GA Insurance Adjuster Course
$500 - ANS-Personal Article Floater have the amount of______deductible
60 - ANS-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.
A ___________ is a law set forth by a governing body such as a state or city. - ANS-statutory
law
A "newly acquired auto" must: - ANS-be reported to the insurer within 30 days.
A CGL can provide liability insurance coverage for all of the following persons, EXCEPT: -
ANS-customers.
A Home Under Construction - ANS-is eligible for coverage from covered perils, such as the fire.
However, theft is not covered while the dwelling is under construction. So the damage caused
by the kitchen fire is covered, but the theft of the trim is not.
A processing and servicing company would qualify for a BOP only if they have less than _____
in annual revenues. - ANS-$3 million
A Reservation of Rights letter is sent by - ANS-the insurance company.
A typical mobile home policy: - ANS-settles losses on an actual cash value basis.
According to the commercial property policy, a commercial building is considered vacant if less
than ____ of the available square footage is occupied for ____ consecutive days. - ANS-31%,
60
According to the general rules for cancellation of insurance policies in Georgia, how many days
notice must an insurer give the insured before cancelling a policy? - ANS-30 days
According to the general rules for cancellation of insurance policies in Georgia, if a policyholder
hasn't been paying premiums, how many days notice must an insurer give the insured before
cancelling the policy? - ANS-10 days
Actual Cash Value - ANS-Key word "worth"
Actual Cash Value (ACV) - ANS-A valuation method that takes into account an item's
depreciation.
,Formula: Replacement Cost minus Depreciation
Adhesion Contract - ANS-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.
After a policyholder files a claim, the insurer has ______ days to send proof of loss forms. -
ANS-15
After receiving all the pertinent information and paperwork regarding a claim, an insurance
company has ___ days to come to a decision regarding payment on it. However, if arson is
suspected, the insurance company may take ___ days to affirm or deny coverage. - ANS-15; 30
Aggregate Limit - ANS-The maximum amount an insurer will pay for all covered losses during
the covered policy period.
Aleatory Contract - ANS-Policy holder could pay more in premiums than they ever get for
claims, or insurer could pay more in claims than it recieves.
All of the following are typical exclusions in an insurance policy, EXCEPT: - ANS-explosion.
Ambiguity - ANS-An event or situation that may be interpreted in more than one way.
An employee can receive Temporary partial disability benefits for a maximum of: - ANS-350
weeks
An expense plan that indicates an employer will reduce benefits for persons over the age of 65
to the extent that they are payable under Medicare for the same expense is known as a: -
ANS-Medicare carve-out
An insurer that adheres to the laws of a state but is located outside of that state is
called a(n) ___________ insurer. - ANS-foreign
As a requirement for getting her New York adjuster license, Alice is required to submit proof of
bonding with her application. She purchases a surety bond from PBJ Bonds. In this contract,
PBJ Bonds would be considered the: - ANS-surety.
B.O.P. - ANS-Business Owner Package
Bailee Coverage - ANS-Is the insurance which protects the party responsible for the
possessions of another.
Binder - ANS-Temporary coverage for an insurance applicant until the policy is issued
, BOP (Busines Owner Policy)Features - ANS-12 month business income coverage, 12 month
extra expense coverage, inflation guard for building and structures, Liability protection for law
suites from accident and products, slander and copyright protection. deductibles on most
claims, open peril option
BOP (business owners policy) - ANS-RCV x(amount of insurance/ 80% property value)
BOP's General Aggregate limit and Completed Operations limit - ANS-are twice the amount of
the Selected Per Occurrence limit.
Both Steve and his wife, Arlene, carry DP-2 policies on their $135,000 home. Steve's policy has
a limit of $110,000 and Arlene's has a $25,000 limit, and both policies pay on a pro rata basis.
After a hailstorm causes $13,000 in damage to their roof, how much of the damage will be
covered by Steve's policy (ignoring any deductible)? - ANS-Hail is covered under the DP-2
policy and the dwelling is fully insured. When policies pay on pro rata basis, each policy pays its
share of the loss according to its share of all policy limits. Steve's policy limit amounts to 80% of
the total coverage, so his policy will cover 80% of the loss. ($110,000 + $25,000 = $135,000
total) ($110,000 / $135,000 = 80% of total) ($13,000 x 80% = $10,400)
Business Income Coverage - ANS-Provides protection for loss of income due to a covered loss
By signing a settlement release, the claimant gives up the right to: - ANS-seek any further
damages.
C.P.P - ANS-Commercial Package Policies
Captive Insurance - ANS-an insurer owned by a parent firm for the purpose of insuring the
parent firm's loss exposures
Certified adjusters - ANS-Must complete continuing education about NFIP claims every year, not
every three years.
claimant - ANS-is an individual or business that makes a claim for payment after a loss occurs.
collateral - ANS-A sum of cash or valuable property put into a reserve controlled by the surety.
Commercial Floater - ANS-With respect to Inland Marine insurance, a "Block" policy (such as a
Jewelers Block policy, or a Furriers Block policy) is an example of a
commerical property - ANS-Commercial property coverages are usually paid on an actual cash
value basis.
A commercial policy typically provides some coverage for loss to personal property of
employees.
Commercial policies are generally not designed to cover farms and 1-4 family dwellings.
