GEORGIA PROPERTY AND CASUALTY
INSURANCE EXAMS TERMINAL
CERTIFICATION EVALUATION COMPLETE
QUESTIONS WITH FULL SOLUTION
ALREADY PASSED
⩥ In the event of a loss covered by the policy, the named insured is
required to:.
Answer: Protect the damaged property from further damage;
Prepare an inventory of damaged property;
Cooperate with the insurer in settling the loss;
Notify the police in the case of a loss due to theft; and
Submit to the insurer a signed sworn proof of loss within an allotted
amount of time after being requested to do so.
⩥ What are the obligations of the insurance company?.
Answer: An insurance company, in return for premium, must be fair in
underwriting and may pay covered losses.
⩥ Pro Rata.
Answer: a provision found in some property insurance policies that
provides for the sharing of loss with other insurance that may be written
on the same risk in the same proportion as their limits of insurance bear
,to the total of coverage of all policies covering the risk, whether
collectible or not.
⩥ Notice of Claim.
Answer: a form or statement from an insured to an insurer, informing the
insurer that events leading to a possible claim have occurred. The notice
will include information as to how, when, and where the loss took place.
⩥ Proof of Loss.
Answer: a sworn statement that must usually be furnished by the insured
to an insurer before any loss under a policy can be paid. Typically used
in the settlement of first-party losses, and includes the date and
description of the occurrence and the amount of indemnity claimed. The
initial claim report to the insurer may be oral or in writing but the proof
of loss must be in writing. Proof of loss is required near the end of the
claim process.
⩥ Cancellation.
Answer: the termination of an in-force insurance policy, by either the
insured or the insurer, prior to the expiration date shown in the policy.
May be voluntary, involuntary, or in mutual accordance with provisions
contained in the policy
⩥ Nonrenewal.
, Answer: the termination of an insurance policy at its expiration date by
not offering a continuation of the existing policy or a replacement policy.
⩥ Mortgagee Rights.
Answer: attached to a policy to protect the interest of the mortgagee in
the mortgaged property.
⩥ Loss Settlement.
Answer: this provision details how a claim will be paid.
Depending on the type of policies, options are actual cash value,
replacement cost, and agreed value.
⩥ Consent to Settle a Loss.
Answer: this provision is found in professional liability insurance
policies and requires an insurer to seek an insured's consent (approval)
prior to settling a claim for a specific amount.
⩥ Policy Territory.
Answer: defines the location where coverage will be provided.
⩥ Sources used in the underwriting process:.
Answer: Application form;
Motor vehicle records;
INSURANCE EXAMS TERMINAL
CERTIFICATION EVALUATION COMPLETE
QUESTIONS WITH FULL SOLUTION
ALREADY PASSED
⩥ In the event of a loss covered by the policy, the named insured is
required to:.
Answer: Protect the damaged property from further damage;
Prepare an inventory of damaged property;
Cooperate with the insurer in settling the loss;
Notify the police in the case of a loss due to theft; and
Submit to the insurer a signed sworn proof of loss within an allotted
amount of time after being requested to do so.
⩥ What are the obligations of the insurance company?.
Answer: An insurance company, in return for premium, must be fair in
underwriting and may pay covered losses.
⩥ Pro Rata.
Answer: a provision found in some property insurance policies that
provides for the sharing of loss with other insurance that may be written
on the same risk in the same proportion as their limits of insurance bear
,to the total of coverage of all policies covering the risk, whether
collectible or not.
⩥ Notice of Claim.
Answer: a form or statement from an insured to an insurer, informing the
insurer that events leading to a possible claim have occurred. The notice
will include information as to how, when, and where the loss took place.
⩥ Proof of Loss.
Answer: a sworn statement that must usually be furnished by the insured
to an insurer before any loss under a policy can be paid. Typically used
in the settlement of first-party losses, and includes the date and
description of the occurrence and the amount of indemnity claimed. The
initial claim report to the insurer may be oral or in writing but the proof
of loss must be in writing. Proof of loss is required near the end of the
claim process.
⩥ Cancellation.
Answer: the termination of an in-force insurance policy, by either the
insured or the insurer, prior to the expiration date shown in the policy.
May be voluntary, involuntary, or in mutual accordance with provisions
contained in the policy
⩥ Nonrenewal.
, Answer: the termination of an insurance policy at its expiration date by
not offering a continuation of the existing policy or a replacement policy.
⩥ Mortgagee Rights.
Answer: attached to a policy to protect the interest of the mortgagee in
the mortgaged property.
⩥ Loss Settlement.
Answer: this provision details how a claim will be paid.
Depending on the type of policies, options are actual cash value,
replacement cost, and agreed value.
⩥ Consent to Settle a Loss.
Answer: this provision is found in professional liability insurance
policies and requires an insurer to seek an insured's consent (approval)
prior to settling a claim for a specific amount.
⩥ Policy Territory.
Answer: defines the location where coverage will be provided.
⩥ Sources used in the underwriting process:.
Answer: Application form;
Motor vehicle records;
