Property and Casualty Insurance Exam - Georgia

Document Content and Description Below

Property and Casualty Insurance Exam - Georgia BPP building coverage - - - - insures the building at the described location, outdoor, fixtures, furnitures, items used to service the property, perma... nently installed machinery and equipment, and additions under construction, including the materials, supplies, and equipment. HO limits of property at other residences - - - - the larger of $1000 or 10% Coverage C. Limit does not apply if property is moved because the residence premise is being repaired or rebuilt. When property is moved to newly acquired residence, the limit shown on declaration will apply on a proportional basis to each residence Dwellings under construction - - - - The limit of liability for a dwelling under construction is provisional, and is based on the completed value of the structure. At the time of loss, the applicable limit is a percentage of the provisional limit, based on the proportion of actual cash value of the property at the time of loss. Premium is based on an average amount of insurance during construction. Water Backup & Sump Pump Endorsement - - - - Coverage for up to $5,000 in loss or damage, subject to a $250 deductible, can be provided for an additional premium with this endorsement. Automatic Increase in Insurance Endorsement - - - - is used to provide at the annual renewal date of the policy, an automatic increase in the Coverage A and B limits of insurance to help offset inflation Other insurance - - - - A provision in an insurance policy that defines how the policy will respond if there is another valid insurance policy written on the same risk. Stock Companies - - - - Owned by the stockholders who provide the capital necessary to establish and operate the insurance company and who share in any profits or losses. Mutual companies - - - - Owned by the policyowners and issue participating policies. Policyowners are entitled to dividends, which are a return of excess premium and are nontaxable. 6 classes of insurance in Georgia - - - - 1. Life, accident, and sickness 2. Property, marine, and transportation 3. Casualty 4. Surety 5. Title 6. HMOs How often must the Insurance Commission examine domestic insurers? - - - - Once every 5 years. What are the timelines if a hearing is requested? - - - - A hearing must be made within 30 days of the receipt of the request. A notification of the hearing must be sent at least 15 days in advance. Within 30 days of the hearing, the Commissioner must release his decision. What are the penalties after a notice, hearing, and cease and desist order? - - - - A fine of up to $10,000 per violation Suspension/revocation of license Any other appropriate relief. Express authority - - - - the authority of an agent, stated in the document or agreement creating the agency Implied authority - - - - Authority that is not expressed or written into the contract, but which the agent is assumed to have in order to transact the business of insurance for the principal. Apparent authority - - - - The appearance or the assumption of authority based on the actions, words, or deeds of the principal or because of circumstances the principal created. When does an agents license exp [Show More]

Last updated: 1 year ago

Preview 1 out of 79 pages