GA Property & casualty Insurance Exam Questions and Answers 100% Pass

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 the policy premium on the insureds statement of the property value. (However the insurers will pay the lesser the amount between the stated amount or the actual cash value) Salvage Value - Correct Answer ️️ -the amount for which property can be sold at the end of it's useful life Proximate Cause - Correct Answer ️️ -also known as primary cause of loss / the first peril that occurs /direct or most important cause of loss Deductible - Correct Answer ️️ -is specified amount of each loss that the insured must pay as a way to share the cost of loss with the insurance company/ must pay before insurance can give coverage Indemnity - Correct Answer ️️ -in the event of loss Limits of liability - Correct Answer ️️ -is the maximum a liability policy will pay in the event of loss, regardless of the number of insureds, claims made, lawsuits filled, or parties making or filling lawsuits Coinsurance/ insurance to value - Correct Answer ️️ -requires insured to carry a certain a certain percentage of the property total valuation (usually 80%) in order for losses to be paid in full / prevents losses from not being covered in full Occurence - Correct Answer ️️ -an accident, including continuous or repeated exposure to the same generally harmful conditions that results of loss or damage Cancellation - Correct Answer ️️ -is the termination of a policy before its expiration date, and coverage is not provide as of the effective date it is suppose to end Nonrenewal - Correct Answer ️️ -when the insurer chooses not the renew the policy, and coverage ends at the expiration of the policy term must also be provided in advance with the requirements set by law Vacancy - Correct Answer ️️ -property with NO personal item