GA PROPERTY & CASUALTY TEST 100% CORRECT SOLVED

GA PROPERTY & CASUALTY TEST 100% CORRECT SOLVED 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. 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? CONCEALMENT - Correct Answer ️️ -THE FAILURE TO DISCLOSE ALL KNOWN FACTS IS CALLED? DECLARATIONS - Correct Answer ️️ -THE PART OF A PROPERTY POLICY WHICH SHOWS THE AMOUNT OF INSURENCE, PREMIUM AND POLICY TERMS IS THE? THE PROMISE TO PAY, SOMETHING OF VALUE EXCHANGED BETWEEN PARTIES, AND THE PREMIUM AMOUNT PAID - Correct Answer ️️ -WHAT ARE THE CONSIDERATIONS IN A POLICY? SPECIFIC COVERAGE - Correct Answer ️️ -GREG OWNS SEVERAL BUILDINGS, EACH AT A DIFFERENT LOCATION AND INSURED ONA SEPE