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Property & Casualty Insurance Exam Practice 2
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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 2
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25 Questions

1. What is one of the primary coverages provided by a commercial crime policy?
2. Frank was an underwriter in the personal lines department.  He received an application for a personal umbrella, which had all the required information, but the application was not signed.  According to Frank's department guidelines, he could provide a temporary notice of coverage but could not fully issue the policy until the application was signed by the insured.  What is this temporary notice of coverage known as?
3. Actual cash value is determined by subtracting which value from the replacement cost value of a specific piece of property?
4. Jen was a renewal underwriter for ABC Insurance.  Jen was reviewing a claim that just came into ABC for an Insured she has serviced for five years.  The claim's severity exceeded ABC's guidelines of reserve amounts and Jen was required by this guideline to stop writing this risk.  What type of notice is Jen required to send to the insured to advise him that coverage would not be renewed?
5. Under garage keepers extra legal liability coverage, does liability need to be determined for coverage to apply?
6. Which endorsement that may be added to a policy would suspend coverage if a building stood vacant over a specific period of time?
7. Which type of insurance policy is designed to cover property in motion, regardless of the location?
8. Which type of insurance policy does not provide coverage for bodily injury and property damage?
9. A personal articles floater can be a stand-alone policy or an endorsement to a homeowners policy to provide coverage for all the following exposures EXCEPT:
10. When Erin received her credit score, she noticed some errors on her report.  There were a couple of delinquent charges listed on her report from a couple years ago that Erin knew were false.  Is Erin allowed to file a dispute to fight the discrepancies on her report?
11. Michael was running late for a meeting at his job and did not lock his car door.  When he realized it was unlocked, Michael did not want to turn around to go back and lock the vehicle.  Michael thought if anything was stolen it was okay because his insurance would cover the loss.  Which type of hazard has Michael committed by not going back to lock his car door?
12. Cole's house was destroyed by fire and was considered a total loss.  Cole contacted his insurance company to assess the damage and hopefully receive a check to cover his damages.  Cole was responsible for giving his insurance company a list of all damaged personal property lost from the fire.  He knew his computer was in his car at the time of the fire and was not damaged, but Cole added the computer to the list to have the insurance company pay for a new one.  Which hazard is Cole guilty of committing?
13. Christine was moving to a new town for a job change and decided to rent a townhouse.  Which type of homeowners policy should Christine purchase to protect her exposures as a tenant?
14. Which dwelling package form of insurance provides coverage for the dwelling on a broad form?
15. Elle's insurance policy is a claims-made policy written with effective dates of January 1, 2013 – January 1, 2014.  Her policy also states that any claim that occurs before January 1, 2013, is excluded regardless of the claim being reported during the policy period.  What is January 1, 2013, known as in this case?
16. Which organization is responsible for developing many of the standard policy forms and endorsements that make up an insurance policy?
17. Gerry was driving to work one day when his car was hit by a driver who ran a red light.  The driver who hit Gerry did not have auto insurance and Gerry was concerned over who would pay for the damage to his car.  Gerry's agent told him his own insurance would cover the cost due to which coverage included in Gerry's policy?
18. Andy was driving to work one day when he became distracted and hit another vehicle.  Andy's insurance policy follows the split limit approach.  Which limit would Andy's insurance policy use to determine the amount of coverage available for the property damage to the vehicle Andy hit?
19. Is liability a covered exposure under a commercial package
20. Can a warranty be valid and enforced if not specifically written out in the contract?
21. Tiffany has an insurance policy through ABC Insurance.  Tiffany notified her carrier that she was moving from New Jersey to Florida and would like her policy to reflect this change.  ABC was not licensed to write business in Florida and informed Tiffany that it would need to cancel her policy.  What method would ABC use to cancel Tiffany's policy and return any unearned premium?
22. Supplemental payments are often needed immediately following a loss.  Are supplemental payments in addition to the policy limits for CGL and business auto policies, or are the payments included in the limits available?
23. Which type of government-funded insurance program will respond to direct damage from natural disasters, such as floods, to a building?
24. Greg was involved in a car accident with another vehicle in which Greg was found to be at fault.  Which coverage under his auto insurance would pay for damage to the other vehicle?
25. Exclusive remedy prohibits an employee from filing what type of claim against his employers?

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