GEORGIA PROPERTY AND CASUALTY INSURANCE EXAM QUESTIONS AND 100% VERIFIED ANSWERS (LATEST UPDATE 2024)

GEORGIA PROPERTY AND CASUALTY INSURANCE EXAM QUESTIONS AND 100% VERIFIED ANSWERS (LATEST UPDATE 2024) Dwellings under construction - ANSWER-The limit of liability for a dwelling under construction is provisional, and is based on the completed value of the structure. At the time of loss, the applicable limit is a percentage of the provisional limit, based on the proportion of actual cash value of the property at the time of loss. Premium is based on an average amount of insurance during construction. Water Backup & Sump Pump Endorsement - ANSWER-Coverage for up to $5,000 in loss or damage, subject to a $250 deductible, can be provided for an additional premium with this endorsement. Automatic Increase in Insurance Endorsement - ANSWER-is used to provide at the annual renewal date of the policy, an automatic increase in the Coverage A and B limits of insurance to help offset inflation Other insurance - ANSWER-A provision in an insurance policy that defines how the policy will respond if there is another valid insurance policy written on the same risk.