Tennessee Property & Casualty State Licensing Exam
Questions and Answers 2025/2026
Which section of an insurance policy includes the names of the insurer and insured, effective dates,
expiration dates and limits of liability? - Declarations
Which type of coverage will replace damaged or destroyed property with the equivalent at current
cost? - Replacement cost
Which concept is designed to eliminate small claims and help in reducing the cost of insurance? -
Deductibles
Which provision encourages the insured to maintain a certain limit of insurance? - Limits of Liability
Before paying a claim, insurable interest must exist in a property policy at the time of? - the Loss
Which condition gives the insurer the right to collect against a responsible third party? - Subrogation
Gambling is an example of which type of risk? - Speculative
Which of the following forms give named peril coverage to condo owners or coop units? - HO-6
What other name is the Dwelling Form DP-2 known as? - Broad Form
the scrap value of a damaged property line is the: - Salvage value
Which peril is covered under the Dwelling Form DP-1? - Lightning and Fire
What is another name for the Homeowners Form HO-4? - Tenants form
Which of the following forms provides open perils for Coverages A, B, and C? - HO-5 (open peril on
both dwelling and personal property)
Questions and Answers 2025/2026
Which section of an insurance policy includes the names of the insurer and insured, effective dates,
expiration dates and limits of liability? - Declarations
Which type of coverage will replace damaged or destroyed property with the equivalent at current
cost? - Replacement cost
Which concept is designed to eliminate small claims and help in reducing the cost of insurance? -
Deductibles
Which provision encourages the insured to maintain a certain limit of insurance? - Limits of Liability
Before paying a claim, insurable interest must exist in a property policy at the time of? - the Loss
Which condition gives the insurer the right to collect against a responsible third party? - Subrogation
Gambling is an example of which type of risk? - Speculative
Which of the following forms give named peril coverage to condo owners or coop units? - HO-6
What other name is the Dwelling Form DP-2 known as? - Broad Form
the scrap value of a damaged property line is the: - Salvage value
Which peril is covered under the Dwelling Form DP-1? - Lightning and Fire
What is another name for the Homeowners Form HO-4? - Tenants form
Which of the following forms provides open perils for Coverages A, B, and C? - HO-5 (open peril on
both dwelling and personal property)
