GEORGIA PROPERTY AND CASUALTY INSURANCE EXAM 2 LATEST VERSIONS NEWEST 2024 (VERSION A AND B) COMPLETE 350 QUESTIONS AND CORRECT DETAILED ANSWERS |ALREADY GARDED A

1 | P a g e GEORGIA PROPERTY AND CASUALTY INSURANCE EXAM 2 LATEST VERSIONS NEWEST 2024 (VERSION A AND B) COMPLETE 350 QUESTIONS AND CORRECT DETAILED ANSWERS |ALREADY GARDED A GEORGIA PROPERTY AND CASUALTY INSURANCE EXAM VERSION A Jackson Hardware has a basic property policy. Which of the following perils is NOT typically covered under such a policy? A.) riot B.) earthquake C.) smoke D.) sprinkler leakage - ANSWER- B.) earthquake In a commercial property policy, fire is a named peril that may be designated as "friendly" or "hostile." All of the following would be considered a hostile fire EXCEPT: A.) fire that burns a kettle hanging in a fireplace B.) fire from a fireplace that ignites draperies in the living room C.) flames on a gas stove that set the ceiling on fire D.) fire in an outdoor pit that ignites a nearby tree - ANSWER- A.) fire that burns a kettle hanging in a fireplace 2 | P a g e Explanation; A hostile fire is one that burns where it was not to burn. Coverage is provided only for hostile fires. What business owners policy (BOP) endorsement provides coverage for loss of business income and extra expenses incurred if the described location suffers an interruption of electrical service? A.) Utility Services - Time Element B.) Utility Services - Direct Damage C.) Protective Safeguards D.) Identity Fraud Expense Coverage - ANSWER- A.) Utility Services - Time Element Which of the following property insurance policy clauses ensures that a loss payee will be included in any claim payment related to the insured property? A.) loss payable clause B.) mortgage clause C.) additional insured endorsement D.) bailee provision - ANSWER- A.) loss payable clause Gertrude's television set was stolen from her home. She bought it five years ago, which is half the TV's expected 10-year lifespan. A similar TV costs $1,200 today. Using the actual cash value loss valuation method, how much will Gertrude recover for this loss? 3 | P a g e A.) $1,200 less deductible B.) $600 less deductible C.) $800 less deductible D.) salvage value - ANSWER- B.) $600 less deductible Mrs. Delaney hired a contractor to build a deck on the back of her house. She purchased the necessary lumber and it's piled in her backyard. Under what coverage part of her homeowners policy is the lumber insured? A.) Coverage A - Dwelling B.) Coverage B - Other Structures C.) Coverage D - Loss of Use D.) The lumber isn't insured by her policy. - ANSWER- A.) Coverage A - Dwelling Explanation; Materials and supplies located on the residence premises that are to be used in the construction, alteration, or repair of the insured dwelling are insured under Coverage A - Dwelling. Which of the following would NOT be covered under Coverage B - Other Structures in a homeowners policy? A.) detached shed from which a tool repair business is operated 4 | P a g e B.) gazebo C.) detached garage D.) swimming pool - ANSWER- A.) detached shed from which a tool repair business is operated Explanation; Although a detached shed is considered an other structure under the homeowners policy, Coverage B - Other Structures excludes structures from which a business is operated. An insurance agent mistakenly tells policyholder Jerry that his boat is covered under a policy the agent recently sold him. Jerry's boat is damaged in a storm and he learns his boat is not covered when he files a claim. Will the insurer pay this claim? A.) No, it was a mistake on the part of the agent. B.) No, but the agent should pay to repair the boat. C.) Yes, because the agent legally represents the insurer. D.) Maybe, the insurer will determine whether it pays the claim. - ANSWER- C.) Yes, because the agent legally represents the insurer. A customer slips and falls on a wet floor in a store, and incurs damages consisting of emergency room charges, doctor bills, X-rays, and lost earnings from her job when she couldn't work for two weeks. All of these are examples of: A.) general damages get pdf at https://learnexams.com/search/study?query=

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