PROPERTY AND CASUALTY REVIEW FILE 2026
TESTED QUESTIONS
◉ Coinsurance Clause. Answer: A clause that requires an insured to
pay part of a loss if the coverage provided under the policy limits is
less than a specific percentage of the value of the property at the
time of loss.
◉ Collision. Answer: A type of physical damage insurance which
covers loss due to the insured object striking another object. Always
written with a deductible, and includes overturning of a vehicle.
◉ Commercial Blanket Bond. Answer: A bond which covers loss
arising from the dishonesty of one or more employees acting
separately or in collusion. The limit of liability applies separately to
each loss, regardless of the number of employees involved.
◉ Commercial General Liability (CGL). Answer: A coverage part of
the CPP that protects the insured from claims by third parties as the
result of business conduct.
◉ Commercial Package Policy (CPP). Answer: A commercial
insurance policy introduced by ISO in an effort to simplify the
packaging of the various commercial coverages. Includes coverages
,for property, liability, inland marine, auto, crime, and boiler &
machinery.
◉ Comprehensive 3-D Policy. Answer: A crime policy which gives the
insured an option of 5 broad coverages: employee dishonesty, loss of
money and securities inside and outside the premises, money orders
and counterfeit currency, and depositors forgery. Separate limits of
liability apply to each coverage and additional coverages are
available by endorsement.
◉ Comprehensive Coverage. Answer: Known as "other than
collision" coverage, is an optional car insurance coverage designed
to pay for certain repairs that aren't related to collisions.
◉ Comprehensive General Liability Form. Answer: A broad liability
coverage form which, when attached to the General Liability policy
jacket, provides coverage for the premises and operations,
independent contractors, and products and completed operations
exposures in a single contract.
◉ Concealment. Answer: The withholding of a material fact from the
insurance company that may void a policy.
◉ Conditions. Answer: The portion of an insurance contract which
sets forth the rights and duties of the insured and the insurance
company.
, ◉ Consequential Loss. Answer: Indirect losses which occur as a
result of a direct loss. Includes Time Element coverages.
◉ Consideration. Answer: The binding force in a contract; defined as
the thing of value exchanged for the performance promised. ex:
policy premium
◉ Contingent Business Interruption. Answer: A Time Element
coverage which protects the insured against indirect loss which
results from a direct loss to a supplier, buyer or leader location.
◉ Contract Bond. Answer: A category of Surety bonds which
guarantees the fulfillment of contractual obligations. Includes Bid
bonds, Performance bonds, Payment bonds and Supply bonds.
◉ Contractual Liability. Answer: A coverage form attached to the
General Liability policy jacket providing coverage against liability
arising out of an insured's contractual obligations.
◉ Court Bond. Answer: A category of Surety bonds required for
most types of court litigation: civil suits, criminal actions, appeals,
bail bonds, etc. Also called Litigation Bond
TESTED QUESTIONS
◉ Coinsurance Clause. Answer: A clause that requires an insured to
pay part of a loss if the coverage provided under the policy limits is
less than a specific percentage of the value of the property at the
time of loss.
◉ Collision. Answer: A type of physical damage insurance which
covers loss due to the insured object striking another object. Always
written with a deductible, and includes overturning of a vehicle.
◉ Commercial Blanket Bond. Answer: A bond which covers loss
arising from the dishonesty of one or more employees acting
separately or in collusion. The limit of liability applies separately to
each loss, regardless of the number of employees involved.
◉ Commercial General Liability (CGL). Answer: A coverage part of
the CPP that protects the insured from claims by third parties as the
result of business conduct.
◉ Commercial Package Policy (CPP). Answer: A commercial
insurance policy introduced by ISO in an effort to simplify the
packaging of the various commercial coverages. Includes coverages
,for property, liability, inland marine, auto, crime, and boiler &
machinery.
◉ Comprehensive 3-D Policy. Answer: A crime policy which gives the
insured an option of 5 broad coverages: employee dishonesty, loss of
money and securities inside and outside the premises, money orders
and counterfeit currency, and depositors forgery. Separate limits of
liability apply to each coverage and additional coverages are
available by endorsement.
◉ Comprehensive Coverage. Answer: Known as "other than
collision" coverage, is an optional car insurance coverage designed
to pay for certain repairs that aren't related to collisions.
◉ Comprehensive General Liability Form. Answer: A broad liability
coverage form which, when attached to the General Liability policy
jacket, provides coverage for the premises and operations,
independent contractors, and products and completed operations
exposures in a single contract.
◉ Concealment. Answer: The withholding of a material fact from the
insurance company that may void a policy.
◉ Conditions. Answer: The portion of an insurance contract which
sets forth the rights and duties of the insured and the insurance
company.
, ◉ Consequential Loss. Answer: Indirect losses which occur as a
result of a direct loss. Includes Time Element coverages.
◉ Consideration. Answer: The binding force in a contract; defined as
the thing of value exchanged for the performance promised. ex:
policy premium
◉ Contingent Business Interruption. Answer: A Time Element
coverage which protects the insured against indirect loss which
results from a direct loss to a supplier, buyer or leader location.
◉ Contract Bond. Answer: A category of Surety bonds which
guarantees the fulfillment of contractual obligations. Includes Bid
bonds, Performance bonds, Payment bonds and Supply bonds.
◉ Contractual Liability. Answer: A coverage form attached to the
General Liability policy jacket providing coverage against liability
arising out of an insured's contractual obligations.
◉ Court Bond. Answer: A category of Surety bonds required for
most types of court litigation: civil suits, criminal actions, appeals,
bail bonds, etc. Also called Litigation Bond
