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Property & Casualty Insurance Exam Practice 1
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The topics covered on the Property & Casualty Insurance Exam depend on the specific state board in the United States. Below are some probable categories for this exam. Types of Policies, which includes limited-pay, single-premium life, and ordinary whole life. Parts of a Policy, which includes declarations, agreements, conditions, and exclusions. Policy Riders and Provisions, which includes waiver of premium, accidental death dismemberment, insurance clause, owner’s rights, and payor benefits. Completing the Application, which includes underwriting, warranties, replacement, insurable... Show more
Property & Casualty Insurance Exam Practice 1
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25 Questions

1. An insurance policy can have its policy limits represented by a single limit or by split limits. A policy that uses split limits to indicate the amount of coverage available typically shows how many split limits?
2. Property insurance policies often contain mortgagee clauses. If the insured commits an act which causes the policy to be voided, will the mortgagee still be provided coverage for the location on the policy?
3. Katherine is wishing to obtain coverage for her manufactured home. Does Katherine need to get an endorsed homeowners policy, regular homeowners policy, or a stand-alone mobile home policy?
4. Margaret owned a home in a neighborhood that had sidewalks to connect each house. All the homeowners were required to maintain the sidewalk outside of their individual homes. A significant ice storm hit and after the storm was over, Margaret left her house to drive to work without shoveling her driveway. A neighbor was walking his dog and slipped on the ice on Margaret's driveway causing him to break his arm. Margaret is guilty of what when it comes to maintaining her property?
5. Trevor recently purchased his first home. Trevor is searching for an insurance policy to protect his home, which is valued at $250,000. One carrier is requiring Trevor to purchase limits of at least 80% of what his home is worth. What requirement does this insurance carrier have which requires 80% of the value to be insured?
6. ABC Insurance learned of a large tornado heading in the direction of a local town. Calls started coming into ABC asking for new property policies and an increase in property limits to existing policies. ABC Insurance issued a statement that it would not write new policies or increase policy limits for a limited period of time. This attempt was to stop the public from purchasing property policies only because there was the risk of an excessive loss to their property. What situation was ABC faced with due to the threat of the tornado?
7. The declarations page is often the first page of the insurance contract. On the declarations page, there is a section that names the person or group of people the contract is providing coverage for. What is the name given to the person or the group of people being afforded this coverage?
8. Howard was at his son's baseball game when a foul ball was hit into the parking lot. The ball crashed through Howard's windshield and shattered the entire window. Howard had his car towed to his mechanic and submitted a claim under his auto insurance policy. What coverage would Howard need to have in order for coverage to apply?
9. Peter was cleaning up his yard after a heavy storm hit his area the previous night. The storm brought damage such as broken tree limbs, branches, and leaves scattered across Peter's yard. Peter raked up all the debris but left it on his sidewalk without properly putting it in trash bags for removal. Peter leaving the debris on his sidewalk where the public walks through represents what type of hazard?
10. Suzanna was reviewing her credit report as she was sitting in her mortgage lender's office. She noticed a discrepancy on her report for being charged late fees for a credit card she did not even own. Is Suzanna allowed to dispute this error on her credit report?
11. Proximate cause is the means to determine the cause of loss. Proximate cause says that which peril is the one responsible for the loss that occurred?
12. Hunter had an insurance policy through ABC Insurance that just ended last month. Hunter forgot to report a claim to his insurance carrier and was wondering if he was still able to report the claim. What type of policy must Hunter have had to be able to report his claim?
13. Which section of the insurance policy will indicate what hazards the insured is protected against through the policy?
14. Potential insureds go to their local insurance agents to obtain coverage to best suit their needs. Agents have their insureds fill out all the necessary paperwork, such as applications, in order to secure coverage. The agent may issue a temporary notice of coverage until the policy can be fully written and issued. What is the temporary notice of coverage called?
15. Errors and omissions insurance covers which costs when the insured is faced with a covered claim?
16. Medical malpractice is coverage available for professionals in the medical field such as doctors, surgeons, physicians, etc., to protect against claims of negligence by persons while in the professional's care. What statute of limitations is placed on medical malpractice claims?
17. Maria had her auto insurance policy through ABC Insurance Company. Maria asked to renew coverage but her company first needed to run a motor vehicle report to see if Maria had any violations or accidents over the past year. Her MVR came back showing three new accidents over the past year and ABC would not be able to write a policy with that many accidents. What formal notice would ABC send to Maria to notify her it would not be able to offer her renewal terms?
18. Insurance policies provide coverage against several forms of employee crime. What is the type of crime in which theft of property occurs with the use of force or weapons?
19. Earthquake coverage is usually excluded on all property policies except for what exposure associated with earthquakes?
20. Which government-funded program was established to help protect against the losses caused by flooding and aid in the recovery from natural disasters such as hurricanes?
21. Underinsured motorist coverage is coverage available when the at-fault party to an accident has insurance but not sufficient limits to cover possible claims. Underinsured motorist coverage will apply, when written with limits trigger, if liability limits carried by the at-fault party are lower or higher than the underinsured limits the insured has?
22. What value is determined by subtracting the depreciation from the replacement cost value of a specific piece of property?
23. Directors and officers liability insurance, like other insurance products, states a limit that the policy will pay up to in the event of a claim. Shrinking limits is a term used in the insurance industry to describe which costs that reduce the amount of limits available to pay the settlement?
24. If an employer fails to obtain proper insurance for its company and employees, would the employees be allowed to file a tort claim in the event of an injury?
25. Norman recently purchased an additional automobile to be used by his 16-year-old son. Does Norman need to tell his insurance company about the newly purchased vehicle?

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