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Free Property Casualty Basics Practice Questions

Utah Personal Lines exam — 101 practice questions.

Subtopics: Insurable interest, Actual cash value, Subrogation, Salvage, Proximate cause, Indirect loss, Open perils, Binder, Declarations page, Endorsement, Policy structure DICE, Declarations, Insuring agreement, Exclusions, Replacement cost, Coinsurance purpose, Coinsurance penalty math, Coinsurance no penalty, Deductible effect, Named 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, 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. In property insurance, insurable interest must generally exist:

At the time of the loss

In property insurance, the insured must have an insurable interest at the time of the loss.

2. Actual cash value is generally calculated as:

Replacement cost minus depreciation

Actual cash value generally equals the replacement cost of the property minus depreciation.

3. After paying a covered claim, an insurer's right to pursue a negligent third party who caused the loss is called:

Subrogation

Subrogation lets the insurer recover its payment from the negligent third party responsible for the loss.

4. When an insurer takes ownership of damaged property after paying a total loss and sells it to recover money, this is known as:

Salvage

Salvage is the insurer's recovery from selling damaged property it has taken over after paying a 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.