1. Exam Prep
  2. Wyoming
  3. Property & Casualty
  4. Commercial Property

Free Commercial Property Practice Questions

Wyoming Property & Casualty exam — 67 practice questions.

Subtopics: Business personal property, Coverage form, Coinsurance calculation, Causes of loss, Business income, Extra expense, Replacement cost, Vacancy provision, Protective safeguards, Fluctuating values, Debris removal, Ordinance or law, 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, Pair and set clause, 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, Actual cash value calculation, Split limits application

Sample questions & answers

1. Under a commercial property policy, coverage for a business's furniture, equipment, and stock is:

Business personal property coverage

Business personal property coverage insures a business's contents such as furniture, equipment, and stock.

2. The standard commercial form used to insure a building and its contents against direct physical loss is the:

Building and Personal Property Coverage Form

The Building and Personal Property Coverage Form is the standard form insuring commercial buildings and contents.

3. A building worth $500,000 carries $300,000 of coverage with an 80% coinsurance clause. For a $100,000 covered loss, the insurer pays (before deductible):

$75,000

Required coverage is $400,000 (80% of $500,000); carrying $300,000, the insurer pays 300,000/400,000 x $100,000 = $75,000.

4. The commercial property cause-of-loss form that provides the broadest, open-perils coverage is the:

Special form

The special cause-of-loss form provides open-perils coverage, the broadest of the standard commercial property forms.

All Property & Casualty topics

Practice: Commercial Property

Take a randomized, timed-style practice test. Answer choices are shuffled and your results are scored instantly with an explanation for every question.

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.