERTAKEN? THE LAW - Correct Answer ✅LEGAL LIABILITY IS WHEN A PERSON IS CONSIDERED LIABLE FOR DAMAGE ACCORDING TO? RETENTION - Correct Answer ✅WHEN APRIL PURCHASED AN INSURENCE PLOICY WITH A LARGE DEDUCTIBLE - WHAT RISK MANAGEMENT TECHNIQUE WAS SHE PARCTICING? APPRAISAL, CANCELLATION & NON-RENEWAL, AND SUBROGATION - Correct Answer ✅WHAT ARE THE 3 CONDITIONS COMMONLY FOUND IN THE INSURENCE POLICY? GA PROPERTY & CASUALTY TEST Exam Questions and Answers (Latest Update 2023 Verified Answers) SPECIFIC COVERAGE - Correct Answer ✅PROPERTY INSURANCE WHICH PROVIDES 100,000 COVERAGE FOR A BUILDING AND 50,000 COVERAGE FOR A PERSONAL PROPERTY AT A SINGLE LOCATION IS CALLED? UNILATERAL CONTRACT - Correct Answer ✅A CONTRACT THAT LEGALLY BINDS ONLY 1 PARTY TO THE CONTRACTUAL OBLIGATIONS AFTER THE PREMIUM IS PAID IS CALLED? LEGAL CONTRACT - Correct Answer ✅AN AGREEMENT THAT IS ENFORCEABLE BY LAW IS KNOWN AS? SUBROGATION - Correct Answer ✅THE POLICY PROVISION FOUND IN PROPERTY INSURANCE POLICIES WHICH PREVENT THE INSURED FROM COLLECTING TWICE FOR THE SAME LOSS IS CALLED? ASSIGNMENT - Correct Answer ✅WHAT DESCRIBES THE TRANSFER OF A LEGAL RIGHT OR INTEREST IN A INSURANCE POLICY? INVESTIGATIVE CONSUMER REPORT - Correct Answer ✅WHAT TYPE OF REPORT CANNOT BE MADE UNLESS THE CONSUMER IS ADVISED IN WRITING GA PROPERTY & CASUALTY TEST Exam Questions and Answers (Latest Update 2023 Verified Answers) ABOUT THE REPORT WITHIN 3 DAYS OF THE DATE THE REPORT WAS REQUESTED? BLANKET - Correct Answer ✅A POLICY WHICH INSURES ALL PROPERTY AT MULTIPLE LOCATIONS FOR A SINGLE AMOUNT IS REFERRED TO AS? ROBBERY - Correct Answer ✅WHAT IS THE TAKING OF ANOTHER'S PROPERTY WITH VIOLENCE OR THREAT OF VIOLENCE? REPLACEMENT VALUE - Correct Answer ✅MEANS THE METHOD OF LOSS VALUATION IS CONTRARY TO THE BASIC CONCEPT ON INDEMNITY SINCE IT MAY PROVIDE THE INSURED, FOLLOWING A LOSS, WITH SETTLEMENT IN EXCESS OF THE PROPERTY'S ACTUAL CASH VALUE. SPECULATIVE RISK - Correct Answer ✅WAGERING ON A SPORTING EVENT IS KNOWN AS WHAT TYPE OF RISK? OPEN PERIL POLICY - Correct Answer ✅WHAT TYPE OF INSURANCE POLICY INSURES ALL RISK OF LOSS THAT ARE NOT SPECIFICALLY EXCLUDED? GA PROPERTY & CASUALTY TEST Exam Questions and Answers (Latest Update 2023 Verified Answers) KIND & QUALITY OF PROPERTY - AGE OF PROPERTY AND REPLACEMENT - Correct Answer ✅THESE ARE FACTORS IN DETERMINING ACV. DECLARATIONS - Correct Answer ✅THE PART OF A PROPERTY POLICY WHICH SHOWS THE AMOUNT OF INSURANCE, PREMIUMS AND POLICY TERMS - WHO, WHAT, WHEN, WHERE ? VALUED POLICY STATUE - Correct Answer ✅UNDER THE VALUATION OF LOSS - THIS STATUE STATES - IN THE EVENT OF A TOTAL LOSS BY FIRE TO A 1 OR 2 FAMILY RESIDENTIAL BUILDING OR STRUCTURE. DEFAMATION - Correct Answer ✅WHEN BILLY WAS REVIEWING SUMMER'S INSURANCE POLICY THAT WAS WRITTEN BY ANOTHER INSURANCE COMPANY, SHE MADE SEVERAL STATEMENTS THAT WAS MALICIOUSLY CRITICAL OF THE OTHER INSURER. SUMMER IS GUILTY OF? THE CHIEF OFFICER OF THE DEPARTMENT OF INSURANCE - Correct Answer ✅THE COMMISSIONER OF INSURANCE IS?