PROPERTYAND CASUALTYINSURANCE E
g g g g
XAM – g
GEORGIA EXAM | QUESTIONS & 100% COR
g g g g g g g
RECTANSWERS (VERIFIED) | LATEST UP
g g g g g
DATE | GRADE A+ g g g
BPPgbuildinggcoverage
CorrectgAnswer:g insuresgthegbuildinggatgthegdescribedglocation,goutdoor,gfixtures,gfurn
itures,gitemsgusedgtogservicegthegproperty,gpermanentlyginstalledgmachinerygandgequip
ment,gandgadditionsgundergconstruction,gincludinggthegmaterials,gsupplies,gandgequipme
nt.
HOglimitsgofgpropertygatgothergresidences
CorrectgAnswer:g theglargergofg$1000gorg10%gCoveragegC.gLimitgdoesgnotgapplygifgpro
pertygisgmovedgbecausegthegresidencegpremisegisgbeinggrepairedgorgrebuilt.
Whengpropertygisgmovedgtognewlygacquiredgresidence,gtheglimitgshowngongdeclarationgwillga
pplygongagproportionalgbasisgtogeachgresidence
Dwellingsgundergconstruction
CorrectgAnswer:g Theglimitgofgliabilitygforgagdwellinggundergconstructiongisgprovisional,g
andgisgbasedgongthegcompletedgvaluegofgthegstructure.gAtgthegtimegofgloss,gthegapplicabl
eglimitgisgagpercentagegofgthegprovisionalglimit,gbasedgongthegproportiongofgactualgcash
,valuegofgthegpropertygatgthegtimegofgloss.gPremiumgisgbasedgongangaveragegamountgofginsur
ancegduringgconstruction.
WatergBackupg&gSumpgPumpgEndorsement
CorrectgAnswer:g Coveragegforgupgtog$5,000ginglossgorgdamage,gsubjectgtogag$250gdeducti
ble,gcangbegprovidedgforgangadditionalgpremiumgwithgthisgendorsement.
AutomaticgIncreasegingInsurancegEndorsement
CorrectgAnswer:g isgusedgtogprovidegatgthegannualgrenewalgdategofgthegpolicy,gangauto
maticgincreasegingthegCoveragegAgandgBglimitsgofginsurancegtoghelpgoffsetginflation
Otherginsurance
CorrectgAnswer:g Agprovisionginganginsurancegpolicygthatgdefinesghowgthegpolicygwillgre
spondgifgtheregisganothergvalidginsurancegpolicygwrittengongthegsamegrisk.
StockgCompanies
CorrectgAnswer:g Ownedgbygthegstockholdersgwhogprovidegthegcapitalgnecessarygtogestabl
ishgandgoperategtheginsurancegcompanygandgwhogshareginganygprofitsgorglosses.
Mutualgcompanies
CorrectgAnswer:g Ownedgbygthegpolicyownersgandgissuegparticipatinggpolicies.gPolicyo
wnersgaregentitledgtogdividends,gwhichgaregagreturngofgexcessgpremiumgandgaregnontaxa
ble.
,6gclassesgofginsurancegingGeorgia
CorrectgAnswer:g 1.gLife,gaccident,gandgsickness
2. Property,gmarine,gandgtransportation
3. Casualty
4. Surety
5. Title
6. HMOs
HowgoftengmustgthegInsurancegCommissiongexaminegdomesticginsurers?
CorrectgAnswer:g Oncegeveryg5gyears.
Whatgaregthegtimelinesgifgaghearinggisgrequested?
CorrectgAnswer:g Aghearinggmustgbegmadegwithing30gdaysgofgthegreceiptgofgthegreques
t.gAgnotificationgofgtheghearinggmustgbegsentgatgleastg15gdaysgingadvance.
Withing30gdaysgofgtheghearing,gthegCommissionergmustgreleaseghisgdecision.
Whatgaregthegpenaltiesgaftergagnotice,ghearing,gandgceasegandgdesistgorder?
CorrectgAnswer:g Agfinegofgupgtog$10,000gpergviolation
Suspension/revocationgofglicense
g
Anygothergappropriategrelief.
Expressgauthority
, CorrectgAnswer:g thegauthoritygofgangagent,gstatedgingthegdocumentgorgagreementgcrea
tinggthegagency
Impliedgauthority
CorrectgAnswer:g Authoritygthatgisgnotgexpressedgorgwrittengintogthegcontract,gbutgwhic
hgthegagentgisgassumedgtoghavegingordergtogtransactgthegbusinessgofginsurancegforgtheg
principal.
Apparentgauthority
CorrectgAnswer:g Thegappearancegorgthegassumptiongofgauthoritygbasedgongthegactions,gw
ords,gorgdeedsgofgthegprincipalgorgbecausegofgcircumstancesgthegprincipalgcreated.
Whengdoesgangagentsglicensegexpire?
CorrectgAnswer:g Licensesgareggoodgtogforg2gyearsgandgexpiregongtheglastgdaygofgtheglicen
see'sgwithgmonth.
WhatgaregthegCEgrequirementsgforgangagent?
CorrectgAnswer:g 24gCEgcreditghoursgeveryg2gyears,gincludingg3gcreditghoursgofgethics.
Agentsgwithglicensedgforg20gyearsgonlygneedg20gCEgcreditghours,gincludinggethics.
