Free Property Insurance Basics Practice Questions
Mississippi Property exam — 129 practice questions.
Subtopics: Notice period, Loss payee notice, Nonpayment, Late notice remedy, Affiliate transfer, Affiliate transfer standard, Substantially similar, Less favorable terms, Incorporated into policy, Valued policy law, Valued policy exception, Valued policy term, Three-quarter value clause, Certificates of insurance, Agent opinion letter, Certificate forms, Certificate penalties, 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, 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. For fire, liability and multiperil policies issued or renewed on or after July 1, 2026, a Mississippi insurer must mail or deliver notice of cancellation, reduction in coverage or nonrenewal at least:
45 days before it takes effect
HB 1611 (2025) amended Miss. Code 83-5-28 so that, for coverage issued or renewed on or after July 1, 2026, the notice must be mailed or delivered not less than forty-five days before the effective date (it had been thirty days).
2. Under Miss. Code 83-5-28, the notice of cancellation or nonrenewal of a fire or multiperil policy must be sent to the insured and to:
Any named creditor loss payee
Section 83-5-28(1) requires the notice to be mailed or delivered to the insured and to any named creditor loss payee.
3. Under Miss. Code 83-5-28, when a fire or multiperil policy is cancelled for nonpayment of premium and there is a named creditor loss payee, the minimum notice is:
10 days
Section 83-5-28 does not apply to nonpayment of premium unless there is a named creditor loss payee, in which case at least ten days' notice is required.
4. If a Mississippