Georgia Property and Casualty questions with
correct answers
Insurance Terms and Related Concepts.
What is insurance? CORRECT ANSWER transfers the risk of loss from an
individual or business entity to an insurance company, which in turn spreads the
costs of unexpected losses to many individuals.
Insurance Terms and Related Concepts.
What is risk? CORRECT ANSWER the uncertainty or chance of a loss occurring.
Insurance Terms and Related Concepts.
What are the 3 types of hazards? CORRECT ANSWER Physical, moral and
morale.
Insurance Terms and Related Concepts.
What does indemnify mean? CORRECT ANSWER To “restore” an insured to the
same financial status as before the loss.
Insurance Terms and Related Concepts.
Define subrogation. CORRECT ANSWER the acquisition by an insurer of an
insured’s rights against any third party for indemnification of loss or other
payment, to the extent that the insurer pays the loss.
Insurance Terms and Related Concepts.
What is the difference between an accident and an occurrence? CORRECT
ANSWER Both result in injury to persons or damage to property that is neither
intended nor expected; however, an accident is a sudden, unplanned and<\/p>\n\n\n\n
unexpected event, and an occurrence includes those losses caused by continuous or
repeated exposure to certain conditions.
Insurance Terms and Related Concepts.
How are indirect and direct loss related? CORRECT ANSWER Direct losses can
cause indirect losses.
Insurance Terms and Related Concepts.
In which of the two types of damage – property damage and bodily injury – is it
more difficult to determine the monetary value of the loss and why? CORRECT
ANSWER It is more difficult to determine the loss monetarily with bodily injury,
since it may lead to claims by the injured party not only for medical expenses and
lost wages, but also for disfigurement, pain and suffering , mental anguish, and loss
of consortium.
Insurance Terms and Related Concepts.
What is the difference between vacancy and unoccupancy? CORRECT ANSWER
An insured structure in which no people have been living or working and no
property has been stored for the specified period of time constitutes vacancy.
Unoccupancy refers to an insured structure in which no people have been living or
working within the required period of the time, but some property is stored.
Insurance Terms and Related Concepts.
What type of insurance provides coverage for multiple classes of property at one
location? CORRECT ANSWER Blanket insurance is a single property insurance
policy provides coverage for multiple classes of property at one location, or for one
or more classes of property at multiple locations.
Insurance Terms and Related Concepts.<\/p>\n\n\n\n
Explain the actual cash value method of valuation. CORRECT ANSWER Georgia Property and Casualty questions withcorrect answersInsurance Terms and Related Concepts.What is insurance? CORRECT ANSWER transfers the risk of loss from anindividual or business entity to an insurance company, which in turn spreads thecosts of unexpected losses to many individuals.Insurance Terms and Related Concepts.What is risk? CORRECT ANSWER the uncertainty or chance of a loss […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[25],"tags":[],"class_list":["post-121382","post","type-post","status-publish","format-standard","hentry","category-exams-certification"],"_links":{"self":[{"href":"https:\/\/www.learnexams.com\/blog\/wp-json\/wp\/v2\/posts\/121382","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.learnexams.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.learnexams.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.learnexams.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.learnexams.com\/blog\/wp-json\/wp\/v2\/comments?post=121382"}],"version-history":[{"count":0,"href":"https:\/\/www.learnexams.com\/blog\/wp-json\/wp\/v2\/posts\/121382\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.learnexams.com\/blog\/wp-json\/wp\/v2\/media?parent=121382"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.learnexams.com\/blog\/wp-json\/wp\/v2\/categories?post=121382"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.learnexams.com\/blog\/wp-json\/wp\/v2\/tags?post=121382"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
reinforces the principle of indemnity because it recognizes the reduction of value
of property as it ages and becomes subject to wear and tear and obsolescence.
Insurance Terms and Related Concepts.
When absolute liability is involved, does the injured party need to prove
negligence? CORRECT ANSWER the injured party does not need to prove
negligence.
Insurance Terms and Related Concepts.
If a product is unsafe, what kind of liability applies to the manufacturer?
CORRECT ANSWER Strict liability.
Insurance Terms and Related Concepts.
Compare bodily injury liability and personal injury liability. CORRECT ANSWER
Bodily injury liability is physical injury, while personal injury liability includes
injury to the character of another person.
Insurance Terms and Related Concepts.
What is proximate cause? CORRECT ANSWER an act or event considered a
natural and reasonably foreseeable cause of the damage to property or injures a
plaintiff.
Insurance Terms and Related Concepts.
What type of policies may include the insurance to value provision? CORRECT
ANSWER Homeowners policies.
Insurance Terms and Related Concepts.
download pdf at https:\/\/learnexams.com\/search\/study?query=aqa<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"