INSURANCE ADJUSTER EXAM 203 QUESTIONS WITH 100% CORRECT
AND COMPLETE SOLUTIONS/A+ GRADE/2023 VERSION
The Standard Fire policy with an extended coverage
... [Show More] endorsement attached covers which of the
following: Correct Answer: riot
A loss due to order of Civil Authority: Correct Answer: is excluded unless the loss occurs
because of an order by Civil Authorities for the purpose of controlling a fire
The term "unoccupancy" refers to the absence of : Correct Answer: persons from a building
Suppose a fire occurs on February 26th. On April 30th, the insurance company notifies the
mortgagee the insured has not filed a proof of loss. To protect their interest, the mortgagee must
file a proof of loss within _________ days after what date? Correct Answer: 60 days after April
30th
For recovery under the Standard Fire policy, a party must: Correct Answer: be named in the
policy and show an insurable interest in the property at the time the loss occurs
What is the requirement on how much experience one must have to be elected the insurance
commissioner in Georgia? Correct Answer: None
Once elected, how long is the insurance commissioner's term? Correct Answer: 4 years
Is there a limit on the number of terms an insurance commissioner can serve? Correct Answer:
No
Who is Georgia's current insurance commissioner? Correct Answer: Ralph Hudgens
What two capacities does Georgia's insurance commissioner serve? Correct Answer: 1. Chief
Officer of Insurance Dept.
2. Chief Fire Marshall
What happens if the Insurance Commissioner has to resign early? Correct Answer: No election;
the Chief Deputy will take over
What is the requirement to serve as Chief Deputy in Georgia? Correct Answer: must have a
bond in the amount of $15,000
If you are a domestic insurer in Georgia, how often does code say your financials must be
examined? Correct Answer: once every 5 years
Only one court in Georgia has the right to overturn the decision of the Insurance Commissioner.
Which is it? Correct Answer: Superior Court of Fulton County
What certificate is required for a company to be an authorized insurer in Georgia? Correct
Answer: Certificate of Authority
INSURANCE ADJUSTER EXAM 203 QUESTIONS WITH 100% CORRECT
AND COMPLETE SOLUTIONS/A+ GRADE/2023 VERSION
Surplus Lines Risk Correct Answer: has been rejected by 3 authorized insurers
What is the primary reason the state of Georgia would revoke an insurance company's certificate
to authorize? Correct Answer: if they're under financial distress
What are the requirements to be a licensed producer in Georgia? Correct Answer: must be at
least 18 years old, take a 40 hour course, pass licensing exam, apply for license, pass background
check
Which of the following would be considered an "offer"? Correct Answer: the applicant submits
an application to the company with payment
All of the following are true about insurable risk except:
a) the loss must not be catastrophic in nature
b) the loss must be large enough to create hardship
c) the loss must not be definite and definable
d) the law of large numbers should apply Correct Answer: c) the loss must not be definite and
definable
all of the following are parts of the insurance contract excep [Show Less]