Georgia Property & Casualty Exam with
Complete Solutions
.financial responsibility law Correct Ans-state legislation that requires drivers to prove their
ability to cover the cost of damage or injury caused by an automobile accident
Alternative options to auto insurance Correct Ans-- Bond
- Deposit $25000 with state
minimum auto limits Correct Ans-25/50/20. (PI, Total PI, PD) or $75,000 single limit
Personal Umbrella Policy Correct Ans-A policy covering (BI &PD) and Personal Injury Liability
in excess of the insured's underlying policy limits.
This provides excess coverage over the limits of an underlying policy
Georgia Assigned Risk Auto Policy Correct Ans-Offered to drivers who can't get a policy with
any other companies (ex: someone with several DUIs on record); this program can NOT deny
anyone, has very high rates
Policy terms for auto policy Correct Ans-- 6 months
- 12 months
,Eligible Autos for personal Correct Ans-- Private Passenger Vehicles
- Trucks under 10,000lbs
- Vans under 10,000lbs
Owned and or leased vehicles qualify - lease agreement must be in writing
Ineligible Autos for personal Correct Ans-- Vehicles owned by businesses
- Taxis
- Limos
- Motorcycles (vehicles must have 4 wheels)
- Trucks/Vans over 10,000lbs
- Govt. vehicles
- Vehicles furnished for regular use by company
If spouse leaves the named insured household and takes a vehicle with them to set up their
own separate residence, how long will the policy cover them? Correct Ans-90 Days
Trailers under auto policy Correct Ans-Liability - Automatic
Phys. Dam - Not automatic
,Newly Acquired additional Auto Correct Ans-In personal auto insurance, an auto that meets
a policy's eligibility requirements but is acquired after the effective date of the policy.
covered up to 14 days
Newly Acquired Replacement Vehicle Correct Ans-Phys. Dam - 14 days
all other coverages will last until the end of the policy term
Coverage A - Liability (AUTO) Correct Ans-MANDATORY IN GEORGIA
- BI
- PD
Built in supplementary payments - Auto Correct Ans-- Cost of defense
- Loss of earnings (up to $200 per day)
- Bail bond reimbursement (up to $250)
- Cost of an appeals bond (unlimited to $ amount)
Coverage B: Medical Payments Coverage (AUTO) Correct Ans-Covers necessary medical
expenses incurred within 3 years of auto accident REGARDLESS OF FAULT
Limits are per person - per accident
, Occupying a vehicle Correct Ans-in, upon, getting in, on, out, or off
Coverage C - uninsured and underinsured motorist insurance Correct Ans-Optional coverage
- but required to be offered in Georgia.
Covers: BI and PD
Minimum Limits = 25/50/25
Arbitration Correct Ans-the process or act of resolving a dispute concerning uninsured
motorist
Coverage D: Physical damage insurance Correct Ans-Comprehensive
Collision
Physical damage is ACV
Workers Compensation Correct Ans-A form of insurance paid by the employer providing cash
benefits to workers injured or disabled in the course of employment.
Complete Solutions
.financial responsibility law Correct Ans-state legislation that requires drivers to prove their
ability to cover the cost of damage or injury caused by an automobile accident
Alternative options to auto insurance Correct Ans-- Bond
- Deposit $25000 with state
minimum auto limits Correct Ans-25/50/20. (PI, Total PI, PD) or $75,000 single limit
Personal Umbrella Policy Correct Ans-A policy covering (BI &PD) and Personal Injury Liability
in excess of the insured's underlying policy limits.
This provides excess coverage over the limits of an underlying policy
Georgia Assigned Risk Auto Policy Correct Ans-Offered to drivers who can't get a policy with
any other companies (ex: someone with several DUIs on record); this program can NOT deny
anyone, has very high rates
Policy terms for auto policy Correct Ans-- 6 months
- 12 months
,Eligible Autos for personal Correct Ans-- Private Passenger Vehicles
- Trucks under 10,000lbs
- Vans under 10,000lbs
Owned and or leased vehicles qualify - lease agreement must be in writing
Ineligible Autos for personal Correct Ans-- Vehicles owned by businesses
- Taxis
- Limos
- Motorcycles (vehicles must have 4 wheels)
- Trucks/Vans over 10,000lbs
- Govt. vehicles
- Vehicles furnished for regular use by company
If spouse leaves the named insured household and takes a vehicle with them to set up their
own separate residence, how long will the policy cover them? Correct Ans-90 Days
Trailers under auto policy Correct Ans-Liability - Automatic
Phys. Dam - Not automatic
,Newly Acquired additional Auto Correct Ans-In personal auto insurance, an auto that meets
a policy's eligibility requirements but is acquired after the effective date of the policy.
covered up to 14 days
Newly Acquired Replacement Vehicle Correct Ans-Phys. Dam - 14 days
all other coverages will last until the end of the policy term
Coverage A - Liability (AUTO) Correct Ans-MANDATORY IN GEORGIA
- BI
- PD
Built in supplementary payments - Auto Correct Ans-- Cost of defense
- Loss of earnings (up to $200 per day)
- Bail bond reimbursement (up to $250)
- Cost of an appeals bond (unlimited to $ amount)
Coverage B: Medical Payments Coverage (AUTO) Correct Ans-Covers necessary medical
expenses incurred within 3 years of auto accident REGARDLESS OF FAULT
Limits are per person - per accident
, Occupying a vehicle Correct Ans-in, upon, getting in, on, out, or off
Coverage C - uninsured and underinsured motorist insurance Correct Ans-Optional coverage
- but required to be offered in Georgia.
Covers: BI and PD
Minimum Limits = 25/50/25
Arbitration Correct Ans-the process or act of resolving a dispute concerning uninsured
motorist
Coverage D: Physical damage insurance Correct Ans-Comprehensive
Collision
Physical damage is ACV
Workers Compensation Correct Ans-A form of insurance paid by the employer providing cash
benefits to workers injured or disabled in the course of employment.
