Georgia Property and Casualty Insurance Exam Questions With 100% Correct Answers ()

Treatment limited to max of 400 weeks unless injuries are catastrophic. What are the benefit payout requirements for WC? - ANSWERS,Workers can collect WC benefits after being out of work for more than 7 days, and the first check will arrive with 21 days of the first missed workday. The compensation is limited to 2/3 of the worker's average weekly pay up to $575. Georgia Workers Compensation Assigned Risk Plan - ANSWERS,The Georgia Workers Compensation Assigned Risk Plan exists to provide required Workers Compensation coverage for employers who do not qualify for coverage in the voluntary market. Liability is apportioned among all insurers authorized to write Workers Compensation and Employers Liability in the state. How often must an insurer update their rate filings? - ANSWERS,Every 2 years All insurers must file their rates 45 days before their effective date. When a rate increases more than 10$ or more within 12 months, the Commissioner will order and examination. What is the Commissioner's term of office? - ANSWERS,4 years When does an agent have to notify the Commissioner of a change of address? - ANSWERS,Within 30 days How many days are allowed to report a criminal prosecution against a licensee? - ANSWERS,30 days What is the total liability of the Georgia Life and Health Insurance Guaranty Association for any one life? - ANSWERS,$300,000 PAP Section II Part B: Medical Expenses Coverage - ANSWERS,-covers all reasonable medical costs and funeral expenses incurred, by the insured or the insured's family members within 3 years of an accident -recommended coverage of $50,000 Cancellation and Nonrenewal of Policies other than PA and PP - ANSWERS,For all insurance other than that covering a personal automobile or personal property, a notice of termination, including a notice of cancellation or nonrenewal, a notice of increase in premiums that exceeds 15% of the current policy's premium unless due to a change in risk or exposure or a notice of change in any policy provision which limits or restricts coverage must be delivered or mailed to the insured at least 45 days before the effective date of such termination or change. Failure to comply with this requirement entitles the policyholder to purchase a policy for an additional 30 days beyond the current expiration date (on the same terms and conditions and with the same premium as the expiring policy). If the policy will incur a premium increase of more than 15%, the dollar amount of that increase must be stated in the notice. Valuation of Loss For a 1-2 family residence - ANSWERS,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? - ANSWERS,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 - ANSWERS,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? - ANSWERS,30 days What is Georgia's Financial Responsibility Law? - ANSWERS,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? - ANSWERS,$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