GA Surplus Lines - Exam Prep
Which of the following is one of the normal conditions for procurement of
surplus lines license? Correct answers 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 answers 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 answers surplus lines broker certificate
the surplus lines broker shall remit to the commisioner at the time the
broker's quarterly affidavit is submitted: Correct answers 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 answers
$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 answers 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 answers
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 answers 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 answers
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 answers fraud
, concerning prohibited practices, illegal inducements would include all of the
following except Correct answers 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 answers a) its intent or purpose
e) its effective date
f) precedents in which similiar action was taken
g) grounds on which it is based
C
the purpose of the coinsurance clause found in property insurance is to
Correct answers encourage insurance to value
casualty insurance embraces all the following types of insurance
except Correct answers a) liability
h) crime
i) surety
j) boiler and machinery
D
Driver A is carrying uninsured/underinsured motorist limits of $100/300/50
when struck by an at fault Driver B carrying liability limits of $25/50/25. the
accident causes $150,000 of bodily injury to Driver A. what is the maximum
amount recoverable to Driver A from their own underinsured motorists limits
Correct answers $75,000
First # - the amount the insurer will pay for each person's injuries
Second # - the amount the insurer will pay for all injuries associated with
the accident Third # - the amount the insurer will pay for property damage
all of the following are factors in the determintation of "Actual Cash
Value" except Correct answers a) age of the property
k) replacement cost
l) original cost new
m)kind and quality of property
C
Which of the following is one of the normal conditions for procurement of
surplus lines license? Correct answers 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 answers 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 answers surplus lines broker certificate
the surplus lines broker shall remit to the commisioner at the time the
broker's quarterly affidavit is submitted: Correct answers 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 answers
$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 answers 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 answers
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 answers 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 answers
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 answers fraud
, concerning prohibited practices, illegal inducements would include all of the
following except Correct answers 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 answers a) its intent or purpose
e) its effective date
f) precedents in which similiar action was taken
g) grounds on which it is based
C
the purpose of the coinsurance clause found in property insurance is to
Correct answers encourage insurance to value
casualty insurance embraces all the following types of insurance
except Correct answers a) liability
h) crime
i) surety
j) boiler and machinery
D
Driver A is carrying uninsured/underinsured motorist limits of $100/300/50
when struck by an at fault Driver B carrying liability limits of $25/50/25. the
accident causes $150,000 of bodily injury to Driver A. what is the maximum
amount recoverable to Driver A from their own underinsured motorists limits
Correct answers $75,000
First # - the amount the insurer will pay for each person's injuries
Second # - the amount the insurer will pay for all injuries associated with
the accident Third # - the amount the insurer will pay for property damage
all of the following are factors in the determintation of "Actual Cash
Value" except Correct answers a) age of the property
k) replacement cost
l) original cost new
m)kind and quality of property
C
