1. If an admitted Pennsylvania property and casualty insurer becomes insolvent, covered unpaid claims are paid by the:

Pennsylvania Property and Casualty Insurance Guaranty Association

The PA Property and Casualty Insurance Guaranty Association pays covered claims of insolvent admitted P and C insurers, subject to statutory limits.

2. The form that establishes the baseline fire insurance provisions required in Pennsylvania property policies is the:

Standard fire policy

Pennsylvania incorporates the standard fire policy provisions as the minimum baseline for fire coverage.

3. For property insurance, when must the insured have an insurable interest?

At the time of the loss

In property insurance, insurable interest must exist at the time of loss; in life insurance it must exist at policy inception.

4. Actual cash value (ACV) is generally calculated as:

Replacement cost minus depreciation

ACV equals the cost to replace the property minus depreciation for age and wear.