Mometrix Insurance Certification Test Team - Property & Casualty Exam Flashcard Study System: P-C Test Practice Questions & Review for the Property & Casualty Insurance Exam
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***Ace Your Exam and Get the Results You Deserve***
Taking the Property & Casualty Insurance Exam is a challenge and your results can make a huge difference when it comes to your future. If you do well on the exam, it can open doors and lead to wonderful opportunities. If you do poorly on the exam, you will find yourself with fewer options. You may have to put your plans for the future on hold, or even give up on them altogether. Preparing for your exam with our Property & Casualty Exam Flashcard Study System can help you avoid this fate and give you a big advantage when you take the test. Thousands of satisfied customers have relied on Mometrix Flashcards to help them pass their exams, and now you can too.
Mometrix Test Preparation is not affiliated with or endorsed by any official testing organization. All organizational and test names are trademarks of their respective owners.
When you study with Mometrix Property & Casualty flashcards, youll get an in-depth review of each test section.
The Insurance Concepts: General Concepts section includes:
- Insurance company departments
- Insurance contracts
- Important terms
The Property Insurance: General Concepts section includes:
- Conditions
- Important terms
The Dwelling & Homeowners Insurance section includes:
- Dwelling insurance policy forms
- Homeowners insurance and policy forms
- Coverage
- Important terms
The Commercial Package Policies section includes:
- Commercial property insurance
- Ocean and inland marine insurance
- Commercial general liability insurance
- Commercial auto insurance
- Commercial crime insurance
The Workers Compensation Insurance section includes:
- Workers compensation insurance
- Levels of disability
- Workers compensation and employers liability policy
The Other Commercial Policies section includes:
- Farm insurance
- Aviation insurance
- Equipment breakdown coverage
...and much more!
We believe in delivering lots of value for your money, so our flashcard system is packed with the critical information youll need to master in order to ace your Property & Casualty exam. Our flashcards enable you to study small, digestible bits of information that are easy to learn and give you exposure to the different question types and concepts. With Mometrix flashcards, youll be able to study anywhere, whenever you have a few free minutes of time.
Study after study has shown that spaced repetition is the most effective form of learning, and nothing beats flashcards when it comes to making repetitive learning fun and fast. Using Mometrix flashcards for your Property & Casualty review incorporates repetitive methods of study to teach you how to break apart and quickly solve difficult test questions.
You also get online access to Property & Casualty practice test questions, created by our Mometrix test prep team, to prepare you for what to expect on the actual exam. Each answer is explained in depth, in order to make the principles and reasoning behind it crystal clear.
Mometrix Test Preparation has helped thousands of people achieve their education goals. Our Property & Casualty Exam Flashcard Study System can help you get the results you deserve on your Property & Casualty test too.
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Mometrix Media - flashcardsecrets.com/propertycasualty
Property and Casualty Exam
Explain the basic characteristics of homeowners insurancepolicies. Explain the policy forms HO-2 and HO-3.
Homeowners insurance policies are divided into a propertyinsurance section (section I) and a liability and medical insurancesection (section II). Every type of policy provides the same liabilitycoverage. Policies differ only in the level of property coverage they offer.
HO-2, also known as thebroad form,protects against named perils, such as theft and glass breakage. It alsooffers the option to extend coverage to vandalism and malicious mischief. HO-2forms cover personal property and dwellings, and are intended forowner/occupants of one, two, three, or four family homes.
HO-3, also known as the special form, extendsopen peril protection to the dwelling and other structures, and named perilprotection for unscheduled personal property under Coverage C. The open perilprotection also covers loss of use of real property (the dwelling and otherstructures).
Mometrix Media - flashcardsecrets.com/propertycasualty
Property and Casualty Exam
Explain homeowners insurance.
Homeowners insurance is a personal, multi-line(property and casualty) policy with the following eligibility requirements:
Only the owner/occupant of a dwelling and renters withresidential occupancies are eligible for coverage.
The dwelling must consist of four or fewer family units, and eachfamily can have a maximum of two roomers or boarders.
A dwelling is only eligible if it is exclusively a residence. However, allowances can be made for incidental occupancies (includingprivate schools, studios, offices, etc.).
