Cheat Sheet - Property & Casualty LATEST
UPDATED 2025 Exam Questions and
Answers 100% Pass/GRADED AT A+
GUARANTEED PASS!!
1.What are the forms of homeowner policies? - ANSWER HO-2, HO-3, HO-4,
HO-5, HO-6, HO-8. Each of these forms provides identical liability coverage. The
property coverage varies with the homeowners form selected. The following is a
list of the forms with the covered perils of each.
2. HO-2 - ANSWER Broad form; owner occupant
3.HO-3 - ANSWER Special Form; owner occupant
4.HO-4 - ANSWER Tenants or Renters
5. HO-5 - ANSWER Comprehensive Form; owner-occupant (open to all except
exclusions)
6. HO-6 - ANSWER Condominium Owners
7. HO-8 - ANSWER Modified Form for Special Risks (such as older homes that
would cost more to rebuild than they're worth)
8. Dwelling Basic Form - ANSWER DP-1
9. DP-1 - ANSWER *Dwelling basic form that provides certain other coverages
that are automatically included for not additional premium.*
-Other structures allows use of up to 10% of the Coverage A limit of liability for
covered losses to other structures as described in coverage B.
-Debris removal pays for the expense of removing debris as the result of a loss
covered by the policy.
-Reasonable repairs pays for reasonable costs to make necessary repairs to protect
property from further damage following a covered loss.
,-Improvements, alterations, and additions provide coverage for insureds who are
tenants for improvements or alterations made to the dwelling at the tenant's
expense
-Fire department service charge - pays up to $500 for fire department charges
incurred when they're called to save or protect property.
-Worldwide coverage provides 10% of coverage C (personal property on premisis)
-Rental value - provides up to 20% of Coverage A (dwelling) limit of liability for
loss of fair rental value.
10. Dwelling Broad Form - ANSWER DP-2
11. DP-2 - ANSWER *Includes all the coverages in DP-1 plus some other
coverages that are not found in DP-1.* + BIG AFFECT
-Trees, shrubs, and other plants pays up to 5% of Coverage A limit for damage to
trees, shrubs, plants. etc. Policy will not pay more than $500 for damage.
-Collapse pays for the collapse of the dwelling caused by a specified list of perils.
To be considred a collapse, the loss must involve the building or part of building
abruptly falling or caving.
-Glass or safety glazing material pays for the breakage of glass or safety glazing
material and damage to covered property caused by glass breakage.
-Ordinance or law coverage allows payment of up to 10% of coverage A limit of
liability for the increased cost to repair or rebuild a dwelling or other structure to
conform to applicable building and land use codes.
-Property removed from the premises to protect from damage is covered for 30
days.
12. Dwelling Special form - ANSWER DP-3
13. DP-3 - ANSWER *Includes all the coverages in DP-1 plus some other
coverages that are not found in DP-1.* + BIG AFFECT
-Trees, shrubs, and other plants pays up to 5% of Coverage A limit for damage to
trees, shrubs, plants. etc. Policy will not pay more than $500 for damage.
-Collapse pays for the collapse of the dwelling caused by a specified list of perils.
To be considred a collapse, the loss must involve the building or part of building
abruptly falling or caving.
-Glass or safety glazing material pays for the breakage of glass or safety glazing
material and damage to covered property caused by glass breakage.
, -Ordinance or law coverage allows payment of up to 10% of coverage A limit of
liability for the increased cost to repair or rebuild a dwelling or other structure to
conform to applicable building and land use codes.
-Property removed from the premises to protect from damage is covered for 30
days.
14. Commercial Package Policy - ANSWER Usually begins with coverage for
property and general liability insurance and then other forms of insurance are
added on to create a bundle. A majority of commercial risks may be eligible for
coverage under the CPP. You must have 2 or more policies to be a package.
15. Commercial Property Conditions Form - ANSWER Attached to every
commercial property policy, this form establishes the policy provisions with
respect to the following issues:
-Control of property
-Legal action against the insurer
-Other insurance
-Policy period and coverage territory
-Transfer of recovery rights against others (subrogation)
-Concealment, misrepresentation, and fraud
-No benefit to bailee
-Insurance under two or more coverages
-Liberalization
16. Control of property - ANSWER States that an act of neglect of a person
beyond the insured's direction or control will not affect the insurance. Meaning:
People are beyond your control within your building.
17. The Legal Action Against Us Condition - ANSWER Gives the insured two
years from the date that direct physical loss occurred to bring an action against the
insurer.
18. Other Insurance Condition - ANSWER Other insurance policy pro rates.
Different plan or coverage, the policy is excess over the other insurance.
19. The policy period, coverage territory condition - ANSWER States that a loss
must occur during the policy period and in the coverage territory to be covered. It's
usually the United States, its territories and possessions, Puerto Rico, and Canada.
