Free Property Casualty Basics Practice Questions
Iowa Personal Lines exam (series 12-IA-55) — 147 practice questions.
Subtopics: Comparative fault, Insurable interest, Actual cash value, Physical hazard, Negligence, Subrogation, Indirect loss, Salvage, Split limits, Proximate cause, Named perils, Standard fire policy, Inception time, Removal, Vacancy, Proof of loss, Appraisal, Appraisal umpire, Suit against insurer, When loss payable, Excluded property, Perils not included, Civil authority, Explosion and riot, Concealment and fraud, Mortgagee clause, Pro rata liability, Company options, Abandonment, Binders, Assignment, Use of standard policy, Policy structure DICE, Declarations, Insuring agreement, Exclusions, Replacement cost, Coinsurance purpose, Coinsurance penalty math, Coinsurance no penalty, Deductible effect, Open perils, Burden of proof, Appraisal provision, Pro rata other insurance, Real vs personal property, Elements of negligence, Compensatory damages, Punitive damages, Bodily injury, Property damage, Occurrence, Absolute liability, Vicarious liability, Comparative negligence, Liability limits, Binder, Endorsement, Stated value vs agreed value, Attractive nuisance, Hold harmless agreement, Additional insured, 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, 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, Valuation calculation, Other insurance calculation, Pro rata refund calculation, Waiver of subrogation, Mortgage clause, Defense costs, Insurable interest limit, Deductibles, Appraisal costs, 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 Iowa Code 668.3, an injured claimant who was partly at fault is barred from recovering only when the claimant's percentage of fault is:
Greater than the combined fault of the defendants
Iowa's modified comparative fault rule bars recovery only if the claimant bears a greater percentage of fault than the combined defendants (in effect, 51 percent or more); otherwise damages are reduced by the claimant's share.
2. In property insurance, insurable interest must generally exist:
At the time of the loss
Property insurance requires the insured to have an insurable interest at the time of loss to collect.
3. Actual cash value is most commonly calculated as:
Replacement cost minus depreciation
Actual cash value is generally replacement cost at the time of loss minus depreciation.
4. A physical hazard is best described as:
A tangible condition that increases the chance of loss, such as oily rags left in a corner
A physical hazard is a tangible condition that increases the likelihood or severity of a loss.
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.
