GA PROPERTY & CASUALTY TEST Exam
Questions and Answers (Solved Papers)
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?
, GA PROPERTY & CASUALTY TEST Exam
Questions and Answers (Solved Papers)
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,
Questions and Answers (Solved Papers)
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?
, GA PROPERTY & CASUALTY TEST Exam
Questions and Answers (Solved Papers)
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,
