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Insurance commissioner has the authority to..? - enforce state insurance laws Department of Insurance has the power to..? - Supervise the organization, regulation, examination, rehabilitation, liquidation and conservation of all insurance companies doing business in the state Insurance laws have been written to protect - the insuring public The commissioner has 3 main authorities - 1. Executive Authority 2. Legislative Authority 3. Judicial Authority Executive Authority - to enforce stat...

GA Property& casualty exam questions and 100% correct answers

CHEAT SHEET - PROPERTY & CASUALTY

Property and Casualty Review 2024 Questions and Answers A unique exclusion that is found only in the Fine Art Floater is: - Correct Answer ️️ -Art on Exhibition (Due to most frequent thefts during gallery showings) Which section of a Special form policy determines whether a peril is covered? - Correct Answer ️️ -Exclusions New zoning laws prevent an Insured from replacing a destroyed property. If the Insured transfers ownership of the property to the Insurer, this is an example of...

Property & Casualty ADBanker Multiple Choice Questions with 100% Correct Answers Which of the following is NOT contained in the Conditions section of an insurance policy? b)a)ExclusionsAppraisal c)Changes d)Assignment - Correct Answer ️️ - The insured's duties after a loss include all the following, except: a)Notify police in the event of a theft c)Prb)Have property repaired quickly, then notify insurerepare an inventory of damaged property d)Give prompt written notice to the ins...

Property and casualty insurance Exam Questions and Answers Part one 100% Correct Which of the following are the authorities that an agent can hold? - Correct Answer ️️ -Express and implied Which of the following terms refers to such disabilities the loss of a limb, hearing , or eye sight? - Correct Answer ️️ -Permanent partial disability Who is NOT considered an employee in an commercial general liability (CGL) policy? - Correct Answer ️️ -Temporary worker The major portion o...

PROPERTY & CASUALTY QUESTIONS GA EXAM QUESTIONS AND ANSWERS 100% PASS The arbitration clause in a personal auto policy would be used in which of the following circumstances? A. The ins company and a pedestrian struck by the insured's auto cannot reach an agreement regarding the settlement of a claim. B. The insured and an injured 3rd party cannot reach an agreement regarding the settlement of a claim. C. The court have ruled against an injured 3th party. - Correct Answer ️️ -B. The ...

Property & Casualty Arizona Insurance Chapter 1 Questions and Answers 100% Pass Appraisal - Correct Answer ️️ -What provision of a Property Policy applies when an insured and the insurer cannot agree on the amount of the loss? Exclusions - Correct Answer ️️ -Which part of a Property policy specifies the causes of loss (perils) that are not covered? Insurer's - Correct Answer ️️ -When an insured suffers a loss, they are required to prepare an inventory of the damaged property ...

Coverage for water backup or sump pump overflow is excluded from the Dwelling Policy. However, with the purchase of the water backup and sump pump overflow endorsement, coverage for up to $5,000 in loss or damage can be provided for an additional premium. What is the deductible associated with this coverage? $250 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. An insured relocated to another st...

Insurance - a plan of spreading the risk of possible loss over a large number of people (Law of Large Numbers) - protects against the risk (uncertainty) of when a financial loss might occur Speculative Risk - when there is a chance of gain as well as a chance of loss (ex: buying a stock, gambling) - insurance IS NOT intended to protect against this Pure Risk - when there is a chance of loss only - not all pure risks are insurable Insurable Risk - a risk the insurance ...

Spouse of a partner Which of the following would be insured under the CGL policy? 3 years Under the PAP, how long does an injured party have following an accident to report a Medical Payments Claim? Proximate Cause is a secondary cause of loss. All of the following statements regarding property insurance terminology are true, except: The Commercial General Liability policy Section II of the BOP policy provides the same liability coverage as: An unintentional tort ...

Insurance The transfer of risk through a legal contract Property Covers real property and personal property against damage or loss resulting from covered causes of loss called perils casualty covers non-property losses (3rd Party) Personal lines Insurance for families and individuals Commercial Lines Insurance for Business Risk Uncertainty of financial loss Pure Risk Chance of loss only (insurance only covers) Speculative Risk Chance of lo...