Free Property Insurance Basics Practice Questions
Ohio Property exam (series 11-46) — 163 practice questions.
Subtopics: Controlled business, Commercial cancellation, Nonpayment cancellation, Claims handling, Actual cash value, Replacement cost claims, Claim denials, Unfair claims practices, Matching, Claims payment, Claim files, Claims communications, Premium increase notice, Commercial nonrenewal, Demolition fund, Fire loss certificate, Mine subsidence, Guaranty association, Property cancellation notice, Personal lines cancellation, Cancellation refunds, Valued policy law, Insurable interest, 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, Named perils form, Open perils form, Burden of proof, Proximate cause, Concurrent causation, Anti-concurrent causation clause, Pro rata cancellation, Flat cancellation, Nonrenewal notice, Policy period, Salvage rights, No abandonment clause, Appraisal provision, Proof of loss, Notice of loss, Depreciation, Recoverable depreciation, Percentage deductible, Period of restoration, Business income waiting period, Contribution by equal shares, Excess other insurance, Margin clause, Waiver of subrogation, Mysterious disappearance, Inherent vice exclusion, Wear and tear exclusion, Earth movement exclusion, Flood exclusion, Ensuing loss, Ordinance or law exclusion, Sue and labor, Ingress and egress, Reinstatement of limit, Coverage extension, Stated amount, Actual cash value calculation, Deductible application, Coinsurance - adequate insurance, Coinsurance with deductible, Coinsurance - limit cap, Coinsurance - value at time of loss, Coinsurance - who bears shortfall, ACV calculation - contents, Pro rata other insurance calc, Pro rata return premium calc, Pair and set calc, Proximate cause example, Direct loss example, Endorsements, Definitions section, Limits - sublimits, Mortgagee - proof of loss, Mortgagee - premium, Mortgagee - cancellation notice, Subrogation example, Appraisal procedure, Appraisal costs, Proof of loss timing, Suit against insurer, Burglary definition, Robbery definition, Theft definition, Water damage vs flood, Liberalization timing, Occurrence, Named insured, Salvage value, Unearned premium, Settlement of claims - deductible, Additional coverages vs extensions, Policy conditions - concealment, Valuation
Read the Property Insurance Basics study guide
Sample questions & answers
1. Ohio's controlled-producer contract requirements apply when the business a controlling producer places with its controlled insurer in a calendar year equals or exceeds what share of the insurer's admitted assets?
5%
When gross written premium placed by the controlling producer equals or exceeds five percent of the controlled insurer's admitted assets, a written contract with required terms and other safeguards must be in place.
2. Under Ohio's controlled business law, a "controlled insurer" is an insurer that is:
Directly or indirectly controlled by a producer
A controlled insurer is one controlled, directly or indirectly, by a producer; the producer is the controlling producer.
3. Under Ohio's controlled business law, a producer that controls an insurer must, before a policy's effective date, deliver to the prospective insured:
A written notice disclosing the controlling relationship
Each controlling producer must give the prospective insured written notice fully disclosing the controlling relationship before the policy takes effect.
4. Under a required controlling-producer contract in Ohio, premiums the producer collects must be remitted to the controlled insurer no later than how many days after the policy's effective date?
90 days
The producer must remit funds at least monthly, with due dates fixed so premiums are remitted no later than ninety days after the policy's effective date.
Practice: Property Insurance Basics
Answer choices are shuffled every time, and every question comes with an explanation.
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.
