Free Property Insurance Basics Practice Questions
Minnesota Property exam — 138 practice questions.
Subtopics: Standard fire policy, Vacancy, Proof of loss, Suit against insurer, Appraisal, Payment of loss, Repair option, Abandonment, Mortgagee clause, Excluded property, Explosion and riot, Cancellation refunds, Removal coverage, Examination under oath, Cancellation reasons, Cancellation notice, Rescission, Valued policy, Coinsurance, Policy term, Other insurance, Binders, 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, 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
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Sample questions & answers
1. What does Minnesota law require of a policy of fire insurance on property in Minnesota?
It must conform to the state standard fire policy
No fire policy may be issued on Minnesota property unless it provides the coverage of, and conforms to, the Minnesota standard fire insurance policy, except where other statutes provide otherwise.
2. Under the Minnesota standard fire policy, the insurer is not liable for loss while the premises are vacant or unoccupied beyond how many consecutive days?
60 days
Unless otherwise provided in writing, the insurer is not liable for loss while the described premises are vacant or unoccupied beyond 60 consecutive days.
3. Under the Minnesota standard fire policy, within how many days after a loss must the insured render a signed, sworn proof of loss?
60 days
The insured must give immediate written notice, protect the property, and within 60 days render a signed, sworn statement of the loss.
4. Under the Minnesota standard fire policy, a suit on the policy must be commenced within what time?
Two years after inception of the loss
No suit is sustainable unless the policy requirements are met and the action is commenced within two years after inception of the loss.
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.
