GA PROPERTY & CASUALTY TEST
QUESTIONS AND VERIFIED ANSWERS (
DETAILED & ELABORATED) ACTUAL
EXAM 2026 TEST!
pure risk - correct answers type of risk which insurance companies will insure is called?
randy, the owner of a small business applied for fire insurance with limits equal to 100% of the property
value. he had a huge unsold inventory and a large gambling debt. this might indicate? - correct answers
moral hazard
pure & speculative risk - correct answers the risk of loss may be classified as?
aggregate limit of liability - correct answers defined as the maximum limit of coverage
available under a liability policy during a policy year- irregardless of the number of choices that may
occur
combined single - correct answers mama is driving her car through a residential area and
looses control of the car and crashed into casy's front porch. casey gets injured. mama's liability ins.
policy has a limit set at $500,000. this amount applies to the total of damages for any bodily injury and
property damage resulting from one accident.
which type of limit of liability does mama have?
retention - correct answers when a person decides not to buy insurence because of the cost -
what method of risk as been undertaken?
the law - correct answers legal liability is when a person is considered liable for damage
according to?
, retention - correct answers when april purchased an insurence ploicy with a large deductible -
what risk management technique was she parcticing?
appraisal,
cancellation & non-renewal, and
subrogation - correct answers what are the 3 conditions commonly found in the insurence
policy?
concealment - correct answers the failure to disclose all known facts is called?
declarations - correct answers the part of a property policy which shows the amount of
insurence, premium and policy terms is the?
the promise to pay,
something of value exchanged between parties, and
the premium amount paid - correct answers what are the considerations in a policy?
specific coverage - correct answers greg owns several buildings, each at a different location
and insured ona seperate policy. what type of coverage does greg have?
both the insured and the insurer - correct answers the policy conditions represent the
obligations of
the insurer - correct answers who is entitled to the salvage of property after a total loss has
been paid under the terms of an insurance policy?
the extension of coverage clause - correct answers what property clause allows the extension
of a major coverage applying to specific losses not already insured?
QUESTIONS AND VERIFIED ANSWERS (
DETAILED & ELABORATED) ACTUAL
EXAM 2026 TEST!
pure risk - correct answers type of risk which insurance companies will insure is called?
randy, the owner of a small business applied for fire insurance with limits equal to 100% of the property
value. he had a huge unsold inventory and a large gambling debt. this might indicate? - correct answers
moral hazard
pure & speculative risk - correct answers the risk of loss may be classified as?
aggregate limit of liability - correct answers defined as the maximum limit of coverage
available under a liability policy during a policy year- irregardless of the number of choices that may
occur
combined single - correct answers mama is driving her car through a residential area and
looses control of the car and crashed into casy's front porch. casey gets injured. mama's liability ins.
policy has a limit set at $500,000. this amount applies to the total of damages for any bodily injury and
property damage resulting from one accident.
which type of limit of liability does mama have?
retention - correct answers when a person decides not to buy insurence because of the cost -
what method of risk as been undertaken?
the law - correct answers legal liability is when a person is considered liable for damage
according to?
, retention - correct answers when april purchased an insurence ploicy with a large deductible -
what risk management technique was she parcticing?
appraisal,
cancellation & non-renewal, and
subrogation - correct answers what are the 3 conditions commonly found in the insurence
policy?
concealment - correct answers the failure to disclose all known facts is called?
declarations - correct answers the part of a property policy which shows the amount of
insurence, premium and policy terms is the?
the promise to pay,
something of value exchanged between parties, and
the premium amount paid - correct answers what are the considerations in a policy?
specific coverage - correct answers greg owns several buildings, each at a different location
and insured ona seperate policy. what type of coverage does greg have?
both the insured and the insurer - correct answers the policy conditions represent the
obligations of
the insurer - correct answers who is entitled to the salvage of property after a total loss has
been paid under the terms of an insurance policy?
the extension of coverage clause - correct answers what property clause allows the extension
of a major coverage applying to specific losses not already insured?
