GEORGIA- PROPERTY & CASUALTY QUESTIONS AND ANSWERS

All of the following are true regarding aviation insurance EXCEPT: - Answer-It can be added to the CPP A customer has 5 identical vases that are insured on an inland marine floater for $30,000 and 1 of the vases is stolen. The remaining 4 vases are appraised at $20,000, how much will the insurer pay? - Answer-$10,000 Which of the following is not an unfair claims settlement practice? - Answer-Requiring proof of loss to be submitted Theft, disappearance and destruction covers which of the following? - Answer-Theft of money and securities from a messenger outside the premises Coverage D on an HO-6 is what? - Answer-30% of C On an ocean marine policy, the peril of voluntarily throwing cargo overboard to save the ship is known as: - Answer-Jettison The penalty for failure to satisfy the 80% coinsurance requirement on a property policy is: - Answer-Only a portion of a partial loss will be paid Insurers eliminate coverage for small claims and to help control the cost of insurance with: - Answer-A deductible Which of the following contractual elements consists of the offer and the acceptance? - Answer-Agreement All of the following are required elements of a legal contract EXCEPT: - Answer-Waiver and estoppel If the coinsurance requirement is met, the commercial building and personal property form does automatically provides coverage for all of the following EXCEPT: - Answer-Business income insurance All of the following are true about extended reporting periods (ERPs) on a CGL EXCEPT: - Answer-The ERP extends the policy period All are items to be found in the declarations section of a policy EXCEPT: - Answer-Names of all the insureds