PROPERTY AND CASUALTY EXAM SCRIPT
2026 QUESTIONS WITH ANSWERS GRADED
A+
●● The Standard Fire Policy is the only P and C policy to start at 12:01
__ All other policies start at 12:01 (one minute after midnight).. Answer:
p.m. and a.m.
●● In property insurance the specific event, such as fire, flood or
earthquake, that causes a loss is called a ___.. Answer: Peril
●● In a Named Peril policy, should a loss occur, the burden of proof is
on the _____.. Answer: Policy owner/insured
●● A situation or condition that increases or contributes to the
probability that a loss will occur is referred to as a ______.. Answer:
Hazard
●● Faulty wiring in a building is an example of a ____ hazard.. Answer:
Physical
●● Actual Cash Value (ACV) is defined as _____ minus _____..
Answer: Replacement Cost, Depreciation
, ●● Under an _____ policy, the insurance company and the insured agree
to a specific value for each piece of insured property before the contract
is written.. Answer: Agreed Value
●● What someone else will pay you in cash for a piece of property at
that moment in time is called its _____ value.. Answer: Fair market
●● The formula for Coinsurance is ____ divided by ____ times ____ =
Amount Paid.. Answer: Did Carry, Should Carry, Loss
●● The purpose of the Coinsurance Clause in a property insurance
policy is to encourage the policy owner to _____.. Answer: Insure their
property to value
●● ____ is a sworn statement made by a policy owner concerning a
claim for a loss under their insurance policy.. Answer: A Proof of Loss
●● If the insured and the insurer can not agree on the amount that the
company should pay on a claim, then either of the two parties can
request an _____.. Answer: Appraisal.
●● Under the Appraisal provision, the two appraisers select an ____..
Answer: Umpire
2026 QUESTIONS WITH ANSWERS GRADED
A+
●● The Standard Fire Policy is the only P and C policy to start at 12:01
__ All other policies start at 12:01 (one minute after midnight).. Answer:
p.m. and a.m.
●● In property insurance the specific event, such as fire, flood or
earthquake, that causes a loss is called a ___.. Answer: Peril
●● In a Named Peril policy, should a loss occur, the burden of proof is
on the _____.. Answer: Policy owner/insured
●● A situation or condition that increases or contributes to the
probability that a loss will occur is referred to as a ______.. Answer:
Hazard
●● Faulty wiring in a building is an example of a ____ hazard.. Answer:
Physical
●● Actual Cash Value (ACV) is defined as _____ minus _____..
Answer: Replacement Cost, Depreciation
, ●● Under an _____ policy, the insurance company and the insured agree
to a specific value for each piece of insured property before the contract
is written.. Answer: Agreed Value
●● What someone else will pay you in cash for a piece of property at
that moment in time is called its _____ value.. Answer: Fair market
●● The formula for Coinsurance is ____ divided by ____ times ____ =
Amount Paid.. Answer: Did Carry, Should Carry, Loss
●● The purpose of the Coinsurance Clause in a property insurance
policy is to encourage the policy owner to _____.. Answer: Insure their
property to value
●● ____ is a sworn statement made by a policy owner concerning a
claim for a loss under their insurance policy.. Answer: A Proof of Loss
●● If the insured and the insurer can not agree on the amount that the
company should pay on a claim, then either of the two parties can
request an _____.. Answer: Appraisal.
●● Under the Appraisal provision, the two appraisers select an ____..
Answer: Umpire