The following dwellings are eligible: dwellings underconstruction, seasonal/secondary residences, homes being paid off underinstallment contracts, homes occupied under life estates and trustees, andmobile homes (as long as the Mobile Home endorsement has been purchased).
Farms are not eligible.
The insured must purchase both lines (property and casualty)unless he is renting the property.
Mometrix Media - flashcardsecrets.com/propertycasualty
Property and Casualty Exam
Explain the following homeowners insurance policy forms:HO-6 and HO-8.
HO-6, also known as the condominium unit owners form,extends named peril protection to the personal property of condominium orcooperative owners. HO-6 provides a level of personal property insurance thatis very similar to HO-2, HO-3, and HO-4. Loss assessments are covered up to alimit of $1,000.
HO-8, also known as the modified coverage form forspecial risks, is intended for uniquely constructed properties and olderproperties whose replacement costs are substantially higher than their marketvalues. This form extends basic named peril protection to dwellings andpersonal property, and offers extended coverage for certain perils, as well asvandalism and malicious mischief. Loss settlements are paid on an actual cashvalue basis.
Mometrix Media - flashcardsecrets.com/propertycasualty
Property and Casualty Exam
Explain the following homeowners insurance policy forms:HO-4 and HO-5.
HO-4, also known as the contents broad form, thetenants form, or therenters form, provides named perilprotection for the personal property of tenantsthose who rent (but do not own)apartments, mobile homes, condominiums, and single-family homes. HO-4 providesthe same protection as HO-2, but only covers personal property, not dwellings. It also provides limited insurance coverage for improvements and additions ifthe owner has paid for their installation.
HO-5, also known as the comprehensive owners form,extends open peril protection to personal property. It also protects thedwelling and other structures, and covers loss of use. This policy is intendedfor individuals who own and occupy one, two, three, and four family homes.
Mometrix Media - flashcardsecrets.com/propertycasualty
Property and Casualty Exam
Explain Coverage C on homeowners insurance policies.
Coverage Cpersonal property covers the insuredspersonal property, regardless of where in the world it is located. If theinsured so desires, Coverage C can also cover:
The personal property of the insureds guests and employees inany residence the insured occupies.
The personal property of others if their property and theinsureds are located in the same area of the insureds residence.
Coverage C provides global personal property coverage for alimited time period. Consequently, for personal property that is stored awayfrom the insureds residence, coverage is limited to $1,000 or 10% of CoverageCs limit, whichever is greater. If the insured is moving to a new principleresidence, his personal property is fully covered for a maximum of 30 days. Ifthe insureds residence is being repaired or has been declared uninhabitable,his personal property is fully covered while it is at a temporary residence.
Mometrix Media - flashcardsecrets.com/propertycasualty
Property and Casualty Exam
Explain Coverages A and B on homeowners insurance policies.
Coverage Adwelling insures the dwelling and anyattached structures. It also covers any fixtures or materials used to maintainthe dwelling, as long as they are attached to or located on the premises. OnHO-6 forms, Coverage A has a standard limit of $1,000 per occurrence.
Coverage Bother structures insures other buildings thatare located on the same premises, but are separate from the dwelling (thoughthey may be connected by a utility line or fence). The maximum coverage amountis 10% of Coverage As limit. Coverage B does not cover structures used forbusiness-related purposes, nor does it cover properties rented to persons,unless the person is a tenant of the dwelling. It does, however, cover privategarages.
Mometrix Media - flashcardsecrets.com/propertycasualty
Property and Casualty Exam
List the classes of personal property excluded under CoverageC of homeowners policies. Explain Coverage D on homeowners insurancepolicies.
On homeowners insurance policies, Coverage C does not coverthe following classes of property:
Roomers property
Rental property that is part of an apartment
Animals, fish, and birds
Motorized vehicles, aircraft, hovercraft, and their equipment andparts
Business information records (both electronic and paper-based),unless the records are pre-recorded programs that are sold commercially
Water/steam
Credit cards
Rental property held by others if it is located somewhere otherthan the residence
Coverage Dloss of use reimburses the insured if adwelling is rendered uninhabitable by a covered loss. There are two possiblemethods of reimbursement:
1) Additionalliving expense If the dwelling is the insureds residence, the policyallows the insured to preserve his typical standard of living.
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