Basics of Property and Casualty Insurance
Exam Questions and Answers with Verified
Solutions | Latest Updated 2026
Which of the following information C) Address of premises insured under the
is policy
found on the declarations page of
a
policy?
A) Perils covered under the policy
B) Duties required for coverage to
apply
C) Address of premises insured
under the policy
D) Perils excluded by the policy
What does the liberalization clause B) Broadens coverage
do to a property policy?
A) Eases the criteria for
concealment
or fraud
B) Broadens coverage
C) Waives the premium in some
situations
D) Gives the insurer subrogation
rights
,Under the Terrorism Risk C) 80%
Insurance
Program Reauthorization Act
(TRIPRA) the federal
government's
share of compensation that
exceeds
the insurer's TRIPRA deductible is
A) 70%
B) 75%
C) 80%
D) 85%
The list of perils covered under a C) Insuring agreement
policy is found in which part of the
policy?
A) Conditions section
B) Declarations page
C) Insuring agreement
D) Exclusions section
Which of the following information D) Meanings of certain terms used in the
is policy
NOT found on the declarations
page
of a policy?
A) Policy period
B) Name of insured
C) Deductible amount
D) Meanings of certain terms used
in
the policy
, The Terrorism Risk Insurance Act A) it must produce property and casualty
of insurance
2002 addresses only a defined losses in excess of $30 million
category of terrorism losses. To
come within the new federal
program, an act of terrorism must
be
certified as such by the Secretary
of
the Treasury and must have all the
following characteristics EXCEPT
A) it must produce property and
casualty insurance losses in
excess
of $30 million
B) it must have been committed by
either domestic or foreign terrorists
as part of an effort to coerce the
civilian population of the United
States or to influence the policy or
affect the conduct of the U.S.
government by coercion
C) it must have resulted in
damage
within the United States, to an air
carrier as defined in the U.S. code,
to
a U.S. flag vessel or other vessel
based principally in the United
States
and insured under U.S. regulation,
or
on the premises of any U.S.
mission
(e.g., an embassy or consulate)
D).0it must be a violent act or an
Exam Questions and Answers with Verified
Solutions | Latest Updated 2026
Which of the following information C) Address of premises insured under the
is policy
found on the declarations page of
a
policy?
A) Perils covered under the policy
B) Duties required for coverage to
apply
C) Address of premises insured
under the policy
D) Perils excluded by the policy
What does the liberalization clause B) Broadens coverage
do to a property policy?
A) Eases the criteria for
concealment
or fraud
B) Broadens coverage
C) Waives the premium in some
situations
D) Gives the insurer subrogation
rights
,Under the Terrorism Risk C) 80%
Insurance
Program Reauthorization Act
(TRIPRA) the federal
government's
share of compensation that
exceeds
the insurer's TRIPRA deductible is
A) 70%
B) 75%
C) 80%
D) 85%
The list of perils covered under a C) Insuring agreement
policy is found in which part of the
policy?
A) Conditions section
B) Declarations page
C) Insuring agreement
D) Exclusions section
Which of the following information D) Meanings of certain terms used in the
is policy
NOT found on the declarations
page
of a policy?
A) Policy period
B) Name of insured
C) Deductible amount
D) Meanings of certain terms used
in
the policy
, The Terrorism Risk Insurance Act A) it must produce property and casualty
of insurance
2002 addresses only a defined losses in excess of $30 million
category of terrorism losses. To
come within the new federal
program, an act of terrorism must
be
certified as such by the Secretary
of
the Treasury and must have all the
following characteristics EXCEPT
A) it must produce property and
casualty insurance losses in
excess
of $30 million
B) it must have been committed by
either domestic or foreign terrorists
as part of an effort to coerce the
civilian population of the United
States or to influence the policy or
affect the conduct of the U.S.
government by coercion
C) it must have resulted in
damage
within the United States, to an air
carrier as defined in the U.S. code,
to
a U.S. flag vessel or other vessel
based principally in the United
States
and insured under U.S. regulation,
or
on the premises of any U.S.
mission
(e.g., an embassy or consulate)
D).0it must be a violent act or an