$500 - ANS-Personal Article Floater have the amount of______deductible
60 - ANS-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.
A ___________ is a law set forth by a governing body such as a state or city. - ANS-statutory
law
A "newly acquired auto" must: - ANS-be reported to the insurer within 30 days.
A CGL can provide liability insurance coverage for all of the following persons, EXCEPT: -
ANS-customers.
A Home Under Construction - ANS-is eligible for coverage from covered perils, such as the fire.
However, theft is not covered while the dwelling is under construction. So the damage caused
by the kitchen fire is covered, but the theft of the trim is not.
A processing and servicing company would qualify for a BOP only if they have less than _____
in annual revenues. - ANS-$3 million
A Reservation of Rights letter is sent by - ANS-the insurance company.
A typical mobile home policy: - ANS-settles losses on an actual cash value basis.
According to the commercial property policy, a commercial building is considered vacant if less
than ____ of the available square footage is occupied for ____ consecutive days. - ANS-31%,
60
According to the general rules for cancellation of insurance policies in Georgia, how many days
notice must an insurer give the insured before cancelling a policy? - ANS-30 days
According to the general rules for cancellation of insurance policies in Georgia, if a policyholder
hasn't been paying premiums, how many days notice must an insurer give the insured before
cancelling the policy? - ANS-10 days
Actual Cash Value - ANS-Key word "worth"
Actual Cash Value (ACV) - ANS-A valuation method that takes into account an item's
depreciation.
,Formula: Replacement Cost minus Depreciation
Adhesion Contract - ANS-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.
After a policyholder files a claim, the insurer has ______ days to send proof of loss forms. -
ANS-15
After receiving all the pertinent information and paperwork regarding a claim, an insurance
company has ___ days to come to a decision regarding payment on it. However, if arson is
suspected, the insurance company may take ___ days to affirm or deny coverage. - ANS-15; 30
Aggregate Limit - ANS-The maximum amount an insurer will pay for all covered losses during
the covered policy period.
Aleatory Contract - ANS-Policy holder could pay more in premiums than they ever get for
claims, or insurer could pay more in claims than it recieves.
All of the following are typical exclusions in an insurance policy, EXCEPT: - ANS-explosion.
Ambiguity - ANS-An event or situation that may be interpreted in more than one way.
An employee can receive Temporary partial disability benefits for a maximum of: - ANS-350
weeks
An expense plan that indicates an employer will reduce benefits for persons over the age of 65
to the extent that they are payable under Medicare for the same expense is known as a: -
ANS-Medicare carve-out
An insurer that adheres to the laws of a state but is located outside of that state is
called a(n) ___________ insurer. - ANS-foreign
As a requirement for getting her New York adjuster license, Alice is required to submit proof of
bonding with her application. She purchases a surety bond from PBJ Bonds. In this contract,
PBJ Bonds would be considered the: - ANS-surety.
B.O.P. - ANS-Business Owner Package
Bailee Coverage - ANS-Is the insurance which protects the party responsible for the
possessions of another.
Binder - ANS-Temporary coverage for an insurance applicant until the policy is issued
, BOP (Busines Owner Policy)Features - ANS-12 month business income coverage, 12 month
extra expense coverage, inflation guard for building and structures, Liability protection for law
suites from accident and products, slander and copyright protection. deductibles on most
claims, open peril option
BOP (business owners policy) - ANS-RCV x(amount of insurance/ 80% property value)
BOP's General Aggregate limit and Completed Operations limit - ANS-are twice the amount of
the Selected Per Occurrence limit.
Both Steve and his wife, Arlene, carry DP-2 policies on their $135,000 home. Steve's policy has
a limit of $110,000 and Arlene's has a $25,000 limit, and both policies pay on a pro rata basis.
After a hailstorm causes $13,000 in damage to their roof, how much of the damage will be
covered by Steve's policy (ignoring any deductible)? - ANS-Hail is covered under the DP-2
policy and the dwelling is fully insured. When policies pay on pro rata basis, each policy pays its
share of the loss according to its share of all policy limits. Steve's policy limit amounts to 80% of
the total coverage, so his policy will cover 80% of the loss. ($110,000 + $25,000 = $135,000
total) ($110,000 / $135,000 = 80% of total) ($13,000 x 80% = $10,400)
Business Income Coverage - ANS-Provides protection for loss of income due to a covered loss
By signing a settlement release, the claimant gives up the right to: - ANS-seek any further
damages.
C.P.P - ANS-Commercial Package Policies
Captive Insurance - ANS-an insurer owned by a parent firm for the purpose of insuring the
parent firm's loss exposures
Certified adjusters - ANS-Must complete continuing education about NFIP claims every year, not
every three years.
claimant - ANS-is an individual or business that makes a claim for payment after a loss occurs.
collateral - ANS-A sum of cash or valuable property put into a reserve controlled by the surety.
Commercial Floater - ANS-With respect to Inland Marine insurance, a "Block" policy (such as a
Jewelers Block policy, or a Furriers Block policy) is an example of a
commerical property - ANS-Commercial property coverages are usually paid on an actual cash
value basis.
A commercial policy typically provides some coverage for loss to personal property of
employees.
Commercial policies are generally not designed to cover farms and 1-4 family dwellings.
