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  4. Property Casualty Basics

Free Property Casualty Basics Practice Questions

South Carolina Personal Lines exam — 101 practice questions.

Subtopics: Indemnity, Insurable interest, Actual cash value, Deductible, Subrogation, Salvage, Perils, Morale hazard, Binder, 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, Endorsement, Stated value vs agreed value, Abandonment, Mortgagee clause, Assignment, Proximate cause, 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

Read the Property Casualty Basics study guide

Sample questions & answers

1. The principle of indemnity in property insurance means the insured should be:

Restored to approximately the same financial position as before the loss, no more

Indemnity aims to restore the insured to roughly the pre-loss financial position without allowing a profit from the loss.

2. For property insurance, insurable interest must exist:

At the time of the loss

In property insurance, insurable interest must exist at the time of loss so the insured can suffer a financial loss.

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

Replacement cost minus depreciation

Actual cash value is typically replacement cost at the time of loss minus depreciation.

4. A deductible in a property policy is:

The amount the insured pays before the insurer pays

The deductible is the portion of a loss the insured pays before the insurer begins to pay.

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Practice: Property Casualty 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.