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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. Name one way in which strict liability is different from negligence.
2. Libel, copyright infringement and slander are some of the offenses that are covered under what type of general liability coverage?
3. Can a warranty be valid and enforced if not specifically written out in the contract?
4. Beatrice owned a mobile home as a secondary property in a mountain resort campsite.  Would Beatrice need to secure a stand-alone policy to cover her needs for this home or would an endorsement to her homeowners be sufficient?
5. When should a builder's risk policy be obtained?
6. 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?
7. 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?
8. Erin is a renewal underwriter for ABC Insurance.  She was reviewing an umbrella policy for an operator who just turned 90 years of age.  According to ABC's guidelines, an insured is only eligible for limits up to $1 million if he or she is over the age of 89.  Erin's insured currently has limits of $2 million.  What will Erin need to issue to notify the insured that his coverage is being restricted if she binds the renewal quote?
9. All of the following are ways in which an insured can interfere with subrogation EXCEPT:
10. Which organization is responsible for developing many of the standard policy forms and endorsements that make up an insurance policy?
11. A car, a box of records, jewelry, and expensive clothing are all which type of property?
12. Under a garage keepers policy, liability on which party must be determined in order for coverage to apply?
13. Brent owned multiple properties, vehicles, and a couple of commercial locations.  To cover all of Brent's exposures, he purchased a couple of different insurance policies.  If Brent suffered a loss to one of his properties and more than one of his policies covered his loss, what could the insurance carriers do to determine which policy would pay?
14. Kelsey was booking a flight to visit her family in New York.  Whenever a person travels, she runs the risk of a loss due to the nature of travel.  Which type of risk is Kelsey involved in by traveling in an airplane?
15. Courtney was driving to an interview for a new job.  She was running late and saw that the light had just turned red.  Courtney proceeded through the red light because she did not want to waste time sitting at the traffic light, and she did not fully check to see if any other cars were around.  A car, however, was driving through the intersection after seeing the light turn green, and this car and Courtney's collided.  Courtney would be cited as the party at fault due to her being what?
16. Griffin decided to spend the night camping with friends in a wildlife reserve.  This area prohibited camping because it was known to house a large brown bear population.  Griffin and his friends knew of the bear risk but still spent the night there.  In the morning, Griffin woke up to a brown bear eating their food.  When he tried to scare the bear away, the bear turned to attack Griffin.  He suffered multiple cuts before his friends were able to scare the bear away from him.  Would Griffin be allowed to sue the township for his injuries due to them happening inside the reserve?
17. Builder's risk policies provide coverage for all of the following during the course of construction EXCEPT:
18. Which act requires notification to the insured, as well as an option to opt out, before providing the insured's personal information to a third party?
19. Lindsay suffered a loss to her property after a major storm hit her town.  Lindsay wanted her homeowner's insurance to pay for the loss, but her insurance carrier wanted to deny the claim.  The insurance carrier was looking to deny on the basis that Lindsay did not do enough to secure her property prior to the storm.  If Lindsay and the insurance carrier cannot come to an agreement and wish to not proceed through the court system, what is another means they could use to determine fault?
20. Broad and basic forms both provide coverage on various homeowners policies.  Which form, broad or basic, provides the most coverage against losses?
21. Howard was watching a TV commercial that advertised, 'A household cleaner which could get rid of any type of grease stain.'  Howard purchased this product to remove a grease stain he had on his garage floor.  After many attempts at cleaning using this product, the grease stain still remained.  Could Howard file a claim against the cleaning company because its product did not work?
22. Which cause of loss form will specifically list any perils the policy will not insure against?
23. Which type of coverage, afforded by some insurance policies, will cover all losses unless specifically noted as being an excluded loss?
24. Under garage keepers extra legal liability coverage, does liability need to be determined for coverage to apply?
25. Does non-binding arbitration always result in a final 'winner'?

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