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University of Georgia
(Risk Management and Insurance Program)
State Insurance Claims Adjusters Certification
Georgia Claims Adjuster Exam
Course Title and Number: Claims Adjuster Exam Exam Title: Board Exam Exam Date: Exam 2024- 2025 Instructor: [Insert Instructor’s Name] Student Name: [Insert Student’s Name] Student ID: [Insert Student ID]
Examination
180 minutes Instructions:
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- Answer all questions.
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- Ensure all answers are final before submitting the exam.
- Please answer each question below and click Submit when you have** **completed the Exam.
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State Insurance Claims Adjusters Certification 2024- Georgia G.A Adjuster Laws, Rules, Regulations Pertinent Exam Review Questions and Answers | 100% Pass Guaranteed | Graded A+ | Read All Instructions Carefully and Answer All the Questions Correctly Good Luck: - The Georgia Commissioner of Insurance is elected to office for a period of ___ years. - =Answer>> 4 U.S. Congress has assigned most aspects of insurance regulation to the individual states. - =Answer>> National Association of Insurance Commissioners (NAIC): -Non-profit organization -Drafts model legislation addressing emerging problems in industry -Helps keep state laws uniform while maintaining more localized control Insurance Commissioners - =Answer>> The states elect Insurance Commissioners to regulate the insurance industry. State commissioners and departments of insurance are responsible for: -Maintaining insurer solvency -Regulating rates -Protecting consumers -Making insurance available for all individuals Need Writing 🤔Help? We've Got You Covered! ✍️ 100% NO A I or Plagiarism Guaranteed🤔
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an aggregate limit? - =Answer>> An aggregate limit is the most a policy will pay for total losses within the policy period. Per occurrence is the most that will be paid per occurrence or accident. What does an Occurrence form pay for? - =Answer>> Bodily Injury and Property Damage that occurs during the policy period, even if the loss is not discovered or reported until months or years after the policy expired. What does the Claims-made Form pay for? - =Answer>> Bodily Injury or Property Damage reported during the policy period(as long as the loss occurred on or after the retroactive date). Loss must be reported before policy expires or there will be no coverage. SFP is written under - =Answer>> pro rata liability In 1968 the NFIP was formed for what purposes? - =Answer>> To establish a unified floodplain management strategy to reduce property losses and public spending to compensate disaster victims What does FEMA do today as administrator of the NFIP? - =Answer>> - Develops hazard maps
- Sets flood insurance rates
- Informs people of 100-year flood hazards What are reasons for low participation in the NFIP? - =Answer>> - Not seen as worth the cost
- Misconceptions of low-probability risks Need Writing 🤔Help? We've Got You Covered! ✍️ 100% NO A I or Plagiarism Guaranteed🤔
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- Private insurance agents do not market NFIP policies
- Homeowners in risky areas either do not have a mortgage or their lenders do not enforce the insurance purchase requirement Which of the following statements is NOT true of endorsements? - =Answer>> A. An endorsed policy will always provide more coverage than an unendorsed policy. B. An endorsed policy has been changed from the original version. C. Endorsements may be added to a policy at any time during the policy period. D. Endorsements may be added to a policy at the time of purchase and at renewal. Who sets the critical production dates and assigns commodity market prices for MPCI policies? - =Answer>> Jane has a small business and has a Business Owners Policy. To save money, Jane has insured her business at 60% coinsurance. When a fire erupts inside of the store, destroying most of Jane's merchandise, her insurer: - =Answer>> A. covers the structure and contents on an ACV basis. B. denies the claim. C. covers the structure and contents on a replacement value basis. D. imposes a coinsurance penalty. Need Writing 🤔Help? We've Got You Covered! ✍️ 100% NO A I or Plagiarism Guaranteed🤔
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accomplished by providing at least 30 days' notice of the effective date of the cancellation *Return premium in excess of amount owed to the agent must be returned tot he insured within 10 working days *If cancellation is due to nonpayment of premium or when a policy that has been in effect for less than 60 days is cancelled for any reason, written notice must be delivered to the named insured at least 10 days prior to the effective date of cancellation. Cancellation and Nonrenewal of Property Policies - =Answer>> After coverage under the policy has been in effect for more than 60 days, notice of cancellation may only be issued for: *Nonpayment of premium *Fraud, concealment of material fact, or material misrepresentation made by the insured with the intent to obtain, continue, or file a claim under the policy *A change in risk resulting in an increase in hazard *Violation by the insured of any material terms or conditions of the contract
