Pennsylvania Property & Casualty Exam Prep Questions And Answers
(202472025)
Policy Conditions - ✔✔How parties to the contract must act following a loss
Discovery Form in Commercial Ins. - ✔✔an occurrence taking place at any time & discovered
during the policy period or extended reporting period (60 days)
Vacant - ✔✔Absence of people and property
Filed form in Commercial - ✔✔a form that may require an insurer to file for rate & form approval
Unfiled form in Commercial - ✔✔may not require an approved filing to the insurance department
in that state
Bailee's Customer - ✔✔coverage forms used to cover losses to customers' property in the care,
custody or control of the insured. Each is unfiled.
Inland Marine - ✔✔Covers property in transit, in the custody of a bailee, property instrumentality
of transportion (bridges, radio towers, etc.), mobile medical equipment, contractors equipment.
Individual Named Insured Endorsement in Commercial Auto - ✔✔Coverage for sole proprietor of
the business and his or her family members
Intervening Cause - ✔✔Breaks the required uninterrupted chain of events necessary to establish
negligent liability????
D.I.C.E. - ✔✔Declarations (Who is being insured, What is being insured, Where it is being
insured, When it is being insured, & How much is premium & amount of coverage)
Insuring agreement (promises)
,Conditions (rights and obligations)
Exclusions (not covered)
WHARVES - ✔✔Windstorm
Hail
Aircraft/Vehicles
Riot Attending Strike
Volcanic Eruption
Explosions
Smoke
ACV (Actual Cash Value) - ✔✔reinforces indemnity, recognizes the reduction of value as property
ages, wear and tear and obsolescence.
Current Replacement cost minus Depreciation = ACV
W.C. SHAVER - ✔✔Windstorm
Civil Commotion
Smoke
Hail
Aircraft
Vehicle and volcano
Explosion
Riots
VMM - ✔✔Vandalism or malicious mischief
Broad Form Coverage (B.B. Bice-Golf - ✔✔Bursting of heating systems
Burglary damage
, Breaking of water heaters
Ice, snow, or sleet weight
Collapse of building or part of a building
Electrical damage (artificially generated)
Glass breakage
Objects falling from outside
Leakage of water or stream damage
Freezing of plumbing
Representations - ✔✔statements made by the applicant on the application; based on their best
knowledge and belief.
Unfair Trade Practices - ✔✔AKA Unfair Methods of competition, fineable offenses that could
cause adverse effects
Misrepresentation (lie) - ✔✔A false statement or lie that can render the contract void
Unfair Claim Settlement Practice - ✔✔
Risk Management - ✔✔Avoidance,
Reduction,
Retention,
Transfer
HO-1 - ✔✔Basic
+Fire or lightning
+windstorm or hail
+explosion
(202472025)
Policy Conditions - ✔✔How parties to the contract must act following a loss
Discovery Form in Commercial Ins. - ✔✔an occurrence taking place at any time & discovered
during the policy period or extended reporting period (60 days)
Vacant - ✔✔Absence of people and property
Filed form in Commercial - ✔✔a form that may require an insurer to file for rate & form approval
Unfiled form in Commercial - ✔✔may not require an approved filing to the insurance department
in that state
Bailee's Customer - ✔✔coverage forms used to cover losses to customers' property in the care,
custody or control of the insured. Each is unfiled.
Inland Marine - ✔✔Covers property in transit, in the custody of a bailee, property instrumentality
of transportion (bridges, radio towers, etc.), mobile medical equipment, contractors equipment.
Individual Named Insured Endorsement in Commercial Auto - ✔✔Coverage for sole proprietor of
the business and his or her family members
Intervening Cause - ✔✔Breaks the required uninterrupted chain of events necessary to establish
negligent liability????
D.I.C.E. - ✔✔Declarations (Who is being insured, What is being insured, Where it is being
insured, When it is being insured, & How much is premium & amount of coverage)
Insuring agreement (promises)
,Conditions (rights and obligations)
Exclusions (not covered)
WHARVES - ✔✔Windstorm
Hail
Aircraft/Vehicles
Riot Attending Strike
Volcanic Eruption
Explosions
Smoke
ACV (Actual Cash Value) - ✔✔reinforces indemnity, recognizes the reduction of value as property
ages, wear and tear and obsolescence.
Current Replacement cost minus Depreciation = ACV
W.C. SHAVER - ✔✔Windstorm
Civil Commotion
Smoke
Hail
Aircraft
Vehicle and volcano
Explosion
Riots
VMM - ✔✔Vandalism or malicious mischief
Broad Form Coverage (B.B. Bice-Golf - ✔✔Bursting of heating systems
Burglary damage
, Breaking of water heaters
Ice, snow, or sleet weight
Collapse of building or part of a building
Electrical damage (artificially generated)
Glass breakage
Objects falling from outside
Leakage of water or stream damage
Freezing of plumbing
Representations - ✔✔statements made by the applicant on the application; based on their best
knowledge and belief.
Unfair Trade Practices - ✔✔AKA Unfair Methods of competition, fineable offenses that could
cause adverse effects
Misrepresentation (lie) - ✔✔A false statement or lie that can render the contract void
Unfair Claim Settlement Practice - ✔✔
Risk Management - ✔✔Avoidance,
Reduction,
Retention,
Transfer
HO-1 - ✔✔Basic
+Fire or lightning
+windstorm or hail
+explosion