Howglonggmustgangagentgkeepgrecordsgregardinggcontracts,gpremiums,getc.?
g g g g
XAM – g
GEORGIA EXAM | QUESTIONS & 100% COR
g g g g g g g
RECTANSWERS (VERIFIED) | LATEST UP
g g g g g
DATE | GRADE A+ g g g
BPPgbuildinggcoverage
CorrectgAnswer:g insuresgthegbuildinggatgthegdescribedglocation,goutdoor,gfixtures,gfurn
itures,gitemsgusedgtogservicegthegproperty,gpermanentlyginstalledgmachinerygandgequip
ment,gandgadditionsgundergconstruction,gincludinggthegmaterials,gsupplies,gandgequipme
nt.
HOglimitsgofgpropertygatgothergresidences
CorrectgAnswer:g theglargergofg$1000gorg10%gCoveragegC.gLimitgdoesgnotgapplygifgpro
pertygisgmovedgbecausegthegresidencegpremisegisgbeinggrepairedgorgrebuilt.
Whengpropertygisgmovedgtognewlygacquiredgresidence,gtheglimitgshowngongdeclarationgwillga
pplygongagproportionalgbasisgtogeachgresidence
Dwellingsgundergconstruction
CorrectgAnswer:g Theglimitgofgliabilitygforgagdwellinggundergconstructiongisgprovisional,g
andgisgbasedgongthegcompletedgvaluegofgthegstructure.gAtgthegtimegofgloss,gthegapplicabl
eglimitgisgagpercentagegofgthegprovisionalglimit,gbasedgongthegproportiongofgactualgcash
,valuegofgthegpropertygatgthegtimegofgloss.gPremiumgisgbasedgongangaveragegamountgofginsur
ancegduringgconstruction.
WatergBackupg&gSumpgPumpgEndorsement
CorrectgAnswer:g Coveragegforgupgtog$5,000ginglossgorgdamage,gsubjectgtogag$250gdeducti
ble,gcangbegprovidedgforgangadditionalgpremiumgwithgthisgendorsement.
AutomaticgIncreasegingInsurancegEndorsement
CorrectgAnswer:g isgusedgtogprovidegatgthegannualgrenewalgdategofgthegpolicy,gangauto
maticgincreasegingthegCoveragegAgandgBglimitsgofginsurancegtoghelpgoffsetginflation
Otherginsurance
CorrectgAnswer:g Agprovisionginganginsurancegpolicygthatgdefinesghowgthegpolicygwillgre
spondgifgtheregisganothergvalidginsurancegpolicygwrittengongthegsamegrisk.
StockgCompanies
CorrectgAnswer:g Ownedgbygthegstockholdersgwhogprovidegthegcapitalgnecessarygtogestabl
ishgandgoperategtheginsurancegcompanygandgwhogshareginganygprofitsgorglosses.
Mutualgcompanies
CorrectgAnswer:g Ownedgbygthegpolicyownersgandgissuegparticipatinggpolicies.gPolicyo
wnersgaregentitledgtogdividends,gwhichgaregagreturngofgexcessgpremiumgandgaregnontaxa
ble.
,6gclassesgofginsurancegingGeorgia
CorrectgAnswer:g 1.gLife,gaccident,gandgsickness
2. Property,gmarine,gandgtransportation
3. Casualty
4. Surety
5. Title
6. HMOs
HowgoftengmustgthegInsurancegCommissiongexaminegdomesticginsurers?
CorrectgAnswer:g Oncegeveryg5gyears.
Whatgaregthegtimelinesgifgaghearinggisgrequested?
CorrectgAnswer:g Aghearinggmustgbegmadegwithing30gdaysgofgthegreceiptgofgthegreques
t.gAgnotificationgofgtheghearinggmustgbegsentgatgleastg15gdaysgingadvance.
Withing30gdaysgofgtheghearing,gthegCommissionergmustgreleaseghisgdecision.
Whatgaregthegpenaltiesgaftergagnotice,ghearing,gandgceasegandgdesistgorder?
CorrectgAnswer:g Agfinegofgupgtog$10,000gpergviolation
Suspension/revocationgofglicense
g
Anygothergappropriategrelief.
Expressgauthority
, CorrectgAnswer:g thegauthoritygofgangagent,gstatedgingthegdocumentgorgagreementgcrea
tinggthegagency
Impliedgauthority
CorrectgAnswer:g Authoritygthatgisgnotgexpressedgorgwrittengintogthegcontract,gbutgwhic
hgthegagentgisgassumedgtoghavegingordergtogtransactgthegbusinessgofginsurancegforgtheg
principal.
Apparentgauthority
CorrectgAnswer:g Thegappearancegorgthegassumptiongofgauthoritygbasedgongthegactions,gw
ords,gorgdeedsgofgthegprincipalgorgbecausegofgcircumstancesgthegprincipalgcreated.
Whengdoesgangagentsglicensegexpire?
CorrectgAnswer:g Licensesgareggoodgtogforg2gyearsgandgexpiregongtheglastgdaygofgtheglicen
see'sgwithgmonth.
WhatgaregthegCEgrequirementsgforgangagent?
CorrectgAnswer:g 24gCEgcreditghoursgeveryg2gyears,gincludingg3gcreditghoursgofgethics.
Agentsgwithglicensedgforg20gyearsgonlygneedg20gCEgcreditghours,gincludinggethics.
Howglonggmustgangagentgkeepgrecordsgregardinggcontracts,gpremiums,getc.?
