XCEL SOLUTIONS PROPERTY AND
CASUALTY EXAM STUDY GUIDE 2026
QUESTIONS AND ANSWERS 100%
ACCURATE
⩥ Aggregate Limit. Answer: The total amount a policy will pay for all
covered losses in a given policy period regardless of the total number of
claims brought by any number of claimants.
⩥ Agreed Value. Answer: Coverage available through specialty
insurance companies. Coverage is based on the value of a property that
is agreed to by both the insured and the company based on appraisal and
any other corroborating documentation.
⩥ Appraisal. Answer: A condition in the property policy that addresses
how a situation in which the insured and the insurer cannot agree on the
value of a loss is handled.
⩥ Assignment. Answer: The transfer of any right or duties enjoyed by
the insured to any other party without the written permission of the
insurance company. This is prohibited in property contracts.
⩥ Cancellation. Answer: The termination of an insurance contract before
the end date specified in the policy declarations.
, ⩥ Claim Settlement Options. Answer: The different means available to
an insurer to pay claims to an insured.
⩥ Coinsurance Clause. Answer: Requires the insured to fully insure the
covered property; The insured's policy limit must equal or exceed a
minimum specified amount, usually a percentage of the replacement cost
or value (usually an 80% minimum).
⩥ Combined Single Limit. Answer: The total policy limit per
occurrence, which is expressed in the declarations as a single dollar
amount that will be paid for both bodily injury (including death) and
property damage, regardless of the number of victims, in a single
accident.
⩥ Conditions. Answer: Rules that both the insurer and insured are
contractually obligated to follow. Failure on the part of either party to
comply with the conditions listed in an insurance contract may result in
claim denial, rescission of the contract, or even legal action.
⩥ Declarations Page. Answer: The face/first page of the policy. Specifies
the unique contractual relationship between an insured and the insurer.
Sometimes referred to as the "Dec" page.
CASUALTY EXAM STUDY GUIDE 2026
QUESTIONS AND ANSWERS 100%
ACCURATE
⩥ Aggregate Limit. Answer: The total amount a policy will pay for all
covered losses in a given policy period regardless of the total number of
claims brought by any number of claimants.
⩥ Agreed Value. Answer: Coverage available through specialty
insurance companies. Coverage is based on the value of a property that
is agreed to by both the insured and the company based on appraisal and
any other corroborating documentation.
⩥ Appraisal. Answer: A condition in the property policy that addresses
how a situation in which the insured and the insurer cannot agree on the
value of a loss is handled.
⩥ Assignment. Answer: The transfer of any right or duties enjoyed by
the insured to any other party without the written permission of the
insurance company. This is prohibited in property contracts.
⩥ Cancellation. Answer: The termination of an insurance contract before
the end date specified in the policy declarations.
, ⩥ Claim Settlement Options. Answer: The different means available to
an insurer to pay claims to an insured.
⩥ Coinsurance Clause. Answer: Requires the insured to fully insure the
covered property; The insured's policy limit must equal or exceed a
minimum specified amount, usually a percentage of the replacement cost
or value (usually an 80% minimum).
⩥ Combined Single Limit. Answer: The total policy limit per
occurrence, which is expressed in the declarations as a single dollar
amount that will be paid for both bodily injury (including death) and
property damage, regardless of the number of victims, in a single
accident.
⩥ Conditions. Answer: Rules that both the insurer and insured are
contractually obligated to follow. Failure on the part of either party to
comply with the conditions listed in an insurance contract may result in
claim denial, rescission of the contract, or even legal action.
⩥ Declarations Page. Answer: The face/first page of the policy. Specifies
the unique contractual relationship between an insured and the insurer.
Sometimes referred to as the "Dec" page.
