Property and casualty tests include questions related to damages done to personal belongings, dwellings, automobiles and, frequently, the insurance required to cover those costs. There is a property and casualty exam to earn a Property and Casualty license, but there are also other insurance and actuarial certifications that include questions about property and casualty insurance and give different types of qualifications.Continue Reading
Some examples of these questions range from very basic to very in-depth. Definitional questions ask to clarify the meaning of terms such as "insurance agent," "peril" (specifically with regard to the insurance industry, not necessarily the dictionary definition) or "admitted insurer." They bring up the laws regarding property and casualty insurance practices, and they reference specific acts and their implications on the current industry. There are questions about which segments of the insurance market are supposed to handle what types of claims.
Also, questions contain examples or story problems. These types of situational questions describe property and casualty insurance-related scenarios and then ask what the correct responses are according to the law or for terms to define what is taking place in the questions. Some questions are "yes or no" questions and can also require selection of a reason behind the correct answer, in addition to just the "yes" or "no."
The Casualty Actuarial Society offers designations related to Property and Casualty insurance as well. Becoming an Associate or a Fellow of the society requires taking many exams in the field.Learn more about Standardized Tests