PROPERTY AND CASUALTY PRACTICE
PAPER 2026 QUESTIONS WITH SOLUTIONS
GRADED A+
●● The Commercial Property Policy is comprised of thirteen possible
sub-parts to cover about any kind of property you could own, including
______, Business Income, _____, Glass, Builder's Risk and Tobacco
Sales Warehouse. Answer: Building and Business Personal Property,
Extra Expense
●● The Commercial Property Policy, just like the Homeowners policy,
offers three levels of peril power, which are Basic, ____ and ____.
Answer: Broad and special
●● The eleven Basic perils include Windstorm, ___, _____, ____, ____,
_____, Volcano and Vehicles or Aircraft. Answer: Riot, Explosion,
Lightning, Fire, Smoke
●● Broad Form peril power adds ____ more perils for a total of ____.
Answer: Three, 14
●● _____ perils cover all perils not specifically excluded. Answer:
Special Form
, ●● The peril of _____ can be added to any of the three peril power
forms and also covers Volcanic Eruption. Answer: Earthquake
●● Earthquake coverage has a _____ deductible with a minimum of $
_____. Answer: Percentage, $250
●● Earthquake tremors felt within a ____hour period ( ______ ) are
treated as a single occurrence. Answer: 168, seven days
●● For the sake of simplicity, the information that is common to all
thirteen of the property coverage sub-forms is included in two
mandatory pages called the Commercial Property Declarations and the
________. Answer: Commercial Property Conditions
●● The Standard Deductible on the Commercial Property Declarations
page is $ ______. Answer: $500
●● Settlement under the Commercial Property Policy is on an ______
basis unless upgraded to Replacement Cost basis by endorsement.
Answer: Actual Cash Value (ACV)
●● If there are two or more insurance companies insuring a commercial
building, then losses will be settled on a_____ basis. Answer: Pro rata
PAPER 2026 QUESTIONS WITH SOLUTIONS
GRADED A+
●● The Commercial Property Policy is comprised of thirteen possible
sub-parts to cover about any kind of property you could own, including
______, Business Income, _____, Glass, Builder's Risk and Tobacco
Sales Warehouse. Answer: Building and Business Personal Property,
Extra Expense
●● The Commercial Property Policy, just like the Homeowners policy,
offers three levels of peril power, which are Basic, ____ and ____.
Answer: Broad and special
●● The eleven Basic perils include Windstorm, ___, _____, ____, ____,
_____, Volcano and Vehicles or Aircraft. Answer: Riot, Explosion,
Lightning, Fire, Smoke
●● Broad Form peril power adds ____ more perils for a total of ____.
Answer: Three, 14
●● _____ perils cover all perils not specifically excluded. Answer:
Special Form
, ●● The peril of _____ can be added to any of the three peril power
forms and also covers Volcanic Eruption. Answer: Earthquake
●● Earthquake coverage has a _____ deductible with a minimum of $
_____. Answer: Percentage, $250
●● Earthquake tremors felt within a ____hour period ( ______ ) are
treated as a single occurrence. Answer: 168, seven days
●● For the sake of simplicity, the information that is common to all
thirteen of the property coverage sub-forms is included in two
mandatory pages called the Commercial Property Declarations and the
________. Answer: Commercial Property Conditions
●● The Standard Deductible on the Commercial Property Declarations
page is $ ______. Answer: $500
●● Settlement under the Commercial Property Policy is on an ______
basis unless upgraded to Replacement Cost basis by endorsement.
Answer: Actual Cash Value (ACV)
●● If there are two or more insurance companies insuring a commercial
building, then losses will be settled on a_____ basis. Answer: Pro rata
