GA Surplus Lines - Exam Prep UPDATED
ACTUAL Questions And CORRECT
Answers
Which of the following is one of the normal conditions for procurement of surplus lines license?
- CORRECT ANSWER - A diligent effort must be made to place the risk in the authorized
modes first (three attempts)
In Georgia, an individual whose surplus lines license is REVOKED for cause will not be eligible
to apply for another license for: - CORRECT ANSWER - 2 years
Upon placing a surplus line coverage, the broker shall promptly issue and deliver to the insured
evidence of the insurance consisting of the policy by the insurer or: - CORRECT
ANSWER - surplus lines broker certificate
the surplus lines broker shall remit to the commisioner at the time the broker's quarterly affidavit
is submitted: - CORRECT ANSWER - a tax of 4% on all premiums paid or due payable
during the preceeding quarter
Dollar Value Stor has a CGL policy that is written with a general aggregate limit of $300,000,
and an occurrence limit of $100,000. A customer who was injured on their premises was awared
$45,000 for medical expenses and loss of earnings and $60,000 for pain an suffering. the court
cost and attorney fees were $15,000. how much will their CGL policy pay? - CORRECT
ANSWER - $115,000 ($100k occurrence plus $15k in defense)
Each surplus lines broker shall file with the commissioner on a quarterly basis an affidavit and
taxes on or before the: - CORRECT ANSWER - 15th day of April, July, October, January
think 4/1, 7/1, 10/1, 1/1
, an action shall be brought against any unauthorized insurer under any contract issued by it as a
surplus lines contract in the: - CORRECT ANSWER - superior court of the county in
which the cause of action arose
notice of a hearing on alleged unfair trade practice must be served at least how many days before
the hearing may be held - CORRECT ANSWER - 15 days
what procedure is prescribed by the standard fire policy when the insured and the insurer cannot
agree upon the amount of a loss - CORRECT ANSWER - each party selects an appraiser
who in turn selects an umpire. these three determine the amount of loss
an insured falsely reports the theft of a valuable item in order to collect payment for the
insurance policy - CORRECT ANSWER - fraud
concerning prohibited practices, illegal inducements would include all of the following except -
CORRECT ANSWER - a) reducing an insureds premium due to differences in hazards
b) to give a special dividend under the contract
c) to rebate a part of the insured's premium not specified in the policy
d) giving a prospective some additional incentive to purchase insurance
A
an order issued by the commissioner shall stat each of the following except - CORRECT
ANSWER - a) its intent or purpose
b) its effective date
c) precedents in which similiar action was taken
d) grounds on which it is based
C
ACTUAL Questions And CORRECT
Answers
Which of the following is one of the normal conditions for procurement of surplus lines license?
- CORRECT ANSWER - A diligent effort must be made to place the risk in the authorized
modes first (three attempts)
In Georgia, an individual whose surplus lines license is REVOKED for cause will not be eligible
to apply for another license for: - CORRECT ANSWER - 2 years
Upon placing a surplus line coverage, the broker shall promptly issue and deliver to the insured
evidence of the insurance consisting of the policy by the insurer or: - CORRECT
ANSWER - surplus lines broker certificate
the surplus lines broker shall remit to the commisioner at the time the broker's quarterly affidavit
is submitted: - CORRECT ANSWER - a tax of 4% on all premiums paid or due payable
during the preceeding quarter
Dollar Value Stor has a CGL policy that is written with a general aggregate limit of $300,000,
and an occurrence limit of $100,000. A customer who was injured on their premises was awared
$45,000 for medical expenses and loss of earnings and $60,000 for pain an suffering. the court
cost and attorney fees were $15,000. how much will their CGL policy pay? - CORRECT
ANSWER - $115,000 ($100k occurrence plus $15k in defense)
Each surplus lines broker shall file with the commissioner on a quarterly basis an affidavit and
taxes on or before the: - CORRECT ANSWER - 15th day of April, July, October, January
think 4/1, 7/1, 10/1, 1/1
, an action shall be brought against any unauthorized insurer under any contract issued by it as a
surplus lines contract in the: - CORRECT ANSWER - superior court of the county in
which the cause of action arose
notice of a hearing on alleged unfair trade practice must be served at least how many days before
the hearing may be held - CORRECT ANSWER - 15 days
what procedure is prescribed by the standard fire policy when the insured and the insurer cannot
agree upon the amount of a loss - CORRECT ANSWER - each party selects an appraiser
who in turn selects an umpire. these three determine the amount of loss
an insured falsely reports the theft of a valuable item in order to collect payment for the
insurance policy - CORRECT ANSWER - fraud
concerning prohibited practices, illegal inducements would include all of the following except -
CORRECT ANSWER - a) reducing an insureds premium due to differences in hazards
b) to give a special dividend under the contract
c) to rebate a part of the insured's premium not specified in the policy
d) giving a prospective some additional incentive to purchase insurance
A
an order issued by the commissioner shall stat each of the following except - CORRECT
ANSWER - a) its intent or purpose
b) its effective date
c) precedents in which similiar action was taken
d) grounds on which it is based
C
