XCEL TESTING SOLUTIONS STUDY GUIDE 2026/2027
QUESTIONS AND SOLUTIONS RATED A+
✔✔Entire Contract - ✔✔an insurance policy provisions stating that the application and
policy contain all provisions and constitute the entire contract.
✔✔Notice of Claim - ✔✔a policy provision that describes the policy owner's obligations
to provide notification of loss to the insurer within a reasonable period of time. Notice of
claim only requires the insurance company be NOTIFIED of a loss, it does not require
that proof of the loss.
✔✔Reinstatement. - ✔✔the act of putting a lapsed policy back in force by producing
satisfactory evidence of insurability and paying any past-due premiums required. Most
states have reinstatement laws requiring an insurer to allow for a policy to be reinstated
upon request of the policy owner within a specified period of time.
✔✔Property Insurance - ✔✔an insurance policy that provides financial reimbursement
to the owner
✔✔Casualty (Liability) Insurance - ✔✔insurance which broadly encompasses insurance
not directly concerned with life insurance, health insurance, or property insurance.
Causality insurance includes vehicle insurance, liability insurance, theft insurance,
workers' compensation insurance, and elevator insurance. Casualty insurance protects
you financially in the event that someone sues you.
✔✔Property and Casualty Insurance - ✔✔are often refereed to collectively as property
and casualty insurance because the things you own have the potential to harm people
in ways that could cause them to sue you. The main kinds of property and casualty
insurance include auto insurance, home-owner's insurance, renter's insurance and
umbrella insurance.
✔✔Proof of Loss - ✔✔a mandatory health insurance provision stating that the insured
must provide a completed claim form to the insurer within days of the date of loss. If the
insured wants paid, they must PROVE the loss occurred.
✔✔Deductible - ✔✔the amount of expense or loss to be paid by the insured before an
insurance policy starts paying benefits. Deductibles typically apply to property, casualty,
and health insurance.
✔✔Declaration page - ✔✔an insurance Declaration page is a piece of paper which
provides basic information about an insurance policy. Typically, the first page (face) of
an insurance policy is a declaration page. The declarations page normally specifies the
name insured, address, policy period, location of property, policy limits, and other key
information.
QUESTIONS AND SOLUTIONS RATED A+
✔✔Entire Contract - ✔✔an insurance policy provisions stating that the application and
policy contain all provisions and constitute the entire contract.
✔✔Notice of Claim - ✔✔a policy provision that describes the policy owner's obligations
to provide notification of loss to the insurer within a reasonable period of time. Notice of
claim only requires the insurance company be NOTIFIED of a loss, it does not require
that proof of the loss.
✔✔Reinstatement. - ✔✔the act of putting a lapsed policy back in force by producing
satisfactory evidence of insurability and paying any past-due premiums required. Most
states have reinstatement laws requiring an insurer to allow for a policy to be reinstated
upon request of the policy owner within a specified period of time.
✔✔Property Insurance - ✔✔an insurance policy that provides financial reimbursement
to the owner
✔✔Casualty (Liability) Insurance - ✔✔insurance which broadly encompasses insurance
not directly concerned with life insurance, health insurance, or property insurance.
Causality insurance includes vehicle insurance, liability insurance, theft insurance,
workers' compensation insurance, and elevator insurance. Casualty insurance protects
you financially in the event that someone sues you.
✔✔Property and Casualty Insurance - ✔✔are often refereed to collectively as property
and casualty insurance because the things you own have the potential to harm people
in ways that could cause them to sue you. The main kinds of property and casualty
insurance include auto insurance, home-owner's insurance, renter's insurance and
umbrella insurance.
✔✔Proof of Loss - ✔✔a mandatory health insurance provision stating that the insured
must provide a completed claim form to the insurer within days of the date of loss. If the
insured wants paid, they must PROVE the loss occurred.
✔✔Deductible - ✔✔the amount of expense or loss to be paid by the insured before an
insurance policy starts paying benefits. Deductibles typically apply to property, casualty,
and health insurance.
✔✔Declaration page - ✔✔an insurance Declaration page is a piece of paper which
provides basic information about an insurance policy. Typically, the first page (face) of
an insurance policy is a declaration page. The declarations page normally specifies the
name insured, address, policy period, location of property, policy limits, and other key
information.
