Free Property and Casualty Insurance Basics Practice Questions
Wyoming Property & Casualty exam — 120 practice questions.
Subtopics: Midterm cancellation grounds, Nonpayment notice, Other cancellation notice, Precise reason, New policy exemption, Nonrenewal notice, Malpractice nonrenewal, Nonrenewal reason, Renewal on less favorable terms, Late renewal terms remedy, Notice delivery, Proof of mailing, Refund on cancellation, Block cancellation, Guaranteed annual premium, Loss of reinsurance, Cancellation law scope, Affiliate transfer, Group P&C termination, Group master termination, Group coverage change, Binder form, Binder duration, Binder extension, Binder terms, P&C claim payment deadline, Unreasonable refusal, Proof of loss forms, No waiver, Venue, Property insurance defined, Title insurance separate, Insurable interest timing, Measure of insurable interest, Insurable interest defined, Mortgagee duplicate, Casualty insurance includes, Professional liability as casualty, Boiler and machinery, Comparative fault bar, Comparative fault reduction, 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
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Sample questions & answers
1. Under Wyo. Stat. 26-35-202, an insurer may cancel a property or casualty policy before the end of its term for each of the following reasons EXCEPT:
the insured filed one covered claim
Section 26-35-202(a) limits midterm cancellation to nonpayment of premium, material misrepresentation, substantial change in the risk, or substantial breach of contractual duties, conditions or warranties.
2. A Wyoming property or casualty insurer cancelling a policy midterm for nonpayment of premium must give written notice at least how many days before the cancellation date?
10 days
Wyo. Stat. 26-35-202(b)(i) requires written notice stating the precise reason not less than ten days before the effective date when cancellation is for nonpayment.
3. When a Wyoming property or casualty insurer cancels midterm for a substantial change in the risk, written notice must be given at least:
45 days before cancellation
Wyo. Stat. 26-35-202(b)(ii) requires at least forty-five days' notice in all cases other than nonpayment (and other than material misrepresentation).
4. A Wyoming notice of midterm cancellation for nonpayment, change in risk or breach of conditions must:
state the precise reason for cancellation
Wyo. Stat. 26-35-202(b) provides that the cancellation is not effective unless written notice stating the precise reason has been made as provided in 26-35-101.
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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.
