Georgia Property Law - Key Facts Flashcards
If the insurer cancels a property or casualty policy, the refund is ___-____.
Pro-rata
When a policy is cancelled, the unearned premium is ________.
Refunded
When canceling a property policy, it is the insurer’s responsibility to notify the _____ _____ _______.
First named insured
*The insurer does NOT have to notify all named insured’s. The insurer would have to notify any premium finance company, any mortgagee, as well as keep proof that they mailed out proper notice.
Property and casualty policies that are going to be cancelled due to non-payment of premium require __ days’ advance written notice.
10 days
Homeowners policies that are being cancelled for any reason, other than non-payment of premium, require __ days’ advance written notice.
30 days
Commercial policies that are being cancelled for any reason, other than non-payment of premium, require __ days’ advance written notice.
45 days
In the event of a _____ ____ on a property, if the insurer pays an amount less than the insured’s limits on the policy, the insurer shall be required to refund to the insured the difference between the amount of premium actually paid by the insured and the amount of premium that would have been charged for the amount of coverage paid out by the policy
Total loss
All crop policies sole in Georgia, with the exception of federal crop insurance, must cover the perils of ____, and ____ until said crop is harvested.
Wind and hail
In the event of a total loss on a property policy to a one or two family residential structure, the insurer is required to value the property at the amount of insurance in effect at the time of the loss, minus ____________ that may have occurred between the time the policy was written that the time of the loss
Depreciation.
If the insured cancels a property or casualty policy, the refund is _____-____
Short-rate
