Free Property Casualty Basics Practice Questions
Michigan Personal Lines exam (series 16-69) — 147 practice questions.
Subtopics: Indemnity, Insurable interest, Actual cash value, Subrogation, Deductible, Peril, Minimum valuation, Minimum perils, Removal coverage, Insured cancellation, Fire policy cancellation, Unearned premium on cancellation, Mortgagee cancellation, Mortgagee proof of loss, Mortgagee subrogation, Other insurance, Appraisal demand, Appraiser selection, Umpire selection, Appraisal award, Appraisal costs, Abandonment, Insurer options, Loss payment, Suit limitation, Policy period time, Subrogation provision, Void for fraud, Breach of warranty, Fire withholding, Withholding notice, Withholding release, Comparative fault, 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, Salvage, 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, Endorsement, Stated value vs agreed value, Mortgagee clause, Assignment, Proximate cause, 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, Suit against insurer, Proof of loss, 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. The principle restoring an insured without allowing profit is:
Indemnity
Indemnity restores the insured to the pre-loss position without profit.
2. For homeowners coverage, insurable interest must exist:
At the time of loss
For property insurance, insurable interest must exist at the time of loss.
3. Actual cash value generally equals:
Replacement cost minus depreciation
Actual cash value generally equals replacement cost minus depreciation.
4. An insurer's right to recover from an at-fault third party after paying a claim is:
Subrogation
Subrogation lets the insurer recover from a negligent third party after paying the insured.
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.
