GEORGIA PROPERTY AND CASUALTY
INSURANCE FINAL SCRIPT 2026 QUESTIONS
WITH ANSWERS GRADED A+
◉ Valuation of Loss For a 1-2 family residence. Answer: Georgia law
contains a valued policy statute. An insurer is required to value the
property at the amount of insurance in effect at the time of the loss,
minus any depreciation. If the loss occurs within 30 days of policy
issuance, the actual loss sustain up to the LOL will be paid.
◉ What does the valued policy statute exclude. Answer: This
valuation provision does not apply to the following situations:
The building or structure is not wholly destroyed by fire;
Insurance policies are issued by more than 1 company, insuring the
same structure against fire, and the existence of overinsurance is not
disclosed by the insured to all insurers;
2 or more policies provide insurance for the same loss;
2 or more buildings or structures are insured using a blanket
amount of insurance; or
,The completed value of a building or structure is insured under a
Builder's Risk policy.
◉ Georgia Tobacco Crop Coverage. Answer: Any insurer who issues
a crop insurance policy, other than federal crop insurance, for
tobacco crops grown in Georgia, will offer coverage for wind, hail, or
both for a period of time extending until the crop is harvested.
◉ How much notice must be given if an insurer doesn't renew an
auto policy?. Answer: 30 days
◉ What is Georgia's Financial Responsibility Law?. Answer: Georgia
requires all owners and operators of motor vehicles carry auto
liability insurance as evidence of security in complying with the
state's financial responsibility law. Must be issued for a minimum of
6 months.
◉ What are the motor vehicle liability policy limits?. Answer: $25K
for bodily injury to 1 person in any one accident.
$50K for BI to 2 more persons in any one accident.
$25K for property damage in any one accident.
,◉ What is uninsured motorist coverage?. Answer: Can be offered up
to the LOL for BI and PD, but in no event less than the financial
responsibility limit. The limits cannot be less than 25/50/25
◉ Commissioner of Insurance. Answer: Elected for 4 years
Regulates the internal affairs of the Dept. of Insurance
Does not write laws
Examines all authorized insurers.
◉ Producer regulations. Answer: Licenses may be issued only to
individuals
Only one license of the same business type is allowed per agent.
Must be licensed in the first line of authority for the agent transacts
business
Avoid unfair trade practices.
◉ Company Regulations. Answer: obtain a certificate of authority
remain solvent
have all policy forms and rates approved by the Dept.
Avoid unfair trade practices and unfair claim settlement practices.
◉ Insurance Guaranty Association. Answer: Protects policyowners,
insureds, and beneficiaries against insolvent insurers
, All admitted insurers must be members of the Association
Unfair trade practice: stating that the insurer's policies are
guaranteed by the existence of the Association
◉ Licensing Requirements. Answer: Meet age and residency
requirements (18 years old; reside in the state at least 6 months a
year)
Pass examination
Submit application and fees
Be of good character
◉ Types of licenses. Answer: Individuals - resident and nonresident
Temporary license - valid for 6 months; issued to maintain the
existing business
◉ Exposure. Answer: susceptibility to risk
◉ Implied warranty. Answer: a legal term meaning that a product is
suitable for its intended purpose and that it fits an ordinary buyer's
expectations
INSURANCE FINAL SCRIPT 2026 QUESTIONS
WITH ANSWERS GRADED A+
◉ Valuation of Loss For a 1-2 family residence. Answer: Georgia law
contains a valued policy statute. An insurer is required to value the
property at the amount of insurance in effect at the time of the loss,
minus any depreciation. If the loss occurs within 30 days of policy
issuance, the actual loss sustain up to the LOL will be paid.
◉ What does the valued policy statute exclude. Answer: This
valuation provision does not apply to the following situations:
The building or structure is not wholly destroyed by fire;
Insurance policies are issued by more than 1 company, insuring the
same structure against fire, and the existence of overinsurance is not
disclosed by the insured to all insurers;
2 or more policies provide insurance for the same loss;
2 or more buildings or structures are insured using a blanket
amount of insurance; or
,The completed value of a building or structure is insured under a
Builder's Risk policy.
◉ Georgia Tobacco Crop Coverage. Answer: Any insurer who issues
a crop insurance policy, other than federal crop insurance, for
tobacco crops grown in Georgia, will offer coverage for wind, hail, or
both for a period of time extending until the crop is harvested.
◉ How much notice must be given if an insurer doesn't renew an
auto policy?. Answer: 30 days
◉ What is Georgia's Financial Responsibility Law?. Answer: Georgia
requires all owners and operators of motor vehicles carry auto
liability insurance as evidence of security in complying with the
state's financial responsibility law. Must be issued for a minimum of
6 months.
◉ What are the motor vehicle liability policy limits?. Answer: $25K
for bodily injury to 1 person in any one accident.
$50K for BI to 2 more persons in any one accident.
$25K for property damage in any one accident.
,◉ What is uninsured motorist coverage?. Answer: Can be offered up
to the LOL for BI and PD, but in no event less than the financial
responsibility limit. The limits cannot be less than 25/50/25
◉ Commissioner of Insurance. Answer: Elected for 4 years
Regulates the internal affairs of the Dept. of Insurance
Does not write laws
Examines all authorized insurers.
◉ Producer regulations. Answer: Licenses may be issued only to
individuals
Only one license of the same business type is allowed per agent.
Must be licensed in the first line of authority for the agent transacts
business
Avoid unfair trade practices.
◉ Company Regulations. Answer: obtain a certificate of authority
remain solvent
have all policy forms and rates approved by the Dept.
Avoid unfair trade practices and unfair claim settlement practices.
◉ Insurance Guaranty Association. Answer: Protects policyowners,
insureds, and beneficiaries against insolvent insurers
, All admitted insurers must be members of the Association
Unfair trade practice: stating that the insurer's policies are
guaranteed by the existence of the Association
◉ Licensing Requirements. Answer: Meet age and residency
requirements (18 years old; reside in the state at least 6 months a
year)
Pass examination
Submit application and fees
Be of good character
◉ Types of licenses. Answer: Individuals - resident and nonresident
Temporary license - valid for 6 months; issued to maintain the
existing business
◉ Exposure. Answer: susceptibility to risk
◉ Implied warranty. Answer: a legal term meaning that a product is
suitable for its intended purpose and that it fits an ordinary buyer's
expectations
