OHIO PROPERTY AND CASUALTY EXAM 2026
PRACTICE TEST QUESTIONS AND DETAILED
INSURANCE LAW BREAKDOWN FULL REVIEW
◉ general agent. Answer: set by company to have its business
◉ hazard. Answer: something that increases the risk of a loss
◉ indemnity. Answer: cover and ensure the amount of the actual
loss
◉ insured. Answer: person who works with and get the insurance
◉ liability. Answer: `legal duty to pay loss
◉ insurer. Answer: company of risk to pay claims
◉ peril. Answer: loss to policy owner
◉ policy. Answer: written contract of the insurance
,◉ policy holder. Answer: who who has privledge and rights
◉ premium. Answer: set payment made to keep policy
◉ risk. Answer: uncertanity of loss whenever more than one thing
may happen
◉ risk pure. Answer: only can lose
◉ surplus lines. Answer: not with state company, large or odd risks
only
◉ unilateral. Answer: one sided
◉ speculative risk. Answer: possible gain or loss
◉ an example of speculative risk. Answer: gambling
◉ insurance companies want those with what type of risk?. Answer:
pure
◉ what are the three types of hazards. Answer: moral, physical,
moral
,◉ physical hazard is. Answer: something there- tree or ice
◉ moral hazard is. Answer: fraud
◉ morale hazard. Answer: the attitude you have
◉ risk management c step. Answer: control
◉ how can you control the environment. Answer: smoke detector
◉ risk management a. Answer: avoid
◉ how can you avoid risk. Answer: move
◉ risk management r. Answer: retain
◉ how can you retain with risk management. Answer: pay your
deductible
◉ risk management t. Answer: transfer
, ◉ how do you trasnfer. Answer: give power to your insurance
company
◉ risk management s part. Answer: shared
◉ law of large numbers. Answer: put those with sim risks in group
and predict future cliams
◉ law of large numbers helps set the. Answer: premium
◉ property insurance means you can only invest in. Answer: what
you own
◉ predictable risk c. Answer: catostrophic
◉ predictable risk a. Answer: adverse selection
◉ predictable risk m. Answer: measurable with cash value
◉ predictable risk u. Answer: uncertain
◉ predictable risk e. Answer: economic trouble
PRACTICE TEST QUESTIONS AND DETAILED
INSURANCE LAW BREAKDOWN FULL REVIEW
◉ general agent. Answer: set by company to have its business
◉ hazard. Answer: something that increases the risk of a loss
◉ indemnity. Answer: cover and ensure the amount of the actual
loss
◉ insured. Answer: person who works with and get the insurance
◉ liability. Answer: `legal duty to pay loss
◉ insurer. Answer: company of risk to pay claims
◉ peril. Answer: loss to policy owner
◉ policy. Answer: written contract of the insurance
,◉ policy holder. Answer: who who has privledge and rights
◉ premium. Answer: set payment made to keep policy
◉ risk. Answer: uncertanity of loss whenever more than one thing
may happen
◉ risk pure. Answer: only can lose
◉ surplus lines. Answer: not with state company, large or odd risks
only
◉ unilateral. Answer: one sided
◉ speculative risk. Answer: possible gain or loss
◉ an example of speculative risk. Answer: gambling
◉ insurance companies want those with what type of risk?. Answer:
pure
◉ what are the three types of hazards. Answer: moral, physical,
moral
,◉ physical hazard is. Answer: something there- tree or ice
◉ moral hazard is. Answer: fraud
◉ morale hazard. Answer: the attitude you have
◉ risk management c step. Answer: control
◉ how can you control the environment. Answer: smoke detector
◉ risk management a. Answer: avoid
◉ how can you avoid risk. Answer: move
◉ risk management r. Answer: retain
◉ how can you retain with risk management. Answer: pay your
deductible
◉ risk management t. Answer: transfer
, ◉ how do you trasnfer. Answer: give power to your insurance
company
◉ risk management s part. Answer: shared
◉ law of large numbers. Answer: put those with sim risks in group
and predict future cliams
◉ law of large numbers helps set the. Answer: premium
◉ property insurance means you can only invest in. Answer: what
you own
◉ predictable risk c. Answer: catostrophic
◉ predictable risk a. Answer: adverse selection
◉ predictable risk m. Answer: measurable with cash value
◉ predictable risk u. Answer: uncertain
◉ predictable risk e. Answer: economic trouble
