Which kind of losses are covered under a standard fire policy? - ANSWER Direct
All fires are not covered by the Standard Fire policies, only those that: - ANSWER are hos-
tile and have a flame or glow
At what time does a fire policy go into affect? - ANSWER 12:01am standard time at the
location of the insured's property
A property is insured under two Standard Fire policies for $25,000 each. A fire causes
$10,000 worth of damage. What is the maximum amount the insured may collect under
each policy? - ANSWER $5,000
A fire burning in the middle of the living room would be considered: - ANSWER a hostile
fire
An insured's house is damaged by fire caused by a neighbor's negligence. The insurance
company will attempt to recover damage from the neighbor. This is called: - ANSWER
subrogation
Which of the following statements are true concerning requirements of the standard fire
policy? - ANSWER The insured must separate damaged from undamaged property in the
event there is a loss AND If a loss occurs, the insured normally has 60 days to file a proof of
loss with the insurer
Which types of property are excluded from coverage under the basic fire policy? - AN-
SWER accounts, currency, deeds, and securities
1
,Who is insured under the Standard Fire policy? - ANSWER the named insured and his le-
gal representatives
An agreement which affords temporary insurance protection until the policy is issued is
called: - ANSWER a binder
as a general rule, a complete fire insurance policy would be made up of: - ANSWER the
Standard Fire policy with one or more forms attached
The one condition listed below which will not void a fire policy:
a) false swearing
b) misrepresentation
c) over-insurance
d) concealment - ANSWER over-insurance
replacement cost minus depreciation: - ANSWER Actual Cash Value (ACV)
The Standard Fire policy with an extended coverage endorsement attached covers which of
the following: - ANSWER riot
A loss due to order of Civil Authority: - ANSWER is excluded unless the loss occurs be-
cause of an order by Civil Authorities for the purpose of controlling a fire
The term "unoccupancy" refers to the absence of : - ANSWER persons from a building
Suppose a fire occurs on February 26th. On April 30th, the insurance company notifies the
mortgagee the insured has not filed a proof of loss. To protect their interest, the mortgagee
must file a proof of loss within _________ days after what date? - ANSWER 60 days after
April 30th
2
, For recovery under the Standard Fire policy, a party must: - ANSWER be named in the
policy and show an insurable interest in the property at the time the loss occurs
What is the requirement on how much experience one must have to be elected the insur-
ance commissioner in Georgia? - ANSWER None
Once elected, how long is the insurance commissioner's term? - ANSWER 4 years
Is there a limit on the number of terms an insurance commissioner can serve? - ANSWER
No
Who is Georgia's current insurance commissioner? - ANSWER Ralph Hudgens
What two capacities does Georgia's insurance commissioner serve? - ANSWER 1. Chief
Officer of Insurance Dept.
2. Chief Fire Marshall
What happens if the Insurance Commissioner has to resign early? - ANSWER No election;
the Chief Deputy will take over
What is the requirement to serve as Chief Deputy in Georgia? - ANSWER must have a
bond in the amount of $15,000
If you are a domestic insurer in Georgia, how often does code say your financials must be ex-
amined? - ANSWER once every 5 years
Only one court in Georgia has the right to overturn the decision of the Insurance Commis-
sioner. Which is it? - ANSWER Superior Court of Fulton County
3
All fires are not covered by the Standard Fire policies, only those that: - ANSWER are hos-
tile and have a flame or glow
At what time does a fire policy go into affect? - ANSWER 12:01am standard time at the
location of the insured's property
A property is insured under two Standard Fire policies for $25,000 each. A fire causes
$10,000 worth of damage. What is the maximum amount the insured may collect under
each policy? - ANSWER $5,000
A fire burning in the middle of the living room would be considered: - ANSWER a hostile
fire
An insured's house is damaged by fire caused by a neighbor's negligence. The insurance
company will attempt to recover damage from the neighbor. This is called: - ANSWER
subrogation
Which of the following statements are true concerning requirements of the standard fire
policy? - ANSWER The insured must separate damaged from undamaged property in the
event there is a loss AND If a loss occurs, the insured normally has 60 days to file a proof of
loss with the insurer
Which types of property are excluded from coverage under the basic fire policy? - AN-
SWER accounts, currency, deeds, and securities
1
,Who is insured under the Standard Fire policy? - ANSWER the named insured and his le-
gal representatives
An agreement which affords temporary insurance protection until the policy is issued is
called: - ANSWER a binder
as a general rule, a complete fire insurance policy would be made up of: - ANSWER the
Standard Fire policy with one or more forms attached
The one condition listed below which will not void a fire policy:
a) false swearing
b) misrepresentation
c) over-insurance
d) concealment - ANSWER over-insurance
replacement cost minus depreciation: - ANSWER Actual Cash Value (ACV)
The Standard Fire policy with an extended coverage endorsement attached covers which of
the following: - ANSWER riot
A loss due to order of Civil Authority: - ANSWER is excluded unless the loss occurs be-
cause of an order by Civil Authorities for the purpose of controlling a fire
The term "unoccupancy" refers to the absence of : - ANSWER persons from a building
Suppose a fire occurs on February 26th. On April 30th, the insurance company notifies the
mortgagee the insured has not filed a proof of loss. To protect their interest, the mortgagee
must file a proof of loss within _________ days after what date? - ANSWER 60 days after
April 30th
2
, For recovery under the Standard Fire policy, a party must: - ANSWER be named in the
policy and show an insurable interest in the property at the time the loss occurs
What is the requirement on how much experience one must have to be elected the insur-
ance commissioner in Georgia? - ANSWER None
Once elected, how long is the insurance commissioner's term? - ANSWER 4 years
Is there a limit on the number of terms an insurance commissioner can serve? - ANSWER
No
Who is Georgia's current insurance commissioner? - ANSWER Ralph Hudgens
What two capacities does Georgia's insurance commissioner serve? - ANSWER 1. Chief
Officer of Insurance Dept.
2. Chief Fire Marshall
What happens if the Insurance Commissioner has to resign early? - ANSWER No election;
the Chief Deputy will take over
What is the requirement to serve as Chief Deputy in Georgia? - ANSWER must have a
bond in the amount of $15,000
If you are a domestic insurer in Georgia, how often does code say your financials must be ex-
amined? - ANSWER once every 5 years
Only one court in Georgia has the right to overturn the decision of the Insurance Commis-
sioner. Which is it? - ANSWER Superior Court of Fulton County
3
