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Quizzes > Business & Finance

Property and Casualty Practice Exam: Test Your P&C Knowledge

Quick, free P&C practice exam with exam-style questions and instant results.

Editorial: Review CompletedCreated By: Markjoseph MendozaUpdated Aug 25, 2025
Difficulty: Moderate
2-5mins
Learning OutcomesCheat Sheet
paper cut icons of house car shield books on yellow background promoting Oklahoma property casualty exam practice quiz

This property and casualty practice test helps you check your knowledge and focus your study for the P&C licensing exam. Work through exam-style questions, get instant feedback, and quickly spot topics to review before test day. Exploring other lines? Try our free claims adjuster practice test or the California life insurance practice exam.

What does the insuring agreement in a property policy primarily state?
The duties after loss
The perils insured against and insurer's promise to pay
The conditions for cancellation
The list of named insureds only
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In Oklahoma, the minimum limits for auto liability insurance are which of the following split limits?
50/100/50
25/50/25
30/60/15
15/30/10
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Which homeowner form provides open-peril coverage on the dwelling and named-peril coverage on personal property?
HO-3 Special Form
HO-2 Broad Form
HO-4 Contents Broad Form
HO-8 Modified Coverage Form
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Medical Payments (Coverage F) under a homeowners policy pays for which of the following?
Bodily injury to resident relatives only
Bodily injury to others regardless of fault, within time/location limits
Property damage to others regardless of fault
Lost wages of the named insured
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A binder in Oklahoma provides which of the following?
A permanent policy with no expiration
Proof of claim payment
A waiver of all underwriting requirements
Temporary evidence of insurance coverage
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Which inland marine coverage would best protect a contractor's equipment that moves from site to site?
Bailees customers policy
Contractors equipment floater
Commercial articles floater
Accounts receivable
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Under the Personal Auto Policy, which is an example of a non-owned auto?
A trailer owned by the named insured
A temporary substitute vehicle owned by a neighbor
A newly acquired auto beyond the 14-day period
A car titled to the named insured
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Which of the following is NOT covered under Coverage C Personal Property of a homeowners policy?
Personal property of the insured anywhere in the world
Property of the insured while temporarily away from home
Pets and animals owned by the insured
Property of a guest while on the premises
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A commercial building with an 80 percent coinsurance clause has a replacement value of $1,000,000. The insured carries $600,000 in coverage and sustains a $100,000 partial loss. Ignoring deductibles, how much will be paid?
$60,000
$75,000
$80,000
$100,000
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Which coverage part responds to third-party claims alleging slander or libel against a business?
Commercial Property Special Form
CGL Coverage A Bodily Injury and Property Damage
CGL Coverage C Medical Payments
CGL Coverage B Personal and Advertising Injury
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In a claims-made CGL policy, which statement best describes the limitation imposed by the retroactive date?
Prevents coverage for claims arising from incidents that occurred before the retroactive date
Triggers tail coverage automatically
Defines when bodily injury must occur to be covered
Sets the policy expiration
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Which of the following is excluded under Coverage A of the CGL as "damage to your work"?
Products-completed operations liability
Property damage to a customer's property caused by a subcontractor
Property damage to the insured's completed work caused by the work itself
Bodily injury to a customer on premises
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Which valuation method in commercial property insurance pays the cost to replace property without deduction for depreciation?
Stated amount
Agreed value with coinsurance
Functional replacement cost
Replacement cost
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A homeowners HO-4 policy is most appropriate for which insured?
Owner-occupant of a single-family home
Tenant of an apartment
Condominium unit owner
Owner of a historic home needing modified coverage
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Which exclusion is standard under the Special Causes of Loss form for commercial property?
Sprinkler leakage
Vandalism
Ordinance or law increasing cost of construction (without endorsement)
Volcanic action
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Which of the following is NOT typically covered by the Commercial General Liability policy?
Liquor liability for a business in the alcohol business (without endorsement)
Contractual liability assumed in an insured contract
Products liability for completed goods
Premises liability for slip-and-fall
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An occurrence-based policy covers claims arising from incidents that happen during the policy period, regardless of when the claim is made.
True
False
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Which ocean marine coverage protects the shipowner against liability for damage to cargo of others?
Protection and Indemnity (P&I)
General average
Cargo insurance
Hull insurance
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Under a Businessowners Policy (BOP), which business is most likely eligible without endorsement?
An amusement park
A small retail shop under eligibility square footage limits
A 15-story office building
A manufacturing plant
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Which statement about Oklahoma cancellation of personal auto policies is correct?
At least 60 days' notice is required for all cancellations
No notice is required for cancellation
The insured must always consent to cancellation
Nonpayment of premium allows at least 10 days' notice of cancellation
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Study Outcomes

  1. Understand Core P&C Concepts -

    Gain a clear grasp of fundamental property and casualty insurance terminology and principles to confidently tackle each question on the practice test.

  2. Analyze Policy Provisions -

    Learn to dissect policy forms, endorsements, and coverages while answering insurance property and casualty practice test items.

  3. Apply Risk Management Strategies -

    Use real-world scenarios to apply risk assessment and mitigation techniques that are essential for the property casualty exam questions.

  4. Evaluate Coverage and Exclusions -

    Develop the ability to distinguish between covered losses and exclusions in typical P&C test practice scenarios.

  5. Identify Knowledge Gaps -

    Pinpoint areas of strength and weakness through performance feedback to guide your study plan for the property and casualty license Oklahoma exam.

  6. Practice Exam Techniques -

    Enhance time management and question-analysis skills by working through a series of timed property and casualty test practice questions.

Cheat Sheet

  1. Policy Structure & Provisions (DIPCE) -

    Memorize the five key sections - Declarations, Insuring Agreement, Conditions, Exclusions, and Endorsements - using the mnemonic "DIPCE" to breeze through property and casualty test practice questions. Understanding where to find coverage limits and policy duties in the Conditions section is critical, as noted by The Institutes. Familiarity with exclusions can help pinpoint coverage gaps and boost your confidence on exam day.

  2. Actual Cash Value (ACV) Formula -

    Know the ACV calculation: Replacement Cost minus Depreciation equals Actual Cash Value, a formula emphasized by the Insurance Information Institute. Practice applying different depreciation rates to assets to strengthen your speed and accuracy for insurance property and casualty practice tests. Mastering this formula ensures you can tackle valuation questions with ease.

  3. Risk Management Techniques (STAR Model) -

    Use the STAR mnemonic - Selection (of exposures), Treatment, Avoidance, and Retention/Transfer - to recall the four risk management steps defined by the Risk and Insurance Management Society (RIMS). Applying this framework when answering property casualty exam questions helps you systematically evaluate risk strategies. A solid grasp here can dramatically improve your risk management section score.

  4. Liability Coverages: Occurrence vs. Claims-Made -

    Distinguish between occurrence and claims-made liability forms: occurrence covers incidents during the policy period, while claims-made covers claims filed during the policy period, per NAIC guidelines. Review sample scenarios in a property and casualty license Oklahoma prep guide to see how each form reacts to date stamps. Clear understanding of policy triggers will make liability questions feel like a breeze.

  5. Peril Coverage: Named vs. Open Perils -

    Remember that named peril policies list specific covered hazards, whereas open peril (or all-risk) policies cover all losses except those expressly excluded, a distinction highlighted in ISO manuals. When practicing p&c test practice, flag scenarios that hinge on exclusion wording to avoid traps. This knowledge is essential for accurately identifying covered losses in both personal and commercial lines.

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