VIRGINIA PROPERTY AND CASUALTY INSURANCE LICENSE EXAM WITH 500 PRACTICE QUESTIONS AND CORRECT ANSWERS (GUARANTEED PASS) VA P&C LICENSE EXAM 2024 (NEW!!)

PROPERTYAND CASUALTYINSURANCE E
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XAM – g


GEORGIA EXAM | QUESTIONS & 100% COR
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RECTANSWERS (VERIFIED) | LATEST UP
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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.?