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Free Property Casualty Basics Practice Questions

Alaska Personal Lines exam — 101 practice questions.

Subtopics: Insurable interest, Subrogation, Salvage, Proximate cause, Indirect loss, Actual cash value, Policy limit, Cancellation refund, Endorsement, Declarations, Policy structure DICE, Insuring agreement, Exclusions, Replacement cost, Coinsurance purpose, Coinsurance penalty math, Coinsurance no penalty, Deductible effect, Named perils, Open perils, Burden of proof, Appraisal provision, Pro rata other insurance, Vacancy, Real vs personal property, Negligence, Elements of negligence, Compensatory damages, Punitive damages, Bodily injury, Property damage, Occurrence, Absolute liability, Vicarious liability, Comparative negligence, Liability limits, Binder, Stated value vs agreed value, Abandonment, Mortgagee clause, Assignment, Attractive nuisance, Hold harmless agreement, Certificate of insurance, Valued policy, Blanket vs specific, Liability vs property insurance, Duties after loss, Concurrent causation, Conditions section, Definitions section, Pair or set clause, Inflation guard, Aggregate limit, Combined single limit, Sublimit, Self-insured retention, Primary vs excess coverage, Excess other insurance clause, Escape other insurance clause, Flat cancellation, Pro rata cancellation, Short-rate cancellation, Nonrenewal, Liberalization clause, No benefit to bailee, Loss payable clause, Sue and labor, Occurrence trigger, Retroactive date, Extended reporting period, Contributory negligence, Last clear chance, Res ipsa loquitur, Assumption of risk, Negligence per se, General vs special damages, Nominal damages, Direct vs consequential loss, Time element coverage, Catastrophe, Floater, Wear and tear exclusion, Inherent vice exclusion, Mysterious disappearance, Pollution exclusion, Earth movement exclusion, Personal injury offense, Duty to defend, Defense within limits, Statute of limitations, Pure premium, Exposure unit, Reasonable repairs, Actual cash value calculation

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Sample questions & answers

1. For property insurance to pay a claim the insured must have an insurable interest in the property:

At the time of the loss

In property insurance an insurable interest must exist at the time of the loss.

2. After paying a covered loss caused by a third party an insurer's right to recover from that party is:

Subrogation

Subrogation lets the insurer recover its payment from the at-fault third party.

3. When an insurer pays for a total loss and takes the damaged property to recoup value the property is called:

Salvage

Salvage is damaged property the insurer takes over after paying a loss to recover value.

4. The unbroken chain of events that leads to a loss is used to determine the:

Proximate cause of the loss

Proximate cause is the unbroken chain of events that directly produces the loss.

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Practice: Property Casualty Basics

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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.