GEORGIA PROPERTY AND CASUALTY INSURANCE EXAM 2 LATEST COMPLETE QUESTIONS AND CORRECT DETAILED ANSWERS

Mr. York's homeowners insurance company paid a liability claim because he was responsible for destroying property owned by his neighbor. For what did the insurer pay its claim? - ANSWERS,Property damage Uninsured motorist property damage coverage does not pay for bodily injury or damages if - ANSWERS,The accident was caused by the named insured Your client, Warren, reports that his basement is filled with water because water beneath the surface of the ground seeped through foundation. He asks you to submit his claim to the insurer that writes his dwelling policy. How will the insurer respond to Warren's claim? - ANSWERS,It will deny the claim under the water damage exclusion A company's insurance and risk manager is reviewing the company's commercial property policy. The building and personal property coverage form indicates that there are three categories of covered property. What are they? - ANSWERS,Building property, business personal property of the insured, and personal property of others Ace Real Estate is considering a businessowners policy for an office building that has eight stories and is less than 100,000 square feet. Its agent will advise Ace that - ANSWERS,Ace is ineligible because the building is taller than six stories When is a notice of nonrenewal of a commercial property and casualty insurance policy required? - ANSWERS,The policy has been in effect for less than 90 days. Porter is the named insured in the declarations of a personal auto policy. He lives with his wife Anne, who also drives the insured auto. Anne is not a named insured in the declarations, but Porter understands that, as his spouse, she is also covered by this policy. Which statement is correct if Porter names her in the declarations?? - ANSWERS,She will no additional rights, privileges, or protection. A home may not be eligible for coverage under a FAIR plan in most states because of all of the following EXCEPT: - ANSWERS,The air-conditioning and heating system is obsolete. Quincy Enterprises had a claims-made commercial general liability policy. When it went out of business, Quincy Enterprises cancelled the policy and did not buy an extended reporting period. For how long may claims be made against Quincy Enterprises under the policy and receive coverage? - ANSWERS,5 years Lane Avenue Bakery owns and uses in its business both hired autos and non-owned autos. It carries symbol 8 for hired auto coverage and symbol 9 for non-owned autos. With respect to coverage, what is the difference between its hired autos and non-owned autos? - ANSWERS,A rental car is a hired auto; an employee's pickup truck used in the business would be a non-owned auto. Priscilla has a commercial general liability policy with policy dates from January 1 of this year to January 1 of next year and a retroactive date of January 1 two years ago. On what form is Priscilla's CGL policy written? - ANSWERS,Claims-made Form What is the name of the plan whereby each licensed Indiana insurance company participates by taking its share of drivers who have difficulty buying automobile insurance? - ANSWERS,Indiana Automobile Insurance Plan What endorsement can be added to a commercial general liability policy to limit coverage for bodily injury or property damage resulting from mold and 'sick building syndrome'? - ANSWERS,Limited Fungi or Bacteria Coverage Cindy is a copywriter for Country Gentleman, a men's fashion magazine. She believes she is a victim of sexual discrimination and has experienced sexual harassment by her supervisor. She files suit against the magazine. What type of li