Exam FX GA Property and Casualty Exam
questions and verified answers ( detailed &
elaborated) ACTUAL EXAM 2026 TEST!!
In Return for premium, and insurance company must.. - CORRECT ANSWERS Be Fair in
underwriting and pay covered losses
In return for premium, an insurance company must be fair and impartial in underwriting of risks and
must pay claims made for all covered losses.
The part of a policy that clarifies terms in the policy is the - CORRECT ANSWERS Definitions
The valued policy statute applies in which of the following events? - CORRECT ANSWERS In
the event of a total loss by fire to a one or two family residential building or structure
What insurance policy provision defines how the policy will respond if there is more than one insurance
policy written on the same risk? - CORRECT ANSWERS Other Insurance
An insured owns several buildings, each at different location and insured on a separate policy. What
type of coverage does the insured have? - CORRECT ANSWERS Specific
Specific insurance provides a specific amount of coverage for each property. A Blanket insurance policy
provides coverage for more than one property with a single limit of coverage.
Any insurer who issues a crop insurance policy, other than federal crop insurance, for tobacco crops
grown in GA, shall make available coverage for what until the crop is harvested? - CORRECT ANSWERS
Wind or Hail
,An insured is driving her car through a residential area when she loses control and crashes into a
neighbor's front porch. The neighbor, who was sitting on the porch, is injured. The insured's liability
policy has a limit of $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 the insured have? -
CORRECT ANSWERS Combined Single
The process of determining the premium charged and how much insurance is required for a particular
loss is called? - CORRECT ANSWERS loss Valuation
An insurance Agent has received a request for a hearing from the commissioner. Within how many days
must the hearing be held? - CORRECT ANSWERS 30 Days
An insured relocated to another state for work. However, she still owns and insures a house in this state,
but has had no one living in it for 3 months. She is also storing some of furniture and clothes in the
house. From an insurance standpoint, the insured's house is considered - CORRECT ANSWERS
Unoccupied
Under the personal auto policy, liability for bodily injury resulting from the insured's use of a nonowned
automobile is - CORRECT ANSWERS Provided by the insured's policy on an excess basis.
automobile insurance follows the insured auto, so the coverage written on the auto is primary.
automobile insurance also follows the insured as excess over other collectible insurance.
All of the following types of property are covered by a standard builders risk form EXCEPT:
A. tools 50 feet away from the building
B.The building itself
C. Temporary structures
D. Machinery that will be permanently attached to the building - CORRECT ANSWERS A. Tools
50 feet away from the building.
, If a policy has been in effect for at least 60 days or is due for renewal, a cancellation may only be
effected for which of the following reasons? - CORRECT ANSWERS a change in the risk that
substantially increases the hazard insured against.
Which of the following statements is true regarding the premium computation for workers
compensation insurance? - CORRECT ANSWERS A Premium auditor has the right to examine
the insured's compensation records at the end of the policy period to determine the actual premium
basis.
When a parent is required to pay for damages caused by his or her children, this is an example of? -
CORRECT ANSWERS vicarious liability
A building is insured, but no one has lived or worked in it for 10 years. The building is completely empty
of any furniture or personal belongings. From an insurance standpoint, the building is considered -
CORRECT ANSWERS Vacant
a property insurance policy that is not subject to any coinsurance requirements but has a set amount of
insurance scheduled for the property would use hat loss valuation method? - CORRECT ANSWERS
Stated Amount
Which of the following is a method of claim settlement used in casualty insurance when the insured and
insurer cannot agree on how to settle a claim? - CORRECT ANSWERS Arbitration
The party to a surety or fidelity bond who promises to fulfill the obligation is the - CORRECT ANSWERS
Principal
Which of the following would modify the original insurance contract by either adding or removing
coverage? - CORRECT ANSWERS Endorsements
questions and verified answers ( detailed &
elaborated) ACTUAL EXAM 2026 TEST!!
In Return for premium, and insurance company must.. - CORRECT ANSWERS Be Fair in
underwriting and pay covered losses
In return for premium, an insurance company must be fair and impartial in underwriting of risks and
must pay claims made for all covered losses.
The part of a policy that clarifies terms in the policy is the - CORRECT ANSWERS Definitions
The valued policy statute applies in which of the following events? - CORRECT ANSWERS In
the event of a total loss by fire to a one or two family residential building or structure
What insurance policy provision defines how the policy will respond if there is more than one insurance
policy written on the same risk? - CORRECT ANSWERS Other Insurance
An insured owns several buildings, each at different location and insured on a separate policy. What
type of coverage does the insured have? - CORRECT ANSWERS Specific
Specific insurance provides a specific amount of coverage for each property. A Blanket insurance policy
provides coverage for more than one property with a single limit of coverage.
Any insurer who issues a crop insurance policy, other than federal crop insurance, for tobacco crops
grown in GA, shall make available coverage for what until the crop is harvested? - CORRECT ANSWERS
Wind or Hail
,An insured is driving her car through a residential area when she loses control and crashes into a
neighbor's front porch. The neighbor, who was sitting on the porch, is injured. The insured's liability
policy has a limit of $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 the insured have? -
CORRECT ANSWERS Combined Single
The process of determining the premium charged and how much insurance is required for a particular
loss is called? - CORRECT ANSWERS loss Valuation
An insurance Agent has received a request for a hearing from the commissioner. Within how many days
must the hearing be held? - CORRECT ANSWERS 30 Days
An insured relocated to another state for work. However, she still owns and insures a house in this state,
but has had no one living in it for 3 months. She is also storing some of furniture and clothes in the
house. From an insurance standpoint, the insured's house is considered - CORRECT ANSWERS
Unoccupied
Under the personal auto policy, liability for bodily injury resulting from the insured's use of a nonowned
automobile is - CORRECT ANSWERS Provided by the insured's policy on an excess basis.
automobile insurance follows the insured auto, so the coverage written on the auto is primary.
automobile insurance also follows the insured as excess over other collectible insurance.
All of the following types of property are covered by a standard builders risk form EXCEPT:
A. tools 50 feet away from the building
B.The building itself
C. Temporary structures
D. Machinery that will be permanently attached to the building - CORRECT ANSWERS A. Tools
50 feet away from the building.
, If a policy has been in effect for at least 60 days or is due for renewal, a cancellation may only be
effected for which of the following reasons? - CORRECT ANSWERS a change in the risk that
substantially increases the hazard insured against.
Which of the following statements is true regarding the premium computation for workers
compensation insurance? - CORRECT ANSWERS A Premium auditor has the right to examine
the insured's compensation records at the end of the policy period to determine the actual premium
basis.
When a parent is required to pay for damages caused by his or her children, this is an example of? -
CORRECT ANSWERS vicarious liability
A building is insured, but no one has lived or worked in it for 10 years. The building is completely empty
of any furniture or personal belongings. From an insurance standpoint, the building is considered -
CORRECT ANSWERS Vacant
a property insurance policy that is not subject to any coinsurance requirements but has a set amount of
insurance scheduled for the property would use hat loss valuation method? - CORRECT ANSWERS
Stated Amount
Which of the following is a method of claim settlement used in casualty insurance when the insured and
insurer cannot agree on how to settle a claim? - CORRECT ANSWERS Arbitration
The party to a surety or fidelity bond who promises to fulfill the obligation is the - CORRECT ANSWERS
Principal
Which of the following would modify the original insurance contract by either adding or removing
coverage? - CORRECT ANSWERS Endorsements
