Free Property and Casualty Insurance Basics Practice Questions
Missouri Property & Casualty exam — 112 practice questions.
Subtopics: Declarations, Insuring agreement, Conditions, Exclusions, Morale hazard, Moral hazard, Coinsurance requirement, Valued policy, Replacement cost on contents, Occurrence, Limit of insurance, Standard fire policy, Fire policy cancellation, Appraisal provision, Cancellation notice content, Reciprocal exchanges, Notice of loss, Coinsurance credit, Valued real property, Partial loss settlement, Alternative fire forms, Binders, Binder premium, Insurable interest, Loss valuation, Coinsurance, Negligence, Damages, Types of loss, Insurer provisions, Other insurance, Liability, Limits of liability, Deductibles, Policy structure, Policy conditions, Actual cash value, Replacement cost, Pair and set clause, Vacancy provision, Mortgagee rights, Appraisal condition, Proof of loss, Salvage and abandonment, Liberalization clause, Assignment condition, Binder, Sublimit, Named perils vs open perils, Burden of proof, Direct vs indirect loss, Comparative negligence, Strict liability, Vicarious liability, Punitive damages, Special vs general damages, Proximate cause, Absolute liability, Hold harmless, Bailee liability, Attractive nuisance, Res ipsa loquitur, Coinsurance calculation, Actual cash value calculation, Split limits application, Underwriting, Credit-based insurance scores, Loss ratio, Insureds, Cancellation, Policy territory, No benefit to bailee, Duty to defend, Premium audit, Claim settlement, Appraisal, Duties after loss, Abandonment, Retrospective rating, Class rating, Judgment rating
Read the Property and Casualty Insurance Basics study guide
Sample questions & answers
1. The declarations section of a property policy primarily contains:
The named insured, property, limits and premium
The declarations section shows who is insured, what property and where, the limits and the premium.
2. The insuring agreement of a policy:
States the insurer's basic promise of coverage
The insuring agreement is the insurer's basic promise to pay or provide coverage.
3. Policy conditions are:
The rules and duties both parties must follow
Conditions set out the duties and rights of the parties, such as notice of loss, cooperation, cancellation and appraisal.
4. An exclusion in a policy:
Removes specified losses, perils or property
Exclusions remove specified perils, losses or property from the coverage granted by the insuring agreement.
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Practice: Property and Casualty Insurance Basics
Answer choices are shuffled every time, and every question comes with an explanation.
Practice questions are study aids generated for exam preparation and are not actual exam questions. Content is provided for educational purposes and is not legal advice. Verify current statutes, rules, and exam specifications with the Insurance Department and the exam administrator before relying on it.
