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  4. Property Insurance Basics

Free Property Insurance Basics Practice Questions

California Property Broker-Agent exam (series Property) — 42 practice questions.

Subtopics: Standard form fire policy, Standard form contents, Residential cancellation, Nonrenewal notice, Cancellation notice, Guaranty fund limits, Insurable interest, Actual cash value, Replacement cost, Agreed value, Functional replacement cost, Direct vs indirect loss, Coinsurance purpose, Coinsurance calculation, Deductible, Declarations, Insuring agreement, Exclusions, Conditions, First named insured, Duties after loss, Subrogation condition, Liberalization, Other insurance pro rata, Blanket insurance, Loss payable clause, Construction class, Rate components, Underwriting purpose, Valued policy, Market value, Cancellation short rate, Policy territory, Assignment property, No benefit to bailee, Claim settlement options, Pair and set clause, Vacancy, Specific insurance, Terrorism program, Indirect loss time element, Hazard reduction underwriting

Sample questions & answers

1. California requires fire insurance policies to provide coverage no less favorable than the:

California standard form fire insurance policy

California fire policies must be no less favorable to the insured than the statutory standard form fire policy.

2. The provisions of the California standard form fire policy are set out in:

Insurance Code Section 2071

The text of California's standard form fire policy is set out in Insurance Code Section 2071.

3. A California residential property policy in force more than 60 days may generally be cancelled only for reasons such as:

Nonpayment of premium, fraud, or a substantial increase in the hazard

After 60 days, residential property policies may be cancelled only for the grounds stated in the Insurance Code.

4. An insurer electing not to renew a California residential property policy must provide written notice of at least:

45 days

California requires at least 45 days advance written notice of nonrenewal of a residential property policy, stating the reason.

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Practice: Property Insurance Basics

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 Pennsylvania Insurance Department and the exam administrator before relying on it.