Georgia Property & Casualty Guías de estudio, Notas de estudios & Resúmenes

GA Property & casualty Insurance Exam Questions and Answers 100% Pass Replacement cost - Correct Answer ️️ -the full cost to repair damage property or replace damaged property, with property of like kind and quality, at current pricing , without deduction for depreciation Market Value - Correct Answer ️️ -the price a willing buyer would pay for property purchased from a willing seller under fair market conditions. Stated Value - Correct Answer ️️ -means that the insurer bases ...

GEORGIA PROPERTY & CASUALTY ALL ANSWERS CORRECT BLANKET ️A policy which insures all property at multiple locations for a single amount is referred to as SPECIFIC COVERAGE ️Property insurance which provides 100,000 coverage for a building and 50,000 coverage for personal property at a single location is called ABANDONMENT ️The policy condition which precludes the insured from simply turning over damaged property to the insurer and claiming a total loss is called INSURANCE ️T...

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indemnity Referred to as reimbursement. So, in the event of loss it restores what was lost. Nothing more, nothing less. Subrogation This is the insurers legal right to seek damages from third parties. This is to prevent the insured from collecting on the loss twice (once from the insurer and then from the party that caused the damage. Accident Sudden unexpected event, that resulted in injury that is neither expected nor intended. Occurrence Loss caused by repeated exposu...