GA Insurance Adjuster Course
Personal, Adhesion, Utmost Good Faith, Aleatory, Unilateral, Condition - answers✔✔Six Special
Characteristic of Insurance Contracts
Medical Payments - answers✔✔Coverage F
An umbrella policy provided liability coverage over and above the normal or base limits of liability in a
policy. An umbrella policy is a type of excess policy - answers✔✔Umbrella
Management of severe risk by transferring the risk of another party - answers✔✔Risk Transference
Eliminates risk by not taking an action that involves risk - answers✔✔Risk Avoidance
Business Owner Package - answers✔✔B.O.P.
Commercial Package Policies - answers✔✔C.P.P
A statement of a fact - answers✔✔Representation
A false, distorted, or deceitful statement of fact or opinion, even if made unintentionally -
answers✔✔Misrepresentation
Protects the policyholder from financial losses. It does not protect property from becoming damaged.
Coverage the follows the person, not the property. - answers✔✔Personal Contract
The insurer is responsible for the term of the contract. The insured has no say in wording. Courts favor
the insured in the event of an ambiguity. - answers✔✔Adhesion Contract
,Applicants are expected to be completely honest about the risk to the insurer. The insurer must rely on
applicants to conceal or misrepresent pertinent facts. - answers✔✔Utmost Good Faith Contract
Policy holder could pay more in premiums than they ever get for claims, or insurer could pay more in
claims than it recieves. - answers✔✔Aleatory Contract
A discovery from commercial crime policy can apply to losses discovered during the policy as well as up
to many days after his expiration date. - answers✔✔60
An unincorporated organization of subscriber that operates through an attorney in fact to provide
insurance benefits for its members - answers✔✔Reciprocal Insurer
Taking measures to reduce the risk involved in an action - answers✔✔Risk Reduction "Risk Mitigation"
Acknowledging the risk and preparing to handle unexpected losses that may occur. - answers✔✔Risk
Retention
Detached Private Structures - answers✔✔Coverage B
Loss of use; Fair Rental Value, Additional living expenses - answers✔✔Coverage D
The insurer only has to perform if certain conditions are met. - answers✔✔Conditional Contract
The insurer has an obligation to pay for covered losses. The insured has no obligation. -
answers✔✔Unilateral Contract
Deliberately withholding relevant information - answers✔✔Concealment
Temporary coverage for an insurance applicant until the policy is issued - answers✔✔Binder
, Personal Article Floater have the amount of______deductible - answers✔✔$500
Takes place when insured acts differently because of the comfort that insurance protection provides. -
answers✔✔Morale Hazard
Guarantees to pay obligee if principal defaults - answers✔✔Surety
Fourth Party to a surety bond who agrees to reimburse the surety for losses sustained if the principal
defaults - answers✔✔Indemnitor
An arrangement between three parties in which one party promises to perform for another party, and a
third party guarantees they will fulfill that premise - answers✔✔Suretyship
The contract should be interpreted as a reasonable person would interpret it - answers✔✔Doctrine of
Reasonable Expectations
personal property - answers✔✔Coverage C
covers the dwelling and other structures on a risk-of-direct-physical loss basis. All direct physical losses
are covered except those losses specifically excluded. Personal property is covered on a named perils
basis - answers✔✔HO-3 (special form)
covers the dwelling, other structures, and personal property on a named perils basis - answers✔✔HO-2
(broad form)
covers a tenant's personal property on a named perils basis - answers✔✔HO-4 (contents broad form)
provides open perils coverage ("all-risks coverage") on the dwelling, other structures and personal
property. - answers✔✔HO-5 Comprehensive Form
Personal, Adhesion, Utmost Good Faith, Aleatory, Unilateral, Condition - answers✔✔Six Special
Characteristic of Insurance Contracts
Medical Payments - answers✔✔Coverage F
An umbrella policy provided liability coverage over and above the normal or base limits of liability in a
policy. An umbrella policy is a type of excess policy - answers✔✔Umbrella
Management of severe risk by transferring the risk of another party - answers✔✔Risk Transference
Eliminates risk by not taking an action that involves risk - answers✔✔Risk Avoidance
Business Owner Package - answers✔✔B.O.P.
Commercial Package Policies - answers✔✔C.P.P
A statement of a fact - answers✔✔Representation
A false, distorted, or deceitful statement of fact or opinion, even if made unintentionally -
answers✔✔Misrepresentation
Protects the policyholder from financial losses. It does not protect property from becoming damaged.
Coverage the follows the person, not the property. - answers✔✔Personal Contract
The insurer is responsible for the term of the contract. The insured has no say in wording. Courts favor
the insured in the event of an ambiguity. - answers✔✔Adhesion Contract
,Applicants are expected to be completely honest about the risk to the insurer. The insurer must rely on
applicants to conceal or misrepresent pertinent facts. - answers✔✔Utmost Good Faith Contract
Policy holder could pay more in premiums than they ever get for claims, or insurer could pay more in
claims than it recieves. - answers✔✔Aleatory Contract
A discovery from commercial crime policy can apply to losses discovered during the policy as well as up
to many days after his expiration date. - answers✔✔60
An unincorporated organization of subscriber that operates through an attorney in fact to provide
insurance benefits for its members - answers✔✔Reciprocal Insurer
Taking measures to reduce the risk involved in an action - answers✔✔Risk Reduction "Risk Mitigation"
Acknowledging the risk and preparing to handle unexpected losses that may occur. - answers✔✔Risk
Retention
Detached Private Structures - answers✔✔Coverage B
Loss of use; Fair Rental Value, Additional living expenses - answers✔✔Coverage D
The insurer only has to perform if certain conditions are met. - answers✔✔Conditional Contract
The insurer has an obligation to pay for covered losses. The insured has no obligation. -
answers✔✔Unilateral Contract
Deliberately withholding relevant information - answers✔✔Concealment
Temporary coverage for an insurance applicant until the policy is issued - answers✔✔Binder
, Personal Article Floater have the amount of______deductible - answers✔✔$500
Takes place when insured acts differently because of the comfort that insurance protection provides. -
answers✔✔Morale Hazard
Guarantees to pay obligee if principal defaults - answers✔✔Surety
Fourth Party to a surety bond who agrees to reimburse the surety for losses sustained if the principal
defaults - answers✔✔Indemnitor
An arrangement between three parties in which one party promises to perform for another party, and a
third party guarantees they will fulfill that premise - answers✔✔Suretyship
The contract should be interpreted as a reasonable person would interpret it - answers✔✔Doctrine of
Reasonable Expectations
personal property - answers✔✔Coverage C
covers the dwelling and other structures on a risk-of-direct-physical loss basis. All direct physical losses
are covered except those losses specifically excluded. Personal property is covered on a named perils
basis - answers✔✔HO-3 (special form)
covers the dwelling, other structures, and personal property on a named perils basis - answers✔✔HO-2
(broad form)
covers a tenant's personal property on a named perils basis - answers✔✔HO-4 (contents broad form)
provides open perils coverage ("all-risks coverage") on the dwelling, other structures and personal
property. - answers✔✔HO-5 Comprehensive Form
