Free Property Casualty Basics Practice Questions
Arkansas Personal Lines exam — 141 practice questions.
Subtopics: Comparative fault, Insurable interest timing, Actual cash value, Subrogation, Proximate cause, Declarations page, Endorsement, Pro rata cancellation, Additional insured, Salvage, Coinsurance penalty, Property insurance defined, Marine insurance defined, Valued policy law, Proof of loss, Exhibiting damaged property, Settling coverages separately, Arson exception, Payment responsibility, Policy structure DICE, Declarations, 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, Binder, Stated value vs agreed value, Abandonment, Mortgagee clause, Assignment, Attractive nuisance, Hold harmless agreement, 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, Retention, Primary vs excess coverage, Excess other insurance clause, Escape other insurance clause, Flat 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, Valuation calculation, Other insurance calculation, Pro rata refund calculation, Waiver of subrogation, Mortgage clause, Defense costs, Insurable interest limit, Deductibles, Appraisal, Appraisal costs, Suit against insurer, Loss payment timing, Insurer repair option, Pair or set, Recovered property, Concealment or fraud, Service agreements, Nuclear hazard, Neglect exclusion, Power failure exclusion, Governmental action
Read the Property Casualty Basics study guide
Sample questions & answers
1. Under Arkansas's comparative fault statute, a claimant is barred from recovering against a defendant when the claimant's fault is:
Equal to or greater than that defendant's fault
Ark. Code 16-64-122(b): a claimant whose fault is less than the defendant's recovers reduced damages; if it is equal to or greater, the claimant recovers nothing from that defendant.
2. In property insurance, insurable interest must exist:
At the time of the loss
Property insurance requires insurable interest to exist at the time of the loss.
3. Actual cash value is generally calculated as:
Replacement cost minus depreciation
Actual cash value is generally replacement cost minus depreciation.
4. After paying a claim, an insurer's right to recover from the party who caused the loss is:
Subrogation
Subrogation is the insurer's right to recover a paid loss from the responsible party.
Practice: Property Casualty 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.
