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Property and Casualty Insurance Questions
and Answers (100% Correct Answers) Already
Graded A+
Causes of loss are the perils of the policyAns: example: fire, lighting, and
exposions
Property Insurance are written on aAns: Basic form, Broad form, and
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Special form
Basic formAns: Most limited
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Special formAns: the most comprehensive
Specified policies or named perilsAns: type of policy that specifically lists
the perils insured against the policy
If the cause of loss is excludedAns: no coverage applies
lightningAns: naturally generated electricity
fireAns: combustion sufficient to produce a spark, or flame or glow
explosionAns: violent expansion of bursting
sprinkler leakageAns: peril is covered in all standard property policies
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Theft coverage is included inAns: homeowner policy, business owners
policy, commercial property policy special form, and the dwelling
special form
Weight of snow and iceAns: Not covered
Damage caused by accidental discharge or overflow is excluded if the
property is vacant for more thanAns: 60 consecutive days
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For coverage to apply in freezing terms they mustAns: maintain heating
in the building or shut off water and drain the system if they don't
coverage doesn't apply
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Direct lossAns: lost that is the direct physical result of an insured peril. Fire
including water to extinguish it and vandalism is direct loss
Indirect lossAns: losses that are a result of a direct loss, if a home is
destroyed by a fire (direct loss), the direct loss would be the loss of
having to rent another place to reside
Specific insuranceAns: provides a single amount of insurance for a
specific location
blanket insuranceAns: single amount of insurance that is provided to all
locations
scheduled insuranceAns: variation of specific and blanket insurance
Reporting formsAns: Used to vary the amount of coverage in force to
reflect fluctuations in property examples being seasonal business and
building under construction
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full reportingAns: penalizes the insured if values are under reported
fire resistance material must have a rating ofAns: at least two hours
Actual cash value (ACV)Ans: Basic concept that reinforces the
previously discussed topic of indemnity. Defined as replacement cost
less depreciation.
Replacement costAns: The cost to replace damaged property with like
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kind and quality at current price, without any deduction for
depreciation.
most property
Guru01 - Stuvia
Functional replacement costAns: Damaged property is repaired or
replaced with less expensive, but functionally equivalent, materials.
market valueAns: the price one would pay based upon free market
conditions, adjusting for supply and demand
seldomAns: written on market value basis
agreed coverageAns: alternative to writing property coverage.
Valued policyAns: pays a specified amount irrespective of the extent of
loss and without any allowance for appreciation or depreciation
Declarations or declaration pageAns: indicates the named insured and
address, address, policy term, and amount of insurance, policy forms,
deductibles, the premium, and related information that is specific to
insurance. It personalizes the policy for a specific insured
1
Property and Casualty Insurance Questions
and Answers (100% Correct Answers) Already
Graded A+
Causes of loss are the perils of the policyAns: example: fire, lighting, and
exposions
Property Insurance are written on aAns: Basic form, Broad form, and
© 2026 Assignment Expert
Special form
Basic formAns: Most limited
Guru01 - Stuvia
Special formAns: the most comprehensive
Specified policies or named perilsAns: type of policy that specifically lists
the perils insured against the policy
If the cause of loss is excludedAns: no coverage applies
lightningAns: naturally generated electricity
fireAns: combustion sufficient to produce a spark, or flame or glow
explosionAns: violent expansion of bursting
sprinkler leakageAns: peril is covered in all standard property policies
,For Expert help and assignment handling,
2
Theft coverage is included inAns: homeowner policy, business owners
policy, commercial property policy special form, and the dwelling
special form
Weight of snow and iceAns: Not covered
Damage caused by accidental discharge or overflow is excluded if the
property is vacant for more thanAns: 60 consecutive days
© 2026 Assignment Expert
For coverage to apply in freezing terms they mustAns: maintain heating
in the building or shut off water and drain the system if they don't
coverage doesn't apply
Guru01 - Stuvia
Direct lossAns: lost that is the direct physical result of an insured peril. Fire
including water to extinguish it and vandalism is direct loss
Indirect lossAns: losses that are a result of a direct loss, if a home is
destroyed by a fire (direct loss), the direct loss would be the loss of
having to rent another place to reside
Specific insuranceAns: provides a single amount of insurance for a
specific location
blanket insuranceAns: single amount of insurance that is provided to all
locations
scheduled insuranceAns: variation of specific and blanket insurance
Reporting formsAns: Used to vary the amount of coverage in force to
reflect fluctuations in property examples being seasonal business and
building under construction
, For Expert help and assignment handling,
3
full reportingAns: penalizes the insured if values are under reported
fire resistance material must have a rating ofAns: at least two hours
Actual cash value (ACV)Ans: Basic concept that reinforces the
previously discussed topic of indemnity. Defined as replacement cost
less depreciation.
Replacement costAns: The cost to replace damaged property with like
© 2026 Assignment Expert
kind and quality at current price, without any deduction for
depreciation.
most property
Guru01 - Stuvia
Functional replacement costAns: Damaged property is repaired or
replaced with less expensive, but functionally equivalent, materials.
market valueAns: the price one would pay based upon free market
conditions, adjusting for supply and demand
seldomAns: written on market value basis
agreed coverageAns: alternative to writing property coverage.
Valued policyAns: pays a specified amount irrespective of the extent of
loss and without any allowance for appreciation or depreciation
Declarations or declaration pageAns: indicates the named insured and
address, address, policy term, and amount of insurance, policy forms,
deductibles, the premium, and related information that is specific to
insurance. It personalizes the policy for a specific insured
