Property and Casualty Exam Questions
and Answers
would otc cover a laptop or briefcase stolen from my car? Correct Ans-personal property is
usually not covered
disability income insurance Correct Ans-type of health insurance that pays a monthly income
to the insured if he/she is sick or injured and cannot work. Pays partial portion
cargo insurance covers Correct Ans-merchandise being shipped
what is the mini-tail on claims made commercial general liability? Correct Ans-automatically
gives 60 days to report a claim after the policy period
pre-existing condition Correct Ans-a health condition or sickness that occurred prior to the
issuing of a health policy
hull covers Correct Ans-physical damage to insured's ship or yacht
endorsement Correct Ans-written agreement attached to a policy to add or subtract
insurance coverages
broad form of coverage for personal property of a condo owner Correct Ans-h06
,physical hazard Correct Ans-disctinct characteristics arising from material, structural, or
operational features that increase a chance for loss ie being next to a nuclear power plant
workers comp insurance Correct Ans-insurance purchased by employers to cover their
employees in case a worker is hurt on the job
renters Correct Ans-h04
a, b, and c in a homeowners policy are? Correct Ans-a=dwelling, b=other structures,
c=personal property
in a contract who is we? Correct Ans-the insurer
standard risk Correct Ans-classification of risk that is normal
risk Correct Ans-uncertainty of loss. a risk must be uncertain to be insurable
raising the deductible Correct Ans-lowers the premium because small claims are eliminated
is a building under constructin vacant? Correct Ans-no
, repair, replace, acv Correct Ans-the amount a company pays on a damaged or stolen vehicle
whatever is less
insurable interest Correct Ans-financial interest
a,b,c of commecial liability cgl are: Correct Ans-a-bodily injury and property damage, b-
personal and advertising injury, c-medical payments
underwriter Correct Ans-a person whos job it is to assess risk and determine classification of
the insured. (an agent is a field underwriter)
noncontributory benefits Correct Ans-a life or health insurance plan that an employer
provides for employees in which the employee does not pay any part of the premium
minimum good driver discount Correct Ans-20%
a vehicle for hire, to transport people eg limo Correct Ans-livery
dwelling or homeowners which has broader coverage? Correct Ans-homeowners
acv Correct Ans-replacement cost-depreciation
and Answers
would otc cover a laptop or briefcase stolen from my car? Correct Ans-personal property is
usually not covered
disability income insurance Correct Ans-type of health insurance that pays a monthly income
to the insured if he/she is sick or injured and cannot work. Pays partial portion
cargo insurance covers Correct Ans-merchandise being shipped
what is the mini-tail on claims made commercial general liability? Correct Ans-automatically
gives 60 days to report a claim after the policy period
pre-existing condition Correct Ans-a health condition or sickness that occurred prior to the
issuing of a health policy
hull covers Correct Ans-physical damage to insured's ship or yacht
endorsement Correct Ans-written agreement attached to a policy to add or subtract
insurance coverages
broad form of coverage for personal property of a condo owner Correct Ans-h06
,physical hazard Correct Ans-disctinct characteristics arising from material, structural, or
operational features that increase a chance for loss ie being next to a nuclear power plant
workers comp insurance Correct Ans-insurance purchased by employers to cover their
employees in case a worker is hurt on the job
renters Correct Ans-h04
a, b, and c in a homeowners policy are? Correct Ans-a=dwelling, b=other structures,
c=personal property
in a contract who is we? Correct Ans-the insurer
standard risk Correct Ans-classification of risk that is normal
risk Correct Ans-uncertainty of loss. a risk must be uncertain to be insurable
raising the deductible Correct Ans-lowers the premium because small claims are eliminated
is a building under constructin vacant? Correct Ans-no
, repair, replace, acv Correct Ans-the amount a company pays on a damaged or stolen vehicle
whatever is less
insurable interest Correct Ans-financial interest
a,b,c of commecial liability cgl are: Correct Ans-a-bodily injury and property damage, b-
personal and advertising injury, c-medical payments
underwriter Correct Ans-a person whos job it is to assess risk and determine classification of
the insured. (an agent is a field underwriter)
noncontributory benefits Correct Ans-a life or health insurance plan that an employer
provides for employees in which the employee does not pay any part of the premium
minimum good driver discount Correct Ans-20%
a vehicle for hire, to transport people eg limo Correct Ans-livery
dwelling or homeowners which has broader coverage? Correct Ans-homeowners
acv Correct Ans-replacement cost-depreciation
