Economics > EXAM > Georgia Adjuster Exam| 137 QUESTIONS| COMPLETE SOLUTION (All)

Georgia Adjuster Exam| 137 QUESTIONS| COMPLETE SOLUTION

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Georgia Adjuster Exam| 137 QUESTIONS| COMPLETE SOLUTION Consequential also known as Indirect Loss Correct Answer: An insured's business is damaged because of a fire and he is forced to close busine... ss temporarily for repairs. As a result the insured lost income. What type of loss is this? Combined Single Correct Answer: The insured crashes into a porch and the person sitting on the porch. The person on the porch is injured. The insured's insurance 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 the insured have? This single dollar limit of liability applying to the total of damages for bodily injury and property damage combined resulting from one accident or occurrence $100,000 Correct Answer: If a liability policy had split limits of 100/300/100, what is the maximum amount that would be payable in the event of injury to a single person? The first limit shown is the most the policy will pay for bodily injury to any one person Absolute Correct Answer: What kind of liability would a person with a swimming pool have? Any conduct that is inherently dangerous imposes this liability. The claimant does not have to prove anythhing. Only to individuals Correct Answer: An agent license can be issued A change in the risk that substantially increases the hazard insured against Correct Answer: If a policy has been in affect for at least 60 days or is due for renewal, a cancellation may only be affected for this reason Authorized Insurer Correct Answer: An insurer that holds a Certificate of Authority in the state in which it transacts business is considered to be 15% Correct Answer: An insured must get advanced warning if the premiums will be increased by more than Written notice of an increase in premiums that exceed this amount of the current policy's premium must be delivered or mailed to the insured at least 45 days before the effective date of the change Indemnity Correct Answer: The insurance principle that states if a policy allows for greater compensation than the financial loss incurred, the insured may only receive benefits for the amount lost. Loss Correct Answer: Insurance is a contract by which one seeks to protect another from [Show More]

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