Free Property Insurance Basics Practice Questions
Iowa Property exam (series 12-IA-03) — 133 practice questions.
Subtopics: 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, Insurable interest, 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, 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, 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, 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 the Iowa standard fire policy in Iowa Code 515.109, the insurer pays for a covered loss up to:
Actual cash value, not exceeding the cost to repair or replace
The standard policy insures to the extent of actual cash value at the time of loss, not exceeding the cost to repair or replace with material of like kind and quality, and not more than the insured's interest.
2. The Iowa standard fire policy begins and ends at what time?
Noon, standard time, at the location of the property
The standard fire policy form in Iowa Code 515.109(6) runs from and to noon, standard time, at the location of the property involved.
3. Property removed from the described premises to protect it from a covered peril is covered by the Iowa standard fire policy:
Pro rata for five days at each place it is moved to
The standard fire policy covers removal and covers property pro rata for five days at each proper place to which it is moved for preservation.
4. Under the Iowa standard fire policy, coverage is suspended while a described building is vacant or unoccupied beyond:
60 consecutive days
The conditions suspending insurance include a described building being vacant or unoccupied beyond a period of sixty consecutive days, unless otherwise provided in writing.
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.
