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KY Property and Casualty Exam Practice Questions and Correct Answers/ Latest Update / Already Graded

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Which of the following creates an insurable interest? Ans: House you own but have rented to a tenant, Car on which you are still paying What is the primary purpose of insurance? Ans: Transferring risk Which of the following is an insurable risk? Ans: Hail damage to the roof of a car Define peril in insurance terms. Ans: The cause of loss Explain a morale hazard. Ans: Arises through an individual's carelessness or irresponsible actions Page | 2 Identify the part that is NOT included in an insurance contract. Ans: Floater Why is an insurance contr

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KY Property and Casualty Exam Practice
Questions and Correct Answers/ Latest
Update / Already Graded
Which of the following creates an insurable interest?

Ans: House you own but have rented to a tenant, Car on which
you are still paying


What is the primary purpose of insurance?

Ans: Transferring risk


Which of the following is an insurable risk?

Ans: Hail damage to the roof of a car


Define peril in insurance terms.

Ans: The cause of loss


Explain a morale hazard.

Ans: Arises through an individual's carelessness or
irresponsible actions



All rights reserved © 2025/ 2026 |

, Page |2

Identify the part that is NOT included in an insurance contract.

Ans: Floater


Why is an insurance contract considered a contract of indemnity?

Ans: Insured may collect no more than the amount required to
restore to pre-loss financial condition


Which element of a legal contract does an insurance premium
payment represent?

Ans: Consideration


Why is an insurance policy considered a unilateral contract?

Ans: Insurance company is the only party legally obligated to
perform


What constitutes an agreement to enter into a valid contract?

Ans: A specific offer by one party and acceptance by the other


A nonexclusive agent

Ans: Represents more than one insurance company

All rights reserved © 2025/ 2026 |

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