GA Surplus Lines Broker NEWEST COMPLETE
QUESTIONS AND CORRECT VERIFIED
ANSWERS(DETAILED ANSWERS)|ALREADY
GRADED A+
What is Actual Cash Value (ACV)? - {✔✔ RESOLUTION RESULT VERIFIED
✔✔}-replacement cost minus depreciation
Define Agreed Value - {✔✔ RESOLUTION RESULT VERIFIED ✔✔}-Pays up
face amount in the event of a loss
What is the Coinsurance Clause? - {✔✔ RESOLUTION RESULT VERIFIED
✔✔}-The amount of insurance must equal 80% of the replacement cost at the
time of the loss
Illustrate the loss settlement that is paid for on replacement cost basis -
{✔✔ RESOLUTION RESULT VERIFIED ✔✔}-minus payment by the
depreciation
What is Replacement Cost? - {✔✔ RESOLUTION RESULT VERIFIED ✔✔}-The
cost to repair or replace property using new materials of like kind and quality with
no deduction for depreciation.
, Who has the right to salvage? - {✔✔ RESOLUTION RESULT VERIFIED ✔✔}-
The Insurer has the right to salvage
Backing out of the driveway and you hit a parked vehicle? -
{✔✔ RESOLUTION RESULT VERIFIED ✔✔}-Collision
Unfair Insurance Practice - {✔✔ RESOLUTION RESULT VERIFIED ✔✔}-Unfair
Claim Settlement Practice Act
Who has to be approved by the State Department of Insurance -
{✔✔ RESOLUTION RESULT VERIFIED ✔✔}-Surplus Lines Insurance has to be
approved by the Dept of Insurance
Insured pays annual premium January 1. July 1 cancels policy. Receives return less
than half of premium paid - {✔✔ RESOLUTION RESULT VERIFIED ✔✔}-pro
rata refund
Surplus Lines Insurance is not required to obtain what? - {✔✔ RESOLUTION
RESULT VERIFIED ✔✔}-
Certificate of Authority is not required in E&S
Who must file a surety bond with the commissioner for the benefit of any person
injured by the violation of the conditions provided? (claims) -
{✔✔ RESOLUTION RESULT VERIFIED ✔✔}-Surplus Lines Licensee must file a
surety bond with the commissioner for the benefit of any person injured by the
violation of the conditions provided. (claims)
QUESTIONS AND CORRECT VERIFIED
ANSWERS(DETAILED ANSWERS)|ALREADY
GRADED A+
What is Actual Cash Value (ACV)? - {✔✔ RESOLUTION RESULT VERIFIED
✔✔}-replacement cost minus depreciation
Define Agreed Value - {✔✔ RESOLUTION RESULT VERIFIED ✔✔}-Pays up
face amount in the event of a loss
What is the Coinsurance Clause? - {✔✔ RESOLUTION RESULT VERIFIED
✔✔}-The amount of insurance must equal 80% of the replacement cost at the
time of the loss
Illustrate the loss settlement that is paid for on replacement cost basis -
{✔✔ RESOLUTION RESULT VERIFIED ✔✔}-minus payment by the
depreciation
What is Replacement Cost? - {✔✔ RESOLUTION RESULT VERIFIED ✔✔}-The
cost to repair or replace property using new materials of like kind and quality with
no deduction for depreciation.
, Who has the right to salvage? - {✔✔ RESOLUTION RESULT VERIFIED ✔✔}-
The Insurer has the right to salvage
Backing out of the driveway and you hit a parked vehicle? -
{✔✔ RESOLUTION RESULT VERIFIED ✔✔}-Collision
Unfair Insurance Practice - {✔✔ RESOLUTION RESULT VERIFIED ✔✔}-Unfair
Claim Settlement Practice Act
Who has to be approved by the State Department of Insurance -
{✔✔ RESOLUTION RESULT VERIFIED ✔✔}-Surplus Lines Insurance has to be
approved by the Dept of Insurance
Insured pays annual premium January 1. July 1 cancels policy. Receives return less
than half of premium paid - {✔✔ RESOLUTION RESULT VERIFIED ✔✔}-pro
rata refund
Surplus Lines Insurance is not required to obtain what? - {✔✔ RESOLUTION
RESULT VERIFIED ✔✔}-
Certificate of Authority is not required in E&S
Who must file a surety bond with the commissioner for the benefit of any person
injured by the violation of the conditions provided? (claims) -
{✔✔ RESOLUTION RESULT VERIFIED ✔✔}-Surplus Lines Licensee must file a
surety bond with the commissioner for the benefit of any person injured by the
violation of the conditions provided. (claims)
