Georgia Property and Casualty Insurance Exam Questions With 100% Correct Answers ()

BOP additional coverages - ANSWERS,Debris removal - 25%/180 days/$10,000 Preservation of property - 30 days Fire department service - $2500 Collapse - covered is cause by hidden decay, insect or vermin, weight of people or property, or use of defective material during construction. Water/liquid/molten material damage - included only in the special form. Business income - actual loss sustained/12 months/ordinary payroll - 60days with 72-hour waiting period. Extended business income - 30 days Extra expense - actual loss sustained/12 months/no waiting period Pollutant cleanup - $10,000/12 months/180 day notification Civil authority - 72 hours after action and for 4 weeks Money orders/counterfeit currency - $1000 Forgeries - $2500 for forged/altered checks Increased cost of construction - $10,000 if insured on replace cost basis. Glass expense Business income from dependent properties - $5000 fire extinguisher recharge - $5000 Electronic data - $10,000 Interrupted computer operations - $10,000 Limited coverage for fungi/wet or dry rot - $15,000 if caused by specified cause of loss other than fire or lightning. BOP coverage extensions - ANSWERS,Newly acquired property - $250k for buildings, $100k for BPP only applies for 30 days. Personal property off premises - $10,000 - doesn't cover money. Outdoor property - $2500 total/$1000 per tree, plant. Personal effects - $2500 Valuable papers/records - $10,000 on premise/$5000 off-premise Attached outdoor signs are cover for $1000 per sign in any one occurrence. BOP coverage form provisions - ANSWERS,1. Building limit - auto increase - 8% or the amount listed in the declarations. 2. BPP - seasonal increase - 25% auto increase for seasonal fluctuations BOP loss conditions - ANSWERS,1. abandonment 2. appraisal 3. duties in the event of a loss 4. legal action against the insurer - must be within 2 years of loss. 5. loss payment 6. recovered property 7. resumption of operations - the insurer will reduce the amount of business income and extra expense losses to the extent the insured can resume operations in whole or in part by using damaged and undamaged property. 8. vacancy - 60 days or less than 65% occupancy for building owner. BOP Section I general conditions - ANSWERS,1. control of property 2. mortgage holder 3. no benefit to bailee - no person or there the insured having custody of the property will benefit. 4. policy period, coverage territory - policy period is shown in the declarations. BOP optional coverages - ANSWERS,1. outdoor signs 2. money and securities - loss due to theft, disappearance or destruction. 3. employee dishonesty - 30 days after firing 4. equipment breakdown protection due to mechanical breakdown or electrical failure. BOP Section II - Liability - ANSWERS,The BOP liability section has the following features: Usually written with an occurrence coverage trigger; Includes coverage for bodily injury, property damage, and personal and advertising injury for an occurrence within the coverage period and coverage territory; Supplemental payment features are paid in addition to the limit of insurance noted on the declarations; The limit of liability is the most the insurer will pay subject to an aggregate amount for the policy term; and The insurer's duty to defend ends when the limits of insurance are exhausted