GA Adjuster Exam Review Latest Update 2023-2024 Questions and Verified Correct Answers Guaranteed A+ ________ is a legal term describing an intentional act that is illegal or morally wrong,
that contributes to the injury of another person. - CORRECT ANSWER: Malfeasance
A commercial lines policy has been in effect for more than 60 days.The insurer intends to cancel for an approved reason other than non-payment of premium. How many days advance cancellation notice must be sent to the first named insured? - CORRECT
ANSWER: 45 days
A dual capacity claim in Worker's Comp is filed - CORRECT ANSWER: Against an
employer that was acting in any capacity "Other Than an Employer" at the time the injury occurred.
A loss reserving method that establishes aggregate reserves for all claims for a single line of insurance is known as: - CORRECT ANSWER: Loss ratio method
A manufacturing company is sending two U.S. employees to Russia to discuss their products and visit a similar Russian manufacturing plant. What coverage would be needed for injuries they may incur in a work-related accident while abroad? -
CORRECT ANSWER: Add the Foreign Coverage Endorsement to the company's
workers' compensation policy.
A surety bond is: - CORRECT ANSWER: A form of credit
A typical directors and officers liability policy covers each of the following, EXCEPT: - CORRECT ANSWER: A D&O policy protects corporate officers and directors. Typically, no coverage is provided for the entity itself, apart from its obligation to reimburse the officers and directors for expenses and damages paid in legal proceedings that are allowed by its bylaws.
A warranty is something that becomes part of the contract and is a statement that is considered to be a guarantee of truth for the entire term of the policy. - CORRECT
ANSWER:
Adjusters must maintain record of each investigation or adjustment undertaken, and a statement of any fee, commission, or other compensation received or to be received on account of the investigation or adjustment. How long must the records be maintained for
examination? - CORRECT ANSWER: 5
Advertising injury coverage applies only if the offense arises from: - CORRECT
ANSWER: Misappropriation of ideas or copyright infringement in the course of any advertising
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Agent Rice informs the insured that he needs to secure motor vehicle records on all of the drivers in the household based on company requirements. This is an example of Agent Rice's: - CORRECT ANSWER: Implied authority - the authority the agent believes he has in order to do his job properly
Algae are NOT included in the definition of "fungus" under the additional coverage of
the cause of loss forms. - CORRECT ANSWER:
All of the following statements are true regarding an interline endorsement used in a Commercial Package policy (CPP), EXCEPT: - CORRECT ANSWER: Interline endorsements are used in the CPP to simplify coverages and conditions among many different forms and apply only to two or more coverage parts.
All of the following would be covered under a Builders Risk Policy, EXCEPT: -
CORRECT ANSWER: A prospective buyer
All resident and nonresident licensees must promptly notify the Commissioner in writing
within _____ of any change in the business address. - CORRECT ANSWER: 30 Days
An insured carries a liability policy and an umbrella policy. The verdict in a personal injury liability suit was higher than the insured's underlying liability policy's limit of insurance. In this situation: - CORRECT ANSWER: The insurance company providing the insured's umbrella liability policy can appeal the case at its own expense even if the insured and the company providing the underlying policy do not appeal.
An insured has purchased BAP physical damage coverage against specified causes of loss. Protection applies to all of the following perils, EXCEPT: - CORRECT ANSWER: Falling objects
Any rules or regulations established by the Georgia Insurance Commissioner must be approved by: - CORRECT ANSWER: State Attorney General
Binders can be made either in writing or made orally for a period of 90 days. -
CORRECT ANSWER: They can be extended for another 90 days with the written
approval of the Insurance Commissioner.
Churning - CORRECT ANSWER: Churning occurs when an insurance agent replaces
a policyholder's insurance policy for another insurance policy, usually without consulting the policyholder and often with no changes to the coverage itself. Agents who engage in churning do so in order to secure an additional commission for the new policy they swap in.
Coverage D - Loss of Use on the Homeowners forms provides coverage for "Civil Authority Prohibits Use" for: - CORRECT ANSWER: No more than two weeks.
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