PROPERTY AND CASUALTY
COMPREHENSIVE ASSESSMENT 2026 TEST
BANK QUESTIONS AND SOLUTIONS
GRADED A+
●● Loss Sustained/Discovery Forms under Crime Coverage
Answer: Loss is for later than the policy period. Discovery is before the
policy. (Loss is later - Discover is before)
●● Errors & Omissions Insurance
Answer: Liability insurance that covers agents and insurance companies
if they make mistakes or forget to include information in a contract
●● Non-admitted Insurer
Answer: An insurer that is not licensed to do business in a particular
state. (A surplus lines broker works with non-admitted carriers)
●● Size limits for business owners policy
Answer: Six stories, 100,000 sq. feet , offices 25,000 sq. feet and $3
million dollars gross sales for mercantile space (store)
●● Retroactive date
,Answer: The first date an occurrence would be covered under a claim
made CGL policy
●● Peril
Answer: The cause of loss
●● Collision
Answer: Colliding with another car, an object, or upset (rolling)
●● Exclusions
Answer: Things that are not covered
●● Contributory negligence
Answer: A person cannot file or collect for a claim if he/she is at all
negligent
●● Repair, Replace, or ACV
Answer: The amount a company pays on a damaged or stolen vehicle
whatever is less
●● What percentage must be vacant for a building to be called vacant?
Answer: 70%
, ●● Livery
Answer: A vehicle for hire, to transport people, e.g. limousines
●● You have only liability insurance, borrow a car and collide with
another. Which pays?
Answer: The borrowed car's insurance is primary
●● NFIP (flood insurance) is only found where?
Answer: Participating communities, areas designated on a flood map
●● CAARP covers
Answer: Liability, medical payments and uninsured motorist
●● For what amount can a binder be written for?
Answer: One million dollars
●● Where are excluded perils listed?
Answer: Exclusions are found in the cause of loss form
●● Inherent vice or inherent defect
Answer: Iron rusting, milk going sour, rubber breaking down are all
inherent vices
COMPREHENSIVE ASSESSMENT 2026 TEST
BANK QUESTIONS AND SOLUTIONS
GRADED A+
●● Loss Sustained/Discovery Forms under Crime Coverage
Answer: Loss is for later than the policy period. Discovery is before the
policy. (Loss is later - Discover is before)
●● Errors & Omissions Insurance
Answer: Liability insurance that covers agents and insurance companies
if they make mistakes or forget to include information in a contract
●● Non-admitted Insurer
Answer: An insurer that is not licensed to do business in a particular
state. (A surplus lines broker works with non-admitted carriers)
●● Size limits for business owners policy
Answer: Six stories, 100,000 sq. feet , offices 25,000 sq. feet and $3
million dollars gross sales for mercantile space (store)
●● Retroactive date
,Answer: The first date an occurrence would be covered under a claim
made CGL policy
●● Peril
Answer: The cause of loss
●● Collision
Answer: Colliding with another car, an object, or upset (rolling)
●● Exclusions
Answer: Things that are not covered
●● Contributory negligence
Answer: A person cannot file or collect for a claim if he/she is at all
negligent
●● Repair, Replace, or ACV
Answer: The amount a company pays on a damaged or stolen vehicle
whatever is less
●● What percentage must be vacant for a building to be called vacant?
Answer: 70%
, ●● Livery
Answer: A vehicle for hire, to transport people, e.g. limousines
●● You have only liability insurance, borrow a car and collide with
another. Which pays?
Answer: The borrowed car's insurance is primary
●● NFIP (flood insurance) is only found where?
Answer: Participating communities, areas designated on a flood map
●● CAARP covers
Answer: Liability, medical payments and uninsured motorist
●● For what amount can a binder be written for?
Answer: One million dollars
●● Where are excluded perils listed?
Answer: Exclusions are found in the cause of loss form
●● Inherent vice or inherent defect
Answer: Iron rusting, milk going sour, rubber breaking down are all
inherent vices
