Property and Casualty insurance Exam |
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Latest Update 2026
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Practice questions for this set
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Personal Property; 10% of C or $1000 for stuff off premises
Choose an answer
1 Insurance 2 hazard
3 Commercial Lines 4 Coverage C
Don't know?
Terms in this set (65)
Insurance The transfer of risk through a legal contract
, Property Covers real property and personal property
against damage or loss resulting from covered
causes of loss called perils
casualty covers non-property losses (3rd Party)
Personal lines Insurance for families and individuals
Commercial Lines Insurance for Business
Risk Uncertainty of financial loss
Pure Risk Chance of loss only (insurance only covers)
Speculative Risk Chance of loss or gain
law of large numbers as the number of homogenous loss exposures
increases, the more accurate claims can be
predicted from the group
Perils causes a loss
Named Peril lists the perils that are covered
open peril cover all perils except those specifically excluded
by the policy
hazard Are not causes of loss but are things that increase
the chance of a peril happening.
Physical Hazard something you can physically look at
Questions with 100% Correct Answers | Verified |
Latest Update 2026
Save
Practice questions for this set
Learn 1 /7 Study using Learn
Personal Property; 10% of C or $1000 for stuff off premises
Choose an answer
1 Insurance 2 hazard
3 Commercial Lines 4 Coverage C
Don't know?
Terms in this set (65)
Insurance The transfer of risk through a legal contract
, Property Covers real property and personal property
against damage or loss resulting from covered
causes of loss called perils
casualty covers non-property losses (3rd Party)
Personal lines Insurance for families and individuals
Commercial Lines Insurance for Business
Risk Uncertainty of financial loss
Pure Risk Chance of loss only (insurance only covers)
Speculative Risk Chance of loss or gain
law of large numbers as the number of homogenous loss exposures
increases, the more accurate claims can be
predicted from the group
Perils causes a loss
Named Peril lists the perils that are covered
open peril cover all perils except those specifically excluded
by the policy
hazard Are not causes of loss but are things that increase
the chance of a peril happening.
Physical Hazard something you can physically look at
