KENTUCKY PROPERTY AND CASUALTY LICENSE EXAM 2026/2027 ACTUAL QUESTIONS WITH VERIFIED ANSWERS.

KENTUCKY PROPERTY AND CASUALTY LICENSE EXAM 2026/2027
ACTUAL QUESTIONS WITH VERIFIED ANSWERS.




ISO - (ANSWER)Insurance Services Office



Parts of an Insurance Contract - (ANSWER)Declarations, Insuring Agreements, Conditions, Exclusions,
and Definitions



Declarations of a Contract - (ANSWER)state who in insured, whether it is an individual or business. states
WHAT is insured (specific or broad)



Named Insured - (ANSWER)person or business named in the Declarations to whom the policy is issued



First Named Insured - (ANSWER)person listed first on the Declarations page



Policy Period - (ANSWER)WHERE and WHEN coverage of a policy begins and ends



Policy Limit or Limit of Coverage - (ANSWER)maximum amount insurance company will pay for a loss



Named Peril - (ANSWER)what a policy will specifically insure against (fire, water damage, wind damage,
etc)



Open Peril - (ANSWER)insures against all risks of physical loss except those specifically excluded



Exclusion: Nonaccidental losses - (ANSWER)excluded because they are on purpose and not risks at all ex.
(wear and tear, rust, corrosion, etc)



Exclusion: Losses Controllable by Insured - (ANSWER)ex. marring, scratching, or breaking of fragile
objects