PROPERTY
PROPERTY AND CASUALTY
INSURANCE EXAM QUESTIONS
AND
ANSWERS 2024
Insurance - answer The transfer of risk through a legal
contract
Property - answer Covers real property and personal
property against damage or loss resulting from covered
causes of loss called perils
casualty - answer covers non-property losses (3rd Party)
Personal lines - answer Insurance for families and
individuals
Commercial Lines - answer Insurance for Business
Risk - answer Uncertainty of financial loss
PROPERTY AND CASUALTY INSURANCE EXAM QUESTIONS AND ANSWERS 2024
, PROPERTY
Pure Risk - answer Chance of loss only (insurance only
covers)
Speculative Risk - answer Chance of loss or gain
law of large numbers - answer as the number of
homogenous loss exposures increases, the more accurate
claims can be predicted from the group
Perils - answer causes a loss
Named Peril - answer lists the perils that are covered
open peril - answer cover all perils except those
specifically excluded by the policy
hazard - answer Are not causes of loss but are things
that increase the chance of a peril happening.
Physical Hazard - answer something you can physically
look at
Moral Hazard - answer dishonest tendencies
PROPERTY AND CASUALTY INSURANCE EXAM QUESTIONS AND ANSWERS 2024
PROPERTY AND CASUALTY
INSURANCE EXAM QUESTIONS
AND
ANSWERS 2024
Insurance - answer The transfer of risk through a legal
contract
Property - answer Covers real property and personal
property against damage or loss resulting from covered
causes of loss called perils
casualty - answer covers non-property losses (3rd Party)
Personal lines - answer Insurance for families and
individuals
Commercial Lines - answer Insurance for Business
Risk - answer Uncertainty of financial loss
PROPERTY AND CASUALTY INSURANCE EXAM QUESTIONS AND ANSWERS 2024
, PROPERTY
Pure Risk - answer Chance of loss only (insurance only
covers)
Speculative Risk - answer Chance of loss or gain
law of large numbers - answer as the number of
homogenous loss exposures increases, the more accurate
claims can be predicted from the group
Perils - answer causes a loss
Named Peril - answer lists the perils that are covered
open peril - answer cover all perils except those
specifically excluded by the policy
hazard - answer Are not causes of loss but are things
that increase the chance of a peril happening.
Physical Hazard - answer something you can physically
look at
Moral Hazard - answer dishonest tendencies
PROPERTY AND CASUALTY INSURANCE EXAM QUESTIONS AND ANSWERS 2024