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What is the purpose of FAIR - =Answer>> to provide property insurance to Georgia citizens and to encourage improvement and development of properties located in Georgia What is vicarious liability - =Answer>> The transfer of negligence from one party to another tort - =Answer>> a wrongful act or an infringement of a right (other than under contract) leading to civil legal liability. What is a warranty in insurance? - =Answer>> A warranty in an insurance policy is a written guarantee to repair or replace what is a guarantee in insurance? - =Answer>> a promise included in the formal and legal warranty what is a title regarding to legal interest? - =Answer>> In property law, a title is a bundle of rights in a piece of property in which a party may own either a legal interest or equitable interest. The rights in the bundle may be separated and held by different parties. It may also refer to a formal document, such as a deed, that serves as evidence of ownership. what is a representation in an insurance contract? - =Answer>> A statement made by an applicant for insurance, before the contract is made, which affects the willingness of the insurer to accept the risk. Need Writing 🤔Help? We've Got You Covered! ✍️ 100% NO A I or Plagiarism Guaranteed🤔
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goal is to protect health insurance coverage for workers and their families when they lose or change jobs(portability) protect health data and confidentiality(accountability) IIPPA - =Answer>> Insurance information and privacy protection act establishes privacy standards for the collection and use and disclosure in connection with insurance transactions by insurance institutions agents and insurance related organizations enacted??? how many consecutive days to you need to be out of work to be pad for the first week for workers compensation benefits? - =Answer>> 21 days. The PAP has separate limits of liability for: - =Answer>> bodily injury to each person in an accident. bodily injury to all persons in any one accident. all property damage in any one accident. What does Business Income Coverage Form cover? - =Answer>> The consequential loss of business income that occurs when a business must supend operations because of a direct loss. Also called Time element form. There is a 72 hour waiting period (time deductible) before the coverage begins. Need Writing 🤔Help? We've Got You Covered! ✍️ 100% NO A I or Plagiarism Guaranteed🤔
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What does Equipment Breakdown Coverage Form cover? - =Answer>> Direct loss to covered property caused by an accident of an insured object described in the declarations. The object must be in use, or connected and ready for use, when the accident occurs in order for coverage to apply. Commissioner Authority (1) - =Answer>> -make rules based on the law, and enforce them. Any dispute over whether a rule is legal or not is decided by the state attorney general. The commissioner can appoint deputies to - =Answer>> help enforce the laws, including a chief deputy commissioner. The Commissioner has the power to: - =Answer>> -Examine all domestic insurance companies and rating organizations -Examine agents, sub-agents, brokers, counselors, adjusters, and managers of domestic insurance companies -Serve notice of hearings if he suspects violation of the law At least every five years - =Answer>> he will examine all the domestic insurance companies and rating organizations in the state. He has the authority to look at their transactions, accounts, assets, business methods, and management practices. Need Writing 🤔Help? We've Got You Covered! ✍️ 100% NO A I or Plagiarism Guaranteed🤔
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-Refusing to pay proper claims -Accepting money or gifts to send work to another company If after holding a hearing it is clear that an insurance company has, as a regular business practice, compelled insureds to accept less money than they are due; failed to use due diligence in processing claims or paying claims; refused to pay claims; or accepted kickbacks, the commissioner can fine that insurer up to - =Answer>> $1, per violation, or up to $5,000 if the violation was willfully done. Three Classes of Insurers - =Answer>> Domestic: Based in Georgia Foreign (a.k.a. Surplus): Based in another state Alien: Based outside the United States To do business in Georgia, all insurers must: - =Answer>> - Follow Georgia laws and regulations -Have a Georgia Certificate of Authority A domestic insurer is from - =Answer>> Georgia, was formed under Georgia laws, and has been admitted by the Georgia Office of Insurance. A foreign insurer (also called a surplus insurer) is one that is based in - =Answer>> another state, but does business in Georgia. Foreign insurers must also be admitted by the Georgia Office of Insurance in order to do business in this state. Often, a consumer must be denied coverage by a Need Writing 🤔Help? We've Got You Covered! ✍️ 100% NO A I or Plagiarism Guaranteed🤔
