PROPERTY AND CASUALTY STANDARD EXAMS
ANSWERS AND QUESTIONS SET A+
✔✔Vacancy - ✔✔this term means both people and property are absent from a
premises.
-not covered after 60 days.
✔✔Unoccupied - ✔✔this term means the absence of people.
✔✔Intervening Cause - ✔✔this is when an independent action breaks the chain of
causation and sets in motion a new chain of events.
✔✔Third party losses - ✔✔this type of loss is a liability loss.
-the first party is the insured
-the second party is the insurance company
-the third party is the person who suffered injury or damages.
✔✔First party losses - ✔✔this type of loss is a property loss.
-the only party is the insured.
✔✔Bodily Injury (BI) - ✔✔This is injury, sickness, disease and death arising out of
injury, sickness or disease to the body.
✔✔Property damage (PD) - ✔✔This is damage to or destruction of property, including
loss of use of property.
✔✔Personal Injury (PI) - ✔✔This is slander, libel or false arrest or invasion of privacy of
a person.
✔✔Per Occurrence/ Per Accident - ✔✔This refers to a loss that occurs at a specific time
and place or a loss that occurs over time.
, ✔✔Aggregate Limit - ✔✔this is the limit or the total amount the insurance company will
pay for multiple claims over the course of one policy term.
✔✔Per person limit - ✔✔this limit states how much will be paid for injury to any one
person in an occurrence or accident.
✔✔Scheduled Personal Property Endorsement - ✔✔this is an endorsement that
provides a separate schedule of insurance for one or more of nine major categories of
valuable property.
-jewelry
-furs
-cameras
-musical instruments
-silverware
-golfer's equipment
-fine arts
-postage stamps
-rare and current coins
✔✔Permitted Incidental Occupancies Endorsement - ✔✔this endorsement overrides the
exclusions under the homeowners forms that apply to the insured's business activities
conducted on the residence premises.
this endorsement allows the business to continue
✔✔Home Day Care Coverage Endorsement - ✔✔this endorsement extends the
homeowners coverage to this type of business. The premium for this endorsement is
based on the number of children in the insured's care.
✔✔Watercraft Endorsement - ✔✔this endorsement allows for the purchase of coverage
for:
-watercraft or sailboat up to 26 ft in length
-Outboard motors greater than 25 horsepower.
✔✔Business Pursuits Endorsement - ✔✔This endorsement provides liability coverage
for a business conducted away from the residence premises.
✔✔Personal Injury Endorsement - ✔✔This endorsement modifies the definition of bodily
injury to include personal injury (slander, libel, false arrest)
✔✔Flood Insurance - ✔✔this coverage protects against flood for almost any building
that is walled and roofed and is principally above ground and is in a fixed location.
ANSWERS AND QUESTIONS SET A+
✔✔Vacancy - ✔✔this term means both people and property are absent from a
premises.
-not covered after 60 days.
✔✔Unoccupied - ✔✔this term means the absence of people.
✔✔Intervening Cause - ✔✔this is when an independent action breaks the chain of
causation and sets in motion a new chain of events.
✔✔Third party losses - ✔✔this type of loss is a liability loss.
-the first party is the insured
-the second party is the insurance company
-the third party is the person who suffered injury or damages.
✔✔First party losses - ✔✔this type of loss is a property loss.
-the only party is the insured.
✔✔Bodily Injury (BI) - ✔✔This is injury, sickness, disease and death arising out of
injury, sickness or disease to the body.
✔✔Property damage (PD) - ✔✔This is damage to or destruction of property, including
loss of use of property.
✔✔Personal Injury (PI) - ✔✔This is slander, libel or false arrest or invasion of privacy of
a person.
✔✔Per Occurrence/ Per Accident - ✔✔This refers to a loss that occurs at a specific time
and place or a loss that occurs over time.
, ✔✔Aggregate Limit - ✔✔this is the limit or the total amount the insurance company will
pay for multiple claims over the course of one policy term.
✔✔Per person limit - ✔✔this limit states how much will be paid for injury to any one
person in an occurrence or accident.
✔✔Scheduled Personal Property Endorsement - ✔✔this is an endorsement that
provides a separate schedule of insurance for one or more of nine major categories of
valuable property.
-jewelry
-furs
-cameras
-musical instruments
-silverware
-golfer's equipment
-fine arts
-postage stamps
-rare and current coins
✔✔Permitted Incidental Occupancies Endorsement - ✔✔this endorsement overrides the
exclusions under the homeowners forms that apply to the insured's business activities
conducted on the residence premises.
this endorsement allows the business to continue
✔✔Home Day Care Coverage Endorsement - ✔✔this endorsement extends the
homeowners coverage to this type of business. The premium for this endorsement is
based on the number of children in the insured's care.
✔✔Watercraft Endorsement - ✔✔this endorsement allows for the purchase of coverage
for:
-watercraft or sailboat up to 26 ft in length
-Outboard motors greater than 25 horsepower.
✔✔Business Pursuits Endorsement - ✔✔This endorsement provides liability coverage
for a business conducted away from the residence premises.
✔✔Personal Injury Endorsement - ✔✔This endorsement modifies the definition of bodily
injury to include personal injury (slander, libel, false arrest)
✔✔Flood Insurance - ✔✔this coverage protects against flood for almost any building
that is walled and roofed and is principally above ground and is in a fixed location.
