Free Property Insurance Basics Practice Questions
Idaho Property exam — 121 practice questions.
Subtopics: Standard fire policy, Fire policy effective time, Fire policy cancellation, Fire policy 2027 change, Fire policy not mandatory, Nuclear exclusion, Terrorism fire exclusion, Mortgagee provisions, Property insurance defined, 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, 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
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Sample questions & answers
1. Idaho requires fire insurance policies on Idaho property to be written on, or provide coverage at least equal to, the:
1943 New York Standard Fire Policy
Idaho Code 41-2401(1) prescribes the New York standard form as revised in 1943, with exceptions for multi-peril policies affording at least equal fire coverage.
2. Under Idaho law, a fire policy becomes effective at what time on its effective date?
12:01 a.m. standard time where the property is located
Idaho Code 41-2401(1) requires every fire policy to become effective at 12:01 a.m. standard time where the property is located.
3. For an Idaho fire policy in 2026, the policy must provide for written notice before insurer cancellation of at least:
30 days, or 10 days with the reason for nonpayment
Idaho Code 41-2401(1)(j) (version effective until January 1, 2027) requires 30 days' notice, or at least 10 days with the reason when for nonpayment.
4. Under the amended Idaho standard fire policy statute effective January 1, 2027, insurer cancellation (other than for nonpayment) and nonrenewal require written notice with the reason at least:
60 days in advance
The version of Idaho Code 41-2401 effective January 1, 2027 requires 60 days' notice with the reason for cancellation and for nonrenewal; nonpayment remains 10 days.
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.