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domestic insurer before being eligible to buy insurance from a surplus insurer. An alien insurer is an insurer that is based in - =Answer>> another country and was formed following the laws of that country, but which offers insurance in Georgia. Types of Insurers Admitted - =Answer>> Mutual insurance companies Farmers Mutual insurance companies Reciprocal insurers Hospital Service non-profit corporations Non-profit Medical Service corporations Stock insurers Lloyd's associations Fraternal Benefit societies To maintain a Certificate of Authority, insurers must: - =Answer>> -Comply with all insurance laws -Be financially sound -Give claimants their due -Provide necessary access and information for renewal -Pay final judgements within 30 days in order to conduct insurance business in the state of Georgia, insurers must have a certificate of authority. Insurers are also required to have a certificate of authority for every - =Answer>> agent who represents their company. Need Writing 🤔Help? We've Got You Covered! ✍️ 100% NO A I or Plagiarism Guaranteed🤔
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Georgia Insurers Insolvency Pool exceptions - =Answer>> such as health and life insurance (since these are members of the Life and Health Guaranty Association), fidelity and surety bonds, ocean marine insurance, and title insurance. What happens when an insurer gets into financial trouble? - =Answer>> Commissioner can: -Place the insolvent insurer in receivership -Revoke or suspend the insurer's certificate of authority (and notify other states of the actions taken) When an insurer becomes insolvent, the Guaranty Association: -Notifies all of the insurer's policyholders (via mail to the last known address of the insured) -Becomes claim manager -Pays only certain claims, and only up to a set limit When the Commissioner learns that an insurer is impaired or troubled financially, he may place it in - =Answer>> receivership If the insurer becomes insolvent, its - =Answer>> Guaranty Association becomes claims manager. First, it will notify all policyholders of the insolvent insurer and provide them with directions on how to file a claim with the association. Filing a claim with the association is different from filing claims with the insurer, since the insured often has to duplicate information that he previously sent to the insurer. Need Writing 🤔Help? We've Got You Covered! ✍️ 100% NO A I or Plagiarism Guaranteed🤔
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the Georgia Life and Health Insurance Guaranty Association will not pay more than - =Answer>> $300,000 on a life insurance claim. Insured's rights under a Guaranty Association: - =Answer>> A Guaranty Association is a temporary solution: -Helps policyholders find new insurers as soon as possible -Covers claims already filed or policies that have already been funded -Slower claim resolution: 90 days or more -Policyholders should find new insurance as quickly as possible Note: if an insurer has no guaranty association (e.g. HMOs), the insured is responsible for finding new insurance When the Commissioner of Insurance finds that insurance law has been violated, he can impose any penalty allowed by law, even without holding a hearing. If the offender wants a hearing, he must request it within ___ days of receiving the order prohibiting his illegal action. - =Answer>> 10 The Georgia Insurers Insolvency Pool is one of the state's two Guaranty Associations. Which of the following types of insurers are NOT required to be members? - =Answer>> Health and life insurers are required to be members of the Georgia Life and Health Insurance Guaranty Association, not the Georgia Insurers Insolvency Pool. Need Writing 🤔Help? We've Got You Covered! ✍️ 100% NO A I or Plagiarism Guaranteed🤔
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Not an Adjuster: Individuals who adjust claims on life or marine insurance or annuities Agents or salaried employees who adjust losses on policies issued by themselves or their insurers An Agent: Appointed or employed to sell, solicit, or negotiate insurance Individual insurance producer Adjusters and agents need to be licensed in order to conduct their insurance business in the state of Georgia. - =Answer>> People who adjust claims for life insurance or marine insurance or annuities are not considered adjusters. - =Answer>> Nor are agents or their salaried employees or the salaried employees of an insurer, if those employees adjust losses under policies issued by themselves or the insurer they work for. An agent is a person who is appointed or is an employee of an insurer who sells, solicits, or negotiates insurance business. Another way to describe an agent is as an individual insurance producer. - =Answer>> License Renewal Requirements - =Answer>> 24 hours continuing education/2 years 20 hours continuing education/2 years if agent more than 20 years 3 continuing education hours must cover ethics Need Writing 🤔Help? We've Got You Covered! ✍️ 100% NO A I or Plagiarism Guaranteed🤔
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