Free Property Insurance Basics Practice Questions
Alaska Property exam — 129 practice questions.
Subtopics: Representations, Misstatements, Property insurance defined, Surety insurance defined, Marine insurance defined, Wet marine insurance, Binders, Over-insurance, Fair value, Replacement cost, Insurable interest, Actual cash value, 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, Valued policy law, 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. Under Alaska law, statements made by an applicant in an application for property or casualty insurance are considered:
Representations, not warranties
AS 21.42.110 provides that all statements in an application are representations and not warranties.
2. Under Alaska law, an incorrect statement in an insurance application prevents recovery under the policy only if it was:
Fraudulent, material, or would have changed the insurer's decision
AS 21.42.110 bars recovery only if the misstatement was fraudulent, material to acceptance of the risk or hazard, or the insurer in good faith would not have issued the policy on the same terms.
3. Under Alaska's definitions of kinds of insurance, property insurance is insurance on real or personal property against loss or damage from any hazard, and:
Against loss consequential upon that loss or damage
AS 21.12.060 defines property insurance to include consequential loss but excludes noncontractual legal liability and title insurance.
4. Which of the following is excluded from Alaska's definition of property insurance?
Title insurance
AS 21.12.060 states that property insurance does not include title insurance as defined in AS 21.66.480.
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.
