Insurance: Property & Casualty Questions with
Detailed Verified Answers 100% Correct Answers
Already Graded A+
Quiz: Accident Ans: A sudden and unexpected event which occurs at a specific
time and place.
Quiz: Actual Cash Value (ACV) Ans: The cost to replace an item of property
at the time of loss, less an allowance for depreciation. Often used to determine
amount of reimbursement for a loss.
Quiz: Additional Living Expense Ans: A coverage designed to reimburse the
insured for an increase in living expenses necessitated by loss to the dwelling.
This indirect loss must be the result of a direct loss by a covered peril.
Quiz: Adhesion Ans: A characteristic of insurance policies that means the
contract is prepared by the insurer and is non-negotiable or "one-sided".
Quiz: Admitted Company Ans: A company which meets the state insurance
department's standards and is authorized to do business in the state.
Quiz: Agent Ans: The state-licensed professional who represents the
insurance company in the sale and servicing of insurance. The direct link
between the insurance company and the policyholder.
© 2025 Get it right Stuvia US All rights reserved
,Quiz: Aggregate Limit Ans: A type of policy limit found in liability policies
which limits coverage to a specified total amount for all losses occurring within
the policy period.
Quiz: Aleatory Ans: A characteristic of insurance contracts, meaning a
contract in which equal value is not given by both parties to the contract.
Quiz: Alien Company Ans: An insurance company incorporated in a country
other than the United States.
Quiz: Allied Lines Ans: Used to insure additional types of losses to property
and sold in conjunction with fire insurance.
Quiz: All-Risk Ans: A term used to indicate that property is covered against
all perils except those specifically excluded.
Quiz: Apportionment Ans: A method determining how much will be
contributed by each company toward a loss covered under more than one
policy.
Quiz: Appurtenant Structures Ans: A structure belonging to the insured and
associated with the insured property. (another name for "other structures")
Quiz: Appraisal Clause Ans: A clause which provides a specific procedure
when the insured and the insurer are in disagreement regarding the amount of
a loss.
© 2025 Get it right Stuvia US All rights reserved
, Quiz: Binder Ans: An acknowledgment (or receipt), usually from the agent,
that insurance applied for is in force regardless of any premium settlement.
Quiz: Blanket Position Bond Ans: Fidelity bond which specifies a single limit
of liability applicable to each employee involved in a loss.
Quiz: Bodily Injury Ans: __________ coverage pays for injuries, sickness,
disease, or required care for death that the policyholder is found legally liable
for.
Quiz: Boiler and Machinery Policy Ans: Insurance which covers the insured
against loss (liability and physical damage) arising out of the use of scheduled
commercial equipment.
Quiz: Broker Ans: An individual who represents the prospect, instead of the
insurance company, in the insurance transaction. Frequently involved in the
placement of very large or unusual risks.
Quiz: Burglary Ans: The unlawful taking of property by forced entry into the
premises while the premises is closed for business (must be visible evidence of
forced entry or exit).
Quiz: Business Interruption Insurance Ans: A Time-Element coverage which
reimburses the insured for loss of earnings due to the inability to operate
caused by a covered peril.
© 2025 Get it right Stuvia US All rights reserved
Detailed Verified Answers 100% Correct Answers
Already Graded A+
Quiz: Accident Ans: A sudden and unexpected event which occurs at a specific
time and place.
Quiz: Actual Cash Value (ACV) Ans: The cost to replace an item of property
at the time of loss, less an allowance for depreciation. Often used to determine
amount of reimbursement for a loss.
Quiz: Additional Living Expense Ans: A coverage designed to reimburse the
insured for an increase in living expenses necessitated by loss to the dwelling.
This indirect loss must be the result of a direct loss by a covered peril.
Quiz: Adhesion Ans: A characteristic of insurance policies that means the
contract is prepared by the insurer and is non-negotiable or "one-sided".
Quiz: Admitted Company Ans: A company which meets the state insurance
department's standards and is authorized to do business in the state.
Quiz: Agent Ans: The state-licensed professional who represents the
insurance company in the sale and servicing of insurance. The direct link
between the insurance company and the policyholder.
© 2025 Get it right Stuvia US All rights reserved
,Quiz: Aggregate Limit Ans: A type of policy limit found in liability policies
which limits coverage to a specified total amount for all losses occurring within
the policy period.
Quiz: Aleatory Ans: A characteristic of insurance contracts, meaning a
contract in which equal value is not given by both parties to the contract.
Quiz: Alien Company Ans: An insurance company incorporated in a country
other than the United States.
Quiz: Allied Lines Ans: Used to insure additional types of losses to property
and sold in conjunction with fire insurance.
Quiz: All-Risk Ans: A term used to indicate that property is covered against
all perils except those specifically excluded.
Quiz: Apportionment Ans: A method determining how much will be
contributed by each company toward a loss covered under more than one
policy.
Quiz: Appurtenant Structures Ans: A structure belonging to the insured and
associated with the insured property. (another name for "other structures")
Quiz: Appraisal Clause Ans: A clause which provides a specific procedure
when the insured and the insurer are in disagreement regarding the amount of
a loss.
© 2025 Get it right Stuvia US All rights reserved
, Quiz: Binder Ans: An acknowledgment (or receipt), usually from the agent,
that insurance applied for is in force regardless of any premium settlement.
Quiz: Blanket Position Bond Ans: Fidelity bond which specifies a single limit
of liability applicable to each employee involved in a loss.
Quiz: Bodily Injury Ans: __________ coverage pays for injuries, sickness,
disease, or required care for death that the policyholder is found legally liable
for.
Quiz: Boiler and Machinery Policy Ans: Insurance which covers the insured
against loss (liability and physical damage) arising out of the use of scheduled
commercial equipment.
Quiz: Broker Ans: An individual who represents the prospect, instead of the
insurance company, in the insurance transaction. Frequently involved in the
placement of very large or unusual risks.
Quiz: Burglary Ans: The unlawful taking of property by forced entry into the
premises while the premises is closed for business (must be visible evidence of
forced entry or exit).
Quiz: Business Interruption Insurance Ans: A Time-Element coverage which
reimburses the insured for loss of earnings due to the inability to operate
caused by a covered peril.
© 2025 Get it right Stuvia US All rights reserved
