2024 /2025 | © copyright | This work may not be copied for profit gain | Excel!
PROPERTY AND CASUALTY TERMS
QUESTIONS AND ANSWER | LATEST UPDATE
Accident
✓ -:- A sudden, unexpected and unplanned event resulting in damage or
injury.
Occurrence
✓ -:- A broader definition of loss, including losses caused by repeated or
continuous exposure to damaging conditions.
Direct Loss
✓ -:- Physical damage to personal property or buildings.
Indirect Loss
✓ -:- Losses resulting from a direct loss, such as the time it takes to
replace or repair damaged property.
Named Peril
✓ -:- A covered cause of loss listed in an insurance policy.
1|P a g e | G r a d e A + | 2 0 2 0 2 5
PROPERTY AND CASUALTY TERMS
QUESTIONS AND ANSWER | LATEST UPDATE
Accident
✓ -:- A sudden, unexpected and unplanned event resulting in damage or
injury.
Occurrence
✓ -:- A broader definition of loss, including losses caused by repeated or
continuous exposure to damaging conditions.
Direct Loss
✓ -:- Physical damage to personal property or buildings.
Indirect Loss
✓ -:- Losses resulting from a direct loss, such as the time it takes to
replace or repair damaged property.
Named Peril
✓ -:- A covered cause of loss listed in an insurance policy.
1|P a g e | G r a d e A + | 2 0 2 0 2 5
