GA PROPERTY & CASUALTY TEST LATEST QUESTIONS WITH 100% CORRECT ANSWERS!!

WHAT PROPERTY CLAUSE ALLOWS THE EXTENSION OF A MAJOR COVERAGE APPLYING TO SPECIFIC LOSSES NOT ALREADY INSURED? - THE EXTENSION OF COVERAGE CLAUSE THE POLICY PROVISION FOUND IN PROPERTY INSURANCE POLICIES WHICH PREVENT THE INSURED FROM COLLECTING TWICE FOR THE SAME LOSS IS CALLED? - SUBROGATION MEANS THE METHOD OF LOSS VALUATION IS CONTRARY TO THE BASIC CONCEPT ON INDEMNITY SINCE IT MAY PROVIDE THE INSURED, FOLLOWING A LOSS, WITH SETTLEMENT IN EXCESS OF THE PROPERTY'S ACTUAL CASH VALUE. - REPLACEMENT VALUE A CONTRACT THAT LEGALLY BINDS ONLY 1 PARTY TO THE CONTRACTUAL OBLIGATIONS AFTER THE PREMIUM IS PAID IS CALLED? - UNILATERAL CONTRACT A POLICY WHICH INSURES ALL PROPERTY AT MULTIPLE LOCATIONS FOR A SINGLE AMOUNT IS REFERRED TO AS? - BLANKET AN AGREEMENT THAT IS ENFORCEABLE BY LAW IS KNOWN AS? - LEGAL CONTRACT BECAUSE AN INSURANCE POLICY IS A CONTRACT BETWEEN THE INSURER AND THE INSURED, IT MUST CONFORM TO THE STATE LAWS GOVERNING CONTRACTS WHICH REQUIRE ALL OF THE FOLLOWING? - COMPETENT PARTIES, OFFER AND ACCEPTANCE AND LEGAL PURPOSE Defined as the MAXIMUM LIMIT of coverage available under a liability policy DURING A POLICY YEARirregardless of the number of choices that may occur - AGGREGATE LIMIT OF LIABILITY ESTABLISHES THE PROCEDURE FOR DETERMINING THE AMOUNT OF A LOSS WHEN THE INSURER AND THE INSURED CANNOT AGREE ON THE VALUE OF PROPERY OR AMOUNT OF LOSS. - APPRAISAL CLAUSEGREG OWNS SEVERAL BUILDINGS, EACH AT A DIFFERENT LOCATION AND INSURED ONA SEPERATE POLICY. WHAT TYPE OF COVERAGE DOES GREG HAVE? - SPECIFIC COVERAGE HOW MANY DAYS BEFORE A POLICY IS NON-RENEWED MUST AN INSURER DELIVER OR MAIL WRITTEN NOTICE TO THE INSURED? - 30 DAYS IF THE PREMIUM FOR A POLICY WILL BE INCREASED BY MORE THAN 15%, HOW MUCH WARNING MUST THE INSURED GET? - 45 DAYS INSURABLE INTEREST IN THE PROPERTY COVERED IN A POLICY MUST BE PROVEN WHEN? - AT THE TIME OF LOSS IT IS THE METHOD OF A CLAIM SETTLEMENT USED WHEN THE INSURED AND THE INSURER CANNOT AGREE ON HOW TO SETTLE THE CLAM. - ARBITRATION LEGAL LIABILITY IS WHEN A PERSON IS CONSIDERED LIABLE FOR DAMAGE ACCORDING TO? - THE LAW MAMA IS DRIVING HER CAR THROUGH A RESIDENTIAL AREA AND LOOSES CONTROL OF THE CAR AND CRASHED INTO CASY'S FRONT PORCH. CASEY GETS INJURED. MAMA'S LIABILITY INS. POLICY HAS A LIMIT SET AT $500,000. THIS AMOUNT APPLIES TO THE TOTAL OF DAMAGES FOR ANY BODILY INJURY AND PROPERTY DAMAGE RESULTING FROM ONE ACCIDENT. Which type of limit of liability does Mama have? - COMBINED SINGLE MORAL HAZARD - RANDY, THE OWNER OF A SMALL BUSINESS APPLIED FOR FIRE INSURANCE WITH LIMITS EQUAL TO 100% of THE PROPERTY VALUE. HE HAD A HUGE UNSOLD INVENTORY AND A LARGE GAMBLING DEBT. THIS MIGHT INDICATE? PROPERTY INSURANCE WHICH PROVIDES 100,000 COVERAGE FOR A BUILDING AND 50,000 COVERAGE FOR A PERSONAL PROPERTY AT A SINGLE LOCATION IS CALLED? - SPECIFIC COVERAGESOLICITING INSURANCE, MAKING AN INSURANCE CONTRACT EFFECTIVE, AND DEALING WITH MATTERS ARISING FROM THAT CONTRACT ARE ALL EXAMPLES OF WHAT INSURANCE TERM? - TRANSACTING INSURANCE THE COMMISSIONER OF INSURANCE IS? - THE CHIEF OFFICER OF THE DEPARTMENT OF INSURANCE THE FAILURE TO DISCLOSE ALL KNOWN FACTS IS CALLED? - CONCEALMENT