Property and Casualty Exam | Strategies Review of Key Quizzes with 100% Certified Answers | Latest Update 2026 | 2027 (Rated A)

Property and Casualty Exam | Strategies Review of Key Quizzes with 100% Certified Answers | Latest Update 2026 | 2027 (Rated A) Quiz_________________? -Business Pursuits - Extends liability coverage for involvement in business not owned or controlled. -Home Day Care- Extends Section II coverage. -Limited Fungi, Wet or Dry Rot, or Bacteria Coverage- covers insured's liability exposure from claims of others. -Permitted Incidental Occupancies - Necessary and incidental use of premises. -Personal Injury- Defines and adds personal injury to the policy. -Watercraft Liability -Home Business -Worker's Compensation Residence Employee - ANSWER Homeowners (liability) Endorsements (for additional premium) Quiz_________________? 1. Legal Liability - A common carrier's liability is almost absolute for loss or damage to property in their custody from any cause, regardless of their negligence or lack of negligence, except from 5 sources: a. Acts of God b. Acts of a public enemy c. Exercise of a public authority d. Fault or neglect of a shipper e. Inherent vice - ANSWER Common Carrier Cargo Liability Quiz_________________? 4 causes of loss forms: Basic Broad Special Earthquake (only when used with one of the above) - ANSWER Commercial Property Causes of Loss Quiz_________________? A condition or defect that exists within property itself that causes the property to spoil, break, become defective, or destroy itself. Insurance policies typically exclude inherent vice. Example: The quality of materials used in a painting allows the painting to fade or lose luster with time. - ANSWER Inherent Vice Quiz_________________? A craft principally designed to be propelled on or in water by wind, engine power, or electric motor. - ANSWER Watercraft Quiz_________________? A disrupted chain of events, thus freeing the defendant from liability example: Children provoking to teasing a dog, causing it to bite or defend itself (common law) - ANSWER Intervening Cause Quiz_________________? A distrupted chain of events, thus freeing the defendant from liability Example: Provoking a dog, causing it to bite or defend - ANSWER Intervening Cause Quiz_________________? A marketing system that offers insurance contacts directly to the public through direct mail, newspaper, magazines, radio, TV, internet, vending machines, etc. - ANSWER Direct Response Marketing Quiz_________________? A personal articles floater provision that allows the insurer to pay for a loss in proportion to the actual loss when a part of a pair or set is damaged or destroyed. In no case will a loss of 1 article be considered a loss of a whole - ANSWER Pair and Sets Clause Quiz_________________? A policy covering (BI &PD) and Personal Injury Liability in excess of the insured's underlying policy limits. This provides excess coverage over the limits of an underlying policy - ANSWER Personal Umbrella Policy Quiz_________________? A property policy provision that changes the valuation method otherwise applicable (actual cash value or replacement cost) to valuation that allows replacement with less costly property that is functionally equivalent. Example: the replacement of damaged property with identical property is impossible die to some technological or environmental change. - ANSWER Functional Replacement Cost Quiz_________________? A property policy provision that changes the valuation method otherwise applicable (ACV or RV) to a valuation method that allows reimbursement to the insured, according to the price a willing buyer would pay for the property purches from a willing seller - ANSWER Market Value Quiz_________________? A property that contains personal property or contents but has no occupants is described as unoccupied. - ANSWER Unoccupancy