GEORGIA PROPERTY AND CASUALTY UPDATED EXAM
STUDY GUIDE QUESTIONS AND ANSWERS GRADED A+
✔✔Casualty Insurance - ✔✔casualty= Liability- always pays the other guy, never me.
✔✔Third Party Insurance (casualty) - ✔✔1st party= me(insured) - 2nd party= my insurer
- 3rd party= other guy
✔✔Policy Sections - ✔✔DICEE
✔✔Named Insured Duties After Loss - ✔✔PPCMSC
✔✔Liberalization - ✔✔Extended coverage to insured
✔✔Binder - ✔✔temporary insurance- does not guarantee a policy will be issued
✔✔Financial Ratios - ✔✔Loss ratios- Expense ratios-Combined ratios
✔✔Rating a Risk - ✔✔Judgement-Manual-Expense Rating
✔✔Types of Property - ✔✔Real property- personal property
✔✔Covered Property - ✔✔specific/scheduled - blanket
✔✔Broad Perils - ✔✔BIGAFFECT
✔✔Special/Open peril Coverage - ✔✔FEILDG
✔✔Types of Loss - ✔✔Direct - Indirect
✔✔Classes of Construction - ✔✔Class 1-frame - Class 2- Joisted Masonry Class 3 -
Noncombustible Class 4- Masonry Noncombustible Class 5- Modified Fire Resistive
Class 6- Fire Resistive
✔✔Loss Valuation - ✔✔How the insurance company determined appropriate amount of
loss to be paid
✔✔Insured to collect lesser of - ✔✔IPACR
✔✔Arbitration - ✔✔disagreement about other areas of the loss
✔✔Types of Damage - ✔✔Compensatory- General
STUDY GUIDE QUESTIONS AND ANSWERS GRADED A+
✔✔Casualty Insurance - ✔✔casualty= Liability- always pays the other guy, never me.
✔✔Third Party Insurance (casualty) - ✔✔1st party= me(insured) - 2nd party= my insurer
- 3rd party= other guy
✔✔Policy Sections - ✔✔DICEE
✔✔Named Insured Duties After Loss - ✔✔PPCMSC
✔✔Liberalization - ✔✔Extended coverage to insured
✔✔Binder - ✔✔temporary insurance- does not guarantee a policy will be issued
✔✔Financial Ratios - ✔✔Loss ratios- Expense ratios-Combined ratios
✔✔Rating a Risk - ✔✔Judgement-Manual-Expense Rating
✔✔Types of Property - ✔✔Real property- personal property
✔✔Covered Property - ✔✔specific/scheduled - blanket
✔✔Broad Perils - ✔✔BIGAFFECT
✔✔Special/Open peril Coverage - ✔✔FEILDG
✔✔Types of Loss - ✔✔Direct - Indirect
✔✔Classes of Construction - ✔✔Class 1-frame - Class 2- Joisted Masonry Class 3 -
Noncombustible Class 4- Masonry Noncombustible Class 5- Modified Fire Resistive
Class 6- Fire Resistive
✔✔Loss Valuation - ✔✔How the insurance company determined appropriate amount of
loss to be paid
✔✔Insured to collect lesser of - ✔✔IPACR
✔✔Arbitration - ✔✔disagreement about other areas of the loss
✔✔Types of Damage - ✔✔Compensatory- General
