PROPERTY AND CASUALTY INSURANCE
BASICS NEBRASKA | COMPREHENSIVE
EXAM PREP, KEY CONCEPTS, PRACTICE
QUESTIONS AND STUDY GUIDE
| GRADED A+ | GUARANTEED SUCCESS
Updated 2026 Questions and Answers
100% Verified Exam Prep
, Credibility the degree of accuracy in forecasting future events based on statistical reporting of past
events
Depreciation reduction in value, particularly due to wear and tear
Earned Premium the portion of premium paid in advance that now belongs to the insurer because it
apples to the elapsed part of the policy
exposure units used a measure of rating units or the premium base of a risk
homogeneity the degree to which items are similar
Implied warranty a product is suitable for its intended purpose and that it fits an ordinary buyer's
expectations
inception the date at which the insurance policy goes into reffect
negligence the failure to use the care that a reasonable, prudent person would under the same or
similar cirucmstances
obsolescece depreciation in the value of a property due to becoming outdated
statute a written law passed by a legislative body
insurable interset the insured would incur a financial loss if the insured property is damaged. May be
created by ownership, custody, or control of a property. MUST EXIST AT THE TIME OF
THE LOSS
BASICS NEBRASKA | COMPREHENSIVE
EXAM PREP, KEY CONCEPTS, PRACTICE
QUESTIONS AND STUDY GUIDE
| GRADED A+ | GUARANTEED SUCCESS
Updated 2026 Questions and Answers
100% Verified Exam Prep
, Credibility the degree of accuracy in forecasting future events based on statistical reporting of past
events
Depreciation reduction in value, particularly due to wear and tear
Earned Premium the portion of premium paid in advance that now belongs to the insurer because it
apples to the elapsed part of the policy
exposure units used a measure of rating units or the premium base of a risk
homogeneity the degree to which items are similar
Implied warranty a product is suitable for its intended purpose and that it fits an ordinary buyer's
expectations
inception the date at which the insurance policy goes into reffect
negligence the failure to use the care that a reasonable, prudent person would under the same or
similar cirucmstances
obsolescece depreciation in the value of a property due to becoming outdated
statute a written law passed by a legislative body
insurable interset the insured would incur a financial loss if the insured property is damaged. May be
created by ownership, custody, or control of a property. MUST EXIST AT THE TIME OF
THE LOSS
