Free Property Insurance Basics Practice Questions
Hawaii Property exam — 131 practice questions.
Subtopics: Property insurance defined, Marine and transportation defined, Ocean marine defined, Standard fire policy, Standard fire policy scope, Approved equivalent, Multi-peril policies, Sugarcane volcanic exclusion, Nuclear exclusion, Required provisions, Insurable interest, Insurable interest defined, Over-insurance, ACV for over-insurance, Over-insurance prohibited, Over-insurance exceptions, Ordinance or law exception, Withdrawal notice, Actual cash value, Replacement cost, 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. Hawaii defines property insurance as insurance against loss of or damage to:
Real or personal property of every kind, and loss consequential to it
HRS 431:1-206 defines property insurance as insurance against loss of or damage to real or personal property and against consequential loss.
2. Under Hawaii's definition of marine and transportation insurance, which of the following is included even if it is not in transit?
Jewelry, precious stones, and precious metals
HRS 431:1-207(1)(C) includes precious stones, jewels, jewelry, gold, silver, and other precious metals, whether in transit or otherwise.
3. Hawaii's definition of marine and transportation insurance includes coverage on:
Bridges, tunnels, piers, and wharves, within statutory limits
HRS 431:1-207(1)(D) covers bridges, tunnels, piers, wharves, docks, and other aids to transportation, subject to the listed peril limitations; buildings and furnishings are excluded.
4. Under the Hawaii Insurance Code, insurance on personal property moving among the islands of Hawaii by water is part of:
Ocean marine insurance
HRS 431:1-211(4) includes personal property in the course of movement among the islands of this State within the definition of ocean marine insurance.
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.
