Georgia Property & Casualty Exam 2025 update|comprehensive
Georgia Property & Casualty Exam
questions and verified answers (complete solutions) ASSURED
Study online at https://quizlet.com/_5lmp1a
SUCCESS|GRADE A+!! ( 100% ACCURATE) GET IT RIGHT!!
1. An insured's 9-year-old vicarious liability
son threw a ball, ac-
cidentally breaking a
neighbor's plate glass
window. The insured
was found legally liable
for the cost of replacing
the window. This is an
example of
2. What type of compen- General
satory damages will pay
for pain and suffering
and disfigurement?
3. Which insurance princi- Indemnity
ple states that if a policy
allows for greater com-
pensation than the fi-
nancial loss incurred, the
insured may only receive
benefits for the amount
lost?
4. Payment for medical ex- Special
penses, loss of wages,
funeral expenses, or the
cost to repair or re-
place damaged property
are known as what type
of compensatory dam-
ages?
, Georgia Property & Casualty Exam
Study online at https://quizlet.com/_5lmp1a
5. Which of the following To pre-establish the amount of coverage available for property items
best expresses the pur- that are difficult to value
pose of a stated value
contract?
6. An insured carries a Nothing
property policy on her
home in the amount
of $250,000. A bank is
shown as the mortgagor
in the policy. Last month
the insured made her fi-
nal mortgage payment,
but did not remove the
bank from the policy. In
the event of a covered
loss to her home, how
much will the bank re-
ceive?
7. Events or conditions that Hazards
increase the chances of
an insured loss occur-
ring are referred to as
8. What is the purpose of Encourage the insured to insure the property closer to its full value
the coinsurance clause
found in property insur-
ance policies?
9. For the purpose of insur- The uncertainty or chance of loss
ance, risk is defined as
, Georgia Property & Casualty Exam
Study online at https://quizlet.com/_5lmp1a
10. A beauty parlor burns to Direct
the ground. What type of
loss is this to the owner?
11. When a parent is re- Vicarious liability
quired to pay for dam-
ages caused by his or
her children, this is an
example of
12. If a liability policy had $50,000
split limits of 50/100/30,
what is the maximum
amount that would be
payable in the event of
injury to a single person?
13. Which of the following Loss of use
coverages in dwelling
and homewoners poli-
cies is for indirect losses?
14. Events in which a per- Speculative risk
son has both the chance
of winning or losing are
classified as
15. For the reported loss- Larger
es of an insured group
to become more like-
ly to equal the statisti-
cal probability of loss for
that particular class, the
, Georgia Property & Casualty Exam
Study online at https://quizlet.com/_5lmp1a
insured group must be-
come
16. Which method of loss Replacement cost
valuation is contrary to
the basic concept of in-
demnity?
17. What term includes Direct loss
damage where the in-
sured peril was the prox-
imate cause of loss?
18. A man is working on the Bodily injury
roof of his house, and
his neighbor is watching
from the ground. When
roof shingles are thrown
off the roof, they hit
the neighbor in the face,
injuring his eye. Which
best classifies the home-
owner's legal liability?
19. An insured's roof cost $5,000
$4,000 when installed 5
years ago. It has been
damaged by hail and
must be replaced. The
new roof will cost $6,000
at today's prices. If the
roof has been depreciat-
ing at $200 per year and
Georgia Property & Casualty Exam
questions and verified answers (complete solutions) ASSURED
Study online at https://quizlet.com/_5lmp1a
SUCCESS|GRADE A+!! ( 100% ACCURATE) GET IT RIGHT!!
1. An insured's 9-year-old vicarious liability
son threw a ball, ac-
cidentally breaking a
neighbor's plate glass
window. The insured
was found legally liable
for the cost of replacing
the window. This is an
example of
2. What type of compen- General
satory damages will pay
for pain and suffering
and disfigurement?
3. Which insurance princi- Indemnity
ple states that if a policy
allows for greater com-
pensation than the fi-
nancial loss incurred, the
insured may only receive
benefits for the amount
lost?
4. Payment for medical ex- Special
penses, loss of wages,
funeral expenses, or the
cost to repair or re-
place damaged property
are known as what type
of compensatory dam-
ages?
, Georgia Property & Casualty Exam
Study online at https://quizlet.com/_5lmp1a
5. Which of the following To pre-establish the amount of coverage available for property items
best expresses the pur- that are difficult to value
pose of a stated value
contract?
6. An insured carries a Nothing
property policy on her
home in the amount
of $250,000. A bank is
shown as the mortgagor
in the policy. Last month
the insured made her fi-
nal mortgage payment,
but did not remove the
bank from the policy. In
the event of a covered
loss to her home, how
much will the bank re-
ceive?
7. Events or conditions that Hazards
increase the chances of
an insured loss occur-
ring are referred to as
8. What is the purpose of Encourage the insured to insure the property closer to its full value
the coinsurance clause
found in property insur-
ance policies?
9. For the purpose of insur- The uncertainty or chance of loss
ance, risk is defined as
, Georgia Property & Casualty Exam
Study online at https://quizlet.com/_5lmp1a
10. A beauty parlor burns to Direct
the ground. What type of
loss is this to the owner?
11. When a parent is re- Vicarious liability
quired to pay for dam-
ages caused by his or
her children, this is an
example of
12. If a liability policy had $50,000
split limits of 50/100/30,
what is the maximum
amount that would be
payable in the event of
injury to a single person?
13. Which of the following Loss of use
coverages in dwelling
and homewoners poli-
cies is for indirect losses?
14. Events in which a per- Speculative risk
son has both the chance
of winning or losing are
classified as
15. For the reported loss- Larger
es of an insured group
to become more like-
ly to equal the statisti-
cal probability of loss for
that particular class, the
, Georgia Property & Casualty Exam
Study online at https://quizlet.com/_5lmp1a
insured group must be-
come
16. Which method of loss Replacement cost
valuation is contrary to
the basic concept of in-
demnity?
17. What term includes Direct loss
damage where the in-
sured peril was the prox-
imate cause of loss?
18. A man is working on the Bodily injury
roof of his house, and
his neighbor is watching
from the ground. When
roof shingles are thrown
off the roof, they hit
the neighbor in the face,
injuring his eye. Which
best classifies the home-
owner's legal liability?
19. An insured's roof cost $5,000
$4,000 when installed 5
years ago. It has been
damaged by hail and
must be replaced. The
new roof will cost $6,000
at today's prices. If the
roof has been depreciat-
ing at $200 per year and
