Georgia Property and Casualty Insurance Exam Questions and Answers (Latest Updated Solutions

Inland Marine Personal Floaters - ANSWERS,an inland marine policy designed to cover moveable PP, wherever it may be located. Personal floaters may be written on all-risk, open peril, or named peril form. Personal Property Floater - ANSWERS,provides coverage to personal property on an all-risk basis anywhere in the world, as long as the property is not specifically excluded by the policy. Property is usually written on an unscheduled basis. Personal articles floater - ANSWERS,used to insure certain types of personal property on a scheduled basis. The types of property that may be covered are usually pre-printed on the form including jewelry, furs, cameras, musical instruments, fine arts, etc. Personal effect floater - ANSWERS,used to insure personal effects carried or worn by travelers anywhere in the world, but not while the property is at home. Coverage is usually limited to $100 for jewelry, watches and furs, and there is no coverage for vehicles, bicycles, currency or travel tickets. Commercial inland marine conditions - ANSWERS,Abandonment; Appraisal; Duties of the insured in the event of a loss; Insurance under 2 or more coverages;Loss payment; Other insurance — If there is other insurance covering the same loss, the policy will be considered excess; Pair, set or parts; Recovered property (salvage); Transfer of rights of recovery (subrogation)Privilege to adjust with the owner Reinstatement of limit Concealment, misrepresentation, fraud legal action against the insured no benefit to the bailee policy period valuation Commercial floater - ANSWERS,A commercial floater refers to an inland marine policy designed to cover movable commercial property, wherever it may be located (worldwide coverage). Commercial inland marine filed form - ANSWERS,A filed form is a form that may require an insurer to file for rate and form approval. Usually a $250 deductible that applies to any one loss and are usually written on an open peril basis. Commercial inland marine unfiled form - ANSWERS,An unfiled form may not require an approved filing to the insurance department in that state Commercial inland marine exclusions - ANSWERS,Nuclear hazard; War and military action; Delay, loss of use, or loss of market; Dishonest acts by the insured or the insured's employees or representatives; Voluntarily parting with property by fraudulent trick, scheme or device; Unauthorized instruction to transfer property; Neglect of an insured to use all reasonable means to protect and preserve property from further damage or loss; Loss or damage caused by any of the following, but if loss by a covered cause of loss results, the additional loss will be covered in the following situations: weather, failure to act, faulty zoning or construction, collapse, and wear & tear. Accounts receivable coverage form - ANSWERS,One of the most important and popular of the inland marine coverage forms. Unlike most inland marine coverages, coverage is provided for property that is at a fixed location, rather than mobile property. The accounts receivable coverage form is a filed form that provides protection for losses of accounts due from customers that become uncollectible because of a loss to the insured's accounts receivable records