Policy periods are always a year long with commercial lines.
UPDATED 2025 Exam Questions and
Answers 100% Pass/GRADED AT A+
GUARANTEED PASS!!
1.What are the forms of homeowner policies? - ANSWER HO-2, HO-3, HO-4,
HO-5, HO-6, HO-8. Each of these forms provides identical liability coverage. The
property coverage varies with the homeowners form selected. The following is a
list of the forms with the covered perils of each.
2. HO-2 - ANSWER Broad form; owner occupant
3.HO-3 - ANSWER Special Form; owner occupant
4.HO-4 - ANSWER Tenants or Renters
5. HO-5 - ANSWER Comprehensive Form; owner-occupant (open to all except
exclusions)
6. HO-6 - ANSWER Condominium Owners
7. HO-8 - ANSWER Modified Form for Special Risks (such as older homes that
would cost more to rebuild than they're worth)
8. Dwelling Basic Form - ANSWER DP-1
9. DP-1 - ANSWER *Dwelling basic form that provides certain other coverages
that are automatically included for not additional premium.*
-Other structures allows use of up to 10% of the Coverage A limit of liability for
covered losses to other structures as described in coverage B.
-Debris removal pays for the expense of removing debris as the result of a loss
covered by the policy.
-Reasonable repairs pays for reasonable costs to make necessary repairs to protect
property from further damage following a covered loss.
,-Improvements, alterations, and additions provide coverage for insureds who are
tenants for improvements or alterations made to the dwelling at the tenant's
expense
-Fire department service charge - pays up to $500 for fire department charges
incurred when they're called to save or protect property.
-Worldwide coverage provides 10% of coverage C (personal property on premisis)
-Rental value - provides up to 20% of Coverage A (dwelling) limit of liability for
loss of fair rental value.
10. Dwelling Broad Form - ANSWER DP-2
11. DP-2 - ANSWER *Includes all the coverages in DP-1 plus some other
coverages that are not found in DP-1.* + BIG AFFECT
-Trees, shrubs, and other plants pays up to 5% of Coverage A limit for damage to
trees, shrubs, plants. etc. Policy will not pay more than $500 for damage.
-Collapse pays for the collapse of the dwelling caused by a specified list of perils.
To be considred a collapse, the loss must involve the building or part of building
abruptly falling or caving.
-Glass or safety glazing material pays for the breakage of glass or safety glazing
material and damage to covered property caused by glass breakage.
-Ordinance or law coverage allows payment of up to 10% of coverage A limit of
liability for the increased cost to repair or rebuild a dwelling or other structure to
conform to applicable building and land use codes.
-Property removed from the premises to protect from damage is covered for 30
days.
12. Dwelling Special form - ANSWER DP-3
13. DP-3 - ANSWER *Includes all the coverages in DP-1 plus some other
coverages that are not found in DP-1.* + BIG AFFECT
-Trees, shrubs, and other plants pays up to 5% of Coverage A limit for damage to
trees, shrubs, plants. etc. Policy will not pay more than $500 for damage.
-Collapse pays for the collapse of the dwelling caused by a specified list of perils.
To be considred a collapse, the loss must involve the building or part of building
abruptly falling or caving.
-Glass or safety glazing material pays for the breakage of glass or safety glazing
material and damage to covered property caused by glass breakage.
, -Ordinance or law coverage allows payment of up to 10% of coverage A limit of
liability for the increased cost to repair or rebuild a dwelling or other structure to
conform to applicable building and land use codes.
-Property removed from the premises to protect from damage is covered for 30
days.
14. Commercial Package Policy - ANSWER Usually begins with coverage for
property and general liability insurance and then other forms of insurance are
added on to create a bundle. A majority of commercial risks may be eligible for
coverage under the CPP. You must have 2 or more policies to be a package.
15. Commercial Property Conditions Form - ANSWER Attached to every
commercial property policy, this form establishes the policy provisions with
respect to the following issues:
-Control of property
-Legal action against the insurer
-Other insurance
-Policy period and coverage territory
-Transfer of recovery rights against others (subrogation)
-Concealment, misrepresentation, and fraud
-No benefit to bailee
-Insurance under two or more coverages
-Liberalization
16. Control of property - ANSWER States that an act of neglect of a person
beyond the insured's direction or control will not affect the insurance. Meaning:
People are beyond your control within your building.
17. The Legal Action Against Us Condition - ANSWER Gives the insured two
years from the date that direct physical loss occurred to bring an action against the
insurer.
18. Other Insurance Condition - ANSWER Other insurance policy pro rates.
Different plan or coverage, the policy is excess over the other insurance.
19. The policy period, coverage territory condition - ANSWER States that a loss
must occur during the policy period and in the coverage territory to be covered. It's
usually the United States, its territories and possessions, Puerto Rico, and Canada.
Policy periods are always a year long with commercial lines.
