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Property and Casualty Insurance Questions
and Answers (100% Correct Answers) Already
Graded A+
Personal PropertyAns: Contents refers to personal property, including
items inside and outside the building. Personal property includes
transportable items like appliances, unattached outdoor items, and
items on the land.
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Real PropertyAns: Real property includes the building and its attached
components, such as doors, windows, sinks, and toilets.
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Insurable InterestAns: Interest someone has in a person or property that is
subject to a financial loss if injured or damaged. Must exist at the time of
loss in P&C insurance.
Elements of Insurable InterestAns: There are 3 elements of insurable
interest: Financial (Mortgage company and borrower), Blood (Family),
Business (Business partners over a company).
Actual Cash ValueAns: Replacement cost less than depreciation (RC-
Depreciation=Amount Paid). Reinforces the principal of indemnity.
Replacement CostAns: What it cost to replace the property at today's
price without depreciation. Contrary to the principal of indemnity.
Functional Replacement CostAns: Replacing a property with a more
modern and less expensive property.
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Market ValueAns: What a willing buyer is willing to pay a willing seller.
Agreed ValueAns: The amount agreed upon by the insured and insurer.
Amount is stated in the policy.
Stated AmountAns: The amount the insurer says for a particular property.
Amount is written in the policy.
Proximate Cause of LossAns: A loss is covered only if a covered peril is
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the proximate cause. Proximate cause is the event initiating an unbroken
chain of events leading to the loss.
Named Peril PolicyAns: A policy that specifies the perils covered. If it is
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not listed, it's not covered.
TheftAns: Taking of property.
BurglaryAns: Taking of property using forced entry and exit.
RobberyAns: Taking of property using threatening tactics.
Mysterious DisappearanceAns: Not knowing, when, where or how a
property was taken. Not covered in most insurance policies.
VandalismAns: Malicious damage to a building without theft.
SOAR (Special, Open, All Risk)Ans: Covers everything except what is
excluded.
1
Property and Casualty Insurance Questions
and Answers (100% Correct Answers) Already
Graded A+
Personal PropertyAns: Contents refers to personal property, including
items inside and outside the building. Personal property includes
transportable items like appliances, unattached outdoor items, and
items on the land.
© 2026 Assignment Expert
Real PropertyAns: Real property includes the building and its attached
components, such as doors, windows, sinks, and toilets.
Guru01 - Stuvia
Insurable InterestAns: Interest someone has in a person or property that is
subject to a financial loss if injured or damaged. Must exist at the time of
loss in P&C insurance.
Elements of Insurable InterestAns: There are 3 elements of insurable
interest: Financial (Mortgage company and borrower), Blood (Family),
Business (Business partners over a company).
Actual Cash ValueAns: Replacement cost less than depreciation (RC-
Depreciation=Amount Paid). Reinforces the principal of indemnity.
Replacement CostAns: What it cost to replace the property at today's
price without depreciation. Contrary to the principal of indemnity.
Functional Replacement CostAns: Replacing a property with a more
modern and less expensive property.
, For Expert help and assignment handling,
2
Market ValueAns: What a willing buyer is willing to pay a willing seller.
Agreed ValueAns: The amount agreed upon by the insured and insurer.
Amount is stated in the policy.
Stated AmountAns: The amount the insurer says for a particular property.
Amount is written in the policy.
Proximate Cause of LossAns: A loss is covered only if a covered peril is
© 2026 Assignment Expert
the proximate cause. Proximate cause is the event initiating an unbroken
chain of events leading to the loss.
Named Peril PolicyAns: A policy that specifies the perils covered. If it is
Guru01 - Stuvia
not listed, it's not covered.
TheftAns: Taking of property.
BurglaryAns: Taking of property using forced entry and exit.
RobberyAns: Taking of property using threatening tactics.
Mysterious DisappearanceAns: Not knowing, when, where or how a
property was taken. Not covered in most insurance policies.
VandalismAns: Malicious damage to a building without theft.
SOAR (Special, Open, All Risk)Ans: Covers everything except what is
excluded.
