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PROPERTY AND CASUALTY EXAM ACTUAL EXAM
WITH QUESTIONS AND 100% CORRECT ANSWERS||
LATEST AND COMPLETE VERSION 2025-2026 WITH
EXPERT VERIFIED SOLUTIONS|| ASSURED PASS
the one basic characteristic of any type of insurance is that the insured is returned
to the same status that existed prior to the loss, but without a chance for gain or
profit - ANSWER: true
which of the following coverages does an open peril policy provide? - ANSWER:
perils other than those specifically named as being excluded
determine the actual cash value in the following situation: original price of office
equiptment when purchased 8 years ago- 9,000. depreciated amount at time of fire-
5,000 current replacement cost 12,000 - ANSWER: 7,000
liquor liability - ANSWER: need for a dram shot, liquor, or package store
inherent vice or defect - ANSWER: iron rusting, milk going sour, rubber breaking
down are all inherent vices
how is hitting an animal on the road covered? - ANSWER: other than collision otc
medicare supplement insurance - ANSWER: aka medical gap insurance. must
include core benefits
ordinance or law - ANSWER: an endorsement for building code upgrades
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loss sustained/discovery forms under crime coverage - ANSWER: loss is for later
than the policy period. discovery is for before the policy (loss is later, discovery
before)
designated brush fire or civil unrest areas - ANSWER: qualifying areas under the
fair plan
stop loss provision - ANSWER: used in health insurance to limit the maximum
amount of money the insured would have to pay out of pocket on a health claim in
any particular claim
shortages of inventory - ANSWER: under crime insurance the employee
dishonesty endorsement never covers
can the mortgagee still collect if the insured burns their house down - ANSWER:
yes, the mortgage clause is a standard provision
otc covers - ANSWER: earthquake, flood, hail, theft, hitting an animal, gunshots
(no collision or upset)
law of large numbers - ANSWER: the greater the number of insured the more
accurately the prediction
where does a driver have coverage? - ANSWER: U.S. Canada and US possessions
eg puerto rico, guam
what is excluded under commercial general liability? - ANSWER: pollution-with
the exception of fuel spilled during normal operations. Pollution is normally
covered under cpp or builders risk
PROPERTY AND CASUALTY EXAM ACTUAL EXAM
WITH QUESTIONS AND 100% CORRECT ANSWERS||
LATEST AND COMPLETE VERSION 2025-2026 WITH
EXPERT VERIFIED SOLUTIONS|| ASSURED PASS
the one basic characteristic of any type of insurance is that the insured is returned
to the same status that existed prior to the loss, but without a chance for gain or
profit - ANSWER: true
which of the following coverages does an open peril policy provide? - ANSWER:
perils other than those specifically named as being excluded
determine the actual cash value in the following situation: original price of office
equiptment when purchased 8 years ago- 9,000. depreciated amount at time of fire-
5,000 current replacement cost 12,000 - ANSWER: 7,000
liquor liability - ANSWER: need for a dram shot, liquor, or package store
inherent vice or defect - ANSWER: iron rusting, milk going sour, rubber breaking
down are all inherent vices
how is hitting an animal on the road covered? - ANSWER: other than collision otc
medicare supplement insurance - ANSWER: aka medical gap insurance. must
include core benefits
ordinance or law - ANSWER: an endorsement for building code upgrades
, 2|Page
loss sustained/discovery forms under crime coverage - ANSWER: loss is for later
than the policy period. discovery is for before the policy (loss is later, discovery
before)
designated brush fire or civil unrest areas - ANSWER: qualifying areas under the
fair plan
stop loss provision - ANSWER: used in health insurance to limit the maximum
amount of money the insured would have to pay out of pocket on a health claim in
any particular claim
shortages of inventory - ANSWER: under crime insurance the employee
dishonesty endorsement never covers
can the mortgagee still collect if the insured burns their house down - ANSWER:
yes, the mortgage clause is a standard provision
otc covers - ANSWER: earthquake, flood, hail, theft, hitting an animal, gunshots
(no collision or upset)
law of large numbers - ANSWER: the greater the number of insured the more
accurately the prediction
where does a driver have coverage? - ANSWER: U.S. Canada and US possessions
eg puerto rico, guam
what is excluded under commercial general liability? - ANSWER: pollution-with
the exception of fuel spilled during normal operations. Pollution is normally
covered under cpp or builders risk
