Property & Casualty Practice UPDATED
SCRIPT 2026 PRACTICE SOLUTIONS
GRADED A+
● the purpose of insurance is to? Answer: Transfer risk from a person,
business, or organization to an insurance company that agrees to pay for
losses in exchange for a premium.
● mutual company Answer: type of insurance company in which the
policyholder is considered an owner, with the right to vote and share in
the profits.
● $50 Answer: the renewal fee for a Louisiana producer license.
● b McCarran-Ferguson Act Answer: the federal law that says the
federal government can only regulate insurance companies to the extent
they are not regulated by state law.
● Adhesion Contract Answer: an insurance policy is prepared by the
insurance company, with little or no input from the insured. this means
that an insurance policy is a
, ● HO-6 Answer: an individual who owns and lives in a condominium
can obtain broad coverage for personal property in the condo under
which Homeowners form?
● experience rating Answer: what rating method involves modifying the
premium based on the insured's loss experience over a specified period
of time?
● pain and suffering Answer: which type of benefits is generally not
provided by a state's workers compensation law?
● foreign Answer: which of the following describes an insurance
company doing business in a state other than the where it is
incorporated?
● open peril policy Answer: type of insurance policy that insures
against all risks of loss that are not specifically excluded by the policy?
● replacement cost-depreciation Answer: which of the following
describes actual cash value?
● Actual Cash Value (ACV) Answer: Recplacement Cost - Depreciation
Cost
SCRIPT 2026 PRACTICE SOLUTIONS
GRADED A+
● the purpose of insurance is to? Answer: Transfer risk from a person,
business, or organization to an insurance company that agrees to pay for
losses in exchange for a premium.
● mutual company Answer: type of insurance company in which the
policyholder is considered an owner, with the right to vote and share in
the profits.
● $50 Answer: the renewal fee for a Louisiana producer license.
● b McCarran-Ferguson Act Answer: the federal law that says the
federal government can only regulate insurance companies to the extent
they are not regulated by state law.
● Adhesion Contract Answer: an insurance policy is prepared by the
insurance company, with little or no input from the insured. this means
that an insurance policy is a
, ● HO-6 Answer: an individual who owns and lives in a condominium
can obtain broad coverage for personal property in the condo under
which Homeowners form?
● experience rating Answer: what rating method involves modifying the
premium based on the insured's loss experience over a specified period
of time?
● pain and suffering Answer: which type of benefits is generally not
provided by a state's workers compensation law?
● foreign Answer: which of the following describes an insurance
company doing business in a state other than the where it is
incorporated?
● open peril policy Answer: type of insurance policy that insures
against all risks of loss that are not specifically excluded by the policy?
● replacement cost-depreciation Answer: which of the following
describes actual cash value?
● Actual Cash Value (ACV) Answer: Recplacement Cost - Depreciation
Cost
