NOTARY PUBLIC QUALIFICATIONS UPDATED
ACTUAL 154 2026 FINAL ASSESSMENT PAPER
LEGAL COMPLIANCE COMPREHENSIVE
QUESTIONS AND ANSWERS VERIFIED A+
◉ Actual cash value. Answer: A type
◉ Additional Interest. Answer: A party other than the named
insured who may have insurable interest in certain property at the
time of loss with rights to file a claim.
◉ Adjuster. Answer: An insurance professional who determines the
applicability of coverage and the amount of settlement under
insurance policies.
◉ Adverse Selection. Answer: A situation when only those with the
highest risk seek insurance.
◉ Agreed value. Answer: An option in commercial property policies
which negates the coinsurance clause.
◉ All risk coverage. Answer: In property insurance, this is another
term for the open-perils approach.
,◉ Appraisal clause. Answer: a standard property condition that
offers a method to resolve a dispute over the loss amount without
having to resort to a legal proceeding.
◉ Assignment Clause. Answer: States that the policyholder cannot
assign his or her policy to another without the insurance company's
approval.
◉ Basic Causes of Loss. Answer: A commercial property form that
uses the named-perils approach
◉ Bailment. Answer: Delivery of property in trust. It is the voluntary,
temporary transfer of property from the owner (the bailor) to
another party (the bailee) for cleaning, repairing, safekeeping, etc.....
Temporary transfer of property
◉ Blanket Limits. Answer: The maximum amount of insurance for
any one loss;
◉ Bond. Answer: A promise to be honest, or to fulfill the terms of a
contract, that is insured by a surety.
◉ Broad causes of Loss. Answer: A commercial property coverage
form that uses the named-perils approach
, ◉ Builders risk. Answer: A commercial property coverage form,
used for buildings under construction.
◉ Burglary. Answer: A type of theft involving illegal entry or
breaking in, without confrontation with a victim.
◉ Business Income. Answer: Commercial property insurance for
indirect losses. "Business income"means the net income before taxes
that would have been earned by an insured had there been no direct
loss.
◉ Cancelation. Answer: Mid term and termination of an insurance
policy.
◉ Casualty insurance. Answer: Insurance that involves a third-party.
This term is similar in meaning to "liability insurance".
◉ Certificate of insurance. Answer: A document prepared by the
insurance company or its agent that verifies the existence of an
insurance policy or policies.
◉ Claimant. Answer: A party seeking indemnification or other
recovery under an insurance policy.
ACTUAL 154 2026 FINAL ASSESSMENT PAPER
LEGAL COMPLIANCE COMPREHENSIVE
QUESTIONS AND ANSWERS VERIFIED A+
◉ Actual cash value. Answer: A type
◉ Additional Interest. Answer: A party other than the named
insured who may have insurable interest in certain property at the
time of loss with rights to file a claim.
◉ Adjuster. Answer: An insurance professional who determines the
applicability of coverage and the amount of settlement under
insurance policies.
◉ Adverse Selection. Answer: A situation when only those with the
highest risk seek insurance.
◉ Agreed value. Answer: An option in commercial property policies
which negates the coinsurance clause.
◉ All risk coverage. Answer: In property insurance, this is another
term for the open-perils approach.
,◉ Appraisal clause. Answer: a standard property condition that
offers a method to resolve a dispute over the loss amount without
having to resort to a legal proceeding.
◉ Assignment Clause. Answer: States that the policyholder cannot
assign his or her policy to another without the insurance company's
approval.
◉ Basic Causes of Loss. Answer: A commercial property form that
uses the named-perils approach
◉ Bailment. Answer: Delivery of property in trust. It is the voluntary,
temporary transfer of property from the owner (the bailor) to
another party (the bailee) for cleaning, repairing, safekeeping, etc.....
Temporary transfer of property
◉ Blanket Limits. Answer: The maximum amount of insurance for
any one loss;
◉ Bond. Answer: A promise to be honest, or to fulfill the terms of a
contract, that is insured by a surety.
◉ Broad causes of Loss. Answer: A commercial property coverage
form that uses the named-perils approach
, ◉ Builders risk. Answer: A commercial property coverage form,
used for buildings under construction.
◉ Burglary. Answer: A type of theft involving illegal entry or
breaking in, without confrontation with a victim.
◉ Business Income. Answer: Commercial property insurance for
indirect losses. "Business income"means the net income before taxes
that would have been earned by an insured had there been no direct
loss.
◉ Cancelation. Answer: Mid term and termination of an insurance
policy.
◉ Casualty insurance. Answer: Insurance that involves a third-party.
This term is similar in meaning to "liability insurance".
◉ Certificate of insurance. Answer: A document prepared by the
insurance company or its agent that verifies the existence of an
insurance policy or policies.
◉ Claimant. Answer: A party seeking indemnification or other
recovery under an insurance policy.
