Georgia Property And Casualty Insurance Licensing Study Guide Questions And Correct Answers

class 6 {Ans: Fire resistive (these structures are constructed of masonry or fire resistive material with a fire resistance rating of 2 hours or more}second {Ans: which party is the insurer?}intervening cause {Ans: an event that comes between the initial act in a sequence and the end result - ex. heart attack while driving}scheduled personal property {Ans: endorsement - provides broader coverage for personal jewelry, furs, cameras, musical instruments, silverware, fine arts, golf equipment, and stamp/coin collections. must be insured on full value basis.}appraisal {Ans: either party may demand an appraisal for a loss each party chooses theirs and an umpire}underwriting {Ans: evaluates, selects/rejects, classifies, and rates risk}insurance {Ans: transfers risk of loss from individual/business to insurance company}A {Ans: Dwelling structures attached, dwelling, materials at site}coinsurance {Ans: requires insured to carry a minimum amount of insurance, normally .8(cost)}last clear chance {Ans: defendant has the opportunity to act against and didn't}foreign {Ans: another state to your state now}indirect {Ans: type of loss with intervening cause (loss of business income from tree hitting roof)}broad named perils {Ans: FAS-FWD falling objects, appliance failure, snow and sleet, freezing of appliance or