Property & Casualty Insurance Course Final Exam
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Latest Update 2026
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Terms in this set (70)
All of the following are parts of an c. Endorsements
insurance contract EXCEPT:
a. insuring agreement
b. conditions
c. endorsements
d. declarations
After a covered loss, the insurer b. abandonment
decides to repair a damaged table.
The insured, on the other hand,
wants to give it to the insurer in
return for a settlement. The insured's
action is prohibited by the _____
provision.
a. salvage
b. abandonment
c. assignment
d. appraisal
,When more than one insurance d. pro rata liability
policy is written on a piece of
property, settlement is government
by _____ provision.
a. assignment
b. subrogation
c. appraisal
d. pro rata liability
Transferring insurance policies by an a. assignment
insured to a friend is prohibited by
the ____ clause
a. assignment
b. subrogation
c. appraisal
d. pro rata liability
Which of the following would be I & II
automatically covered under a HO3
form?
I. personal property of the insured's
daughter who is away at college.
II. the insured's driveway, if damaged
by falling objects
III. the inusred's pedigreed collie
valued at $2,000
Collecting twice for the same loss is c. indemnity
contrary to the principle of:
a. common sense
b. actual cash value
c. indemnity
d. coinsurance
, Repeated and continuous exposure a. occurrence
to conditions characterizes an:
a. accident
b. occurrence
c. both
d. neither
Another name for a consequential c. indirect loss
loss is a(n):
a. vicarious liability
b. direct loss
c. indirect loss
d. res ipsa loquitor
An insurance loss must be: d. all of the above
a. unintended
b. a reduction in economic value
c. unforseen
d. all of the above
Lightning strikes the chimney of a a. chimney
building under a standard fire policy
and the falling bricks damage a
neighbor's car. The policy will pay for
damage to which of the following?
a. the chimney
b. neighbor's car
c. both
c. neither
An arsonist is an example of b. moral hazard
a. peril
b. moral hazard
c. morale hazard
d. physical hazard
| Questions with 100% Correct Answers | Verified |
Latest Update 2026
Save
Terms in this set (70)
All of the following are parts of an c. Endorsements
insurance contract EXCEPT:
a. insuring agreement
b. conditions
c. endorsements
d. declarations
After a covered loss, the insurer b. abandonment
decides to repair a damaged table.
The insured, on the other hand,
wants to give it to the insurer in
return for a settlement. The insured's
action is prohibited by the _____
provision.
a. salvage
b. abandonment
c. assignment
d. appraisal
,When more than one insurance d. pro rata liability
policy is written on a piece of
property, settlement is government
by _____ provision.
a. assignment
b. subrogation
c. appraisal
d. pro rata liability
Transferring insurance policies by an a. assignment
insured to a friend is prohibited by
the ____ clause
a. assignment
b. subrogation
c. appraisal
d. pro rata liability
Which of the following would be I & II
automatically covered under a HO3
form?
I. personal property of the insured's
daughter who is away at college.
II. the insured's driveway, if damaged
by falling objects
III. the inusred's pedigreed collie
valued at $2,000
Collecting twice for the same loss is c. indemnity
contrary to the principle of:
a. common sense
b. actual cash value
c. indemnity
d. coinsurance
, Repeated and continuous exposure a. occurrence
to conditions characterizes an:
a. accident
b. occurrence
c. both
d. neither
Another name for a consequential c. indirect loss
loss is a(n):
a. vicarious liability
b. direct loss
c. indirect loss
d. res ipsa loquitor
An insurance loss must be: d. all of the above
a. unintended
b. a reduction in economic value
c. unforseen
d. all of the above
Lightning strikes the chimney of a a. chimney
building under a standard fire policy
and the falling bricks damage a
neighbor's car. The policy will pay for
damage to which of the following?
a. the chimney
b. neighbor's car
c. both
c. neither
An arsonist is an example of b. moral hazard
a. peril
b. moral hazard
c. morale hazard
d. physical hazard
