GEORGIA PROPERTY AND CASUALTY INSURANCE EXAM 2 LATEST VERSIONS NEWEST 2024 (VERSION A
AND B) COMPLETE 350 QUESTIONS AND CORRECT ANSWERS
What is a Homeowners Insurance Policy? - (answer) A standardized package insurance policy for
residential real estate owners.
What does a Homeowners Insurance Policy cover? - (answer) Financial loss from fire, theft, public
liability, and other common risks.
What is the Dwellings Policy also known as? - (answer) Coverage A
What does the Dwellings Policy cover? - (answer) Repairing or rebuilding your home after it's damaged
by something covered by your insurance.
What are examples of damages covered by the Dwellings Policy? - (answer) A falling tree branch or
bursting frozen pipes.
What is commercial insurance also known as? - (answer) Business insurance
What does commercial insurance protect a business from? - (answer) Future risks
What types of coverage may be included in a commercial insurance policy? - (answer) Business
property damage, loss of income due to business interruption, legal issues, theft, and employees'
grievances
What types of losses does commercial insurance cover? - (answer) Losses related to unexpected events
like lawsuits, accidents, or natural disasters
What is inland marine insurance an offshoot of? - (answer) Ocean marine insurance
What does inland marine insurance cover? - (answer) Equipment, tools, and other property used at a
job site, stored at a warehouse, or moved over land
, GEORGIA PROPERTY AND CASUALTY INSURANCE EXAM 2 LATEST VERSIONS NEWEST 2024 (VERSION A
AND B) COMPLETE 350 QUESTIONS AND CORRECT ANSWERS
What is the purpose of each type of inland marine insurance? - (answer) To cover a specific type of
property
National Flood Insurance Program - (answer) The federal government's program to provide Flood
insurance at subsidized rates.
Insurance - (answer) protection against possible financial loss
Insurable Interest - (answer) Any financial interest in life or property such that, if the life or property
were lost or harmed, the insured would suffer financially.
Risk - (answer) Degree of uncertainty of return on an asset; in business, the likelihood of loss or
reduced profit.
Hazard - (answer) (n.) risk, peril; (v.) to expose to danger or harm; to gamble
Peril - (answer) cause of loss
Loss - (answer) The basis of a claim for damages under the terms of a policy
Loss Valuation - (answer) A factor in determining the premium charged and the amount of insurance
required.
Proximate Cause - (answer) Legal cause; exists when the connection between an act and an injury is
strong enough to justify imposing liability.
Deductible - (answer) Amount you must pay before you begin receiving any benefits from your
insurance company
Indemnity - (answer) a payment for damage or loss
AND B) COMPLETE 350 QUESTIONS AND CORRECT ANSWERS
What is a Homeowners Insurance Policy? - (answer) A standardized package insurance policy for
residential real estate owners.
What does a Homeowners Insurance Policy cover? - (answer) Financial loss from fire, theft, public
liability, and other common risks.
What is the Dwellings Policy also known as? - (answer) Coverage A
What does the Dwellings Policy cover? - (answer) Repairing or rebuilding your home after it's damaged
by something covered by your insurance.
What are examples of damages covered by the Dwellings Policy? - (answer) A falling tree branch or
bursting frozen pipes.
What is commercial insurance also known as? - (answer) Business insurance
What does commercial insurance protect a business from? - (answer) Future risks
What types of coverage may be included in a commercial insurance policy? - (answer) Business
property damage, loss of income due to business interruption, legal issues, theft, and employees'
grievances
What types of losses does commercial insurance cover? - (answer) Losses related to unexpected events
like lawsuits, accidents, or natural disasters
What is inland marine insurance an offshoot of? - (answer) Ocean marine insurance
What does inland marine insurance cover? - (answer) Equipment, tools, and other property used at a
job site, stored at a warehouse, or moved over land
, GEORGIA PROPERTY AND CASUALTY INSURANCE EXAM 2 LATEST VERSIONS NEWEST 2024 (VERSION A
AND B) COMPLETE 350 QUESTIONS AND CORRECT ANSWERS
What is the purpose of each type of inland marine insurance? - (answer) To cover a specific type of
property
National Flood Insurance Program - (answer) The federal government's program to provide Flood
insurance at subsidized rates.
Insurance - (answer) protection against possible financial loss
Insurable Interest - (answer) Any financial interest in life or property such that, if the life or property
were lost or harmed, the insured would suffer financially.
Risk - (answer) Degree of uncertainty of return on an asset; in business, the likelihood of loss or
reduced profit.
Hazard - (answer) (n.) risk, peril; (v.) to expose to danger or harm; to gamble
Peril - (answer) cause of loss
Loss - (answer) The basis of a claim for damages under the terms of a policy
Loss Valuation - (answer) A factor in determining the premium charged and the amount of insurance
required.
Proximate Cause - (answer) Legal cause; exists when the connection between an act and an injury is
strong enough to justify imposing liability.
Deductible - (answer) Amount you must pay before you begin receiving any benefits from your
insurance company
Indemnity - (answer) a payment for damage or loss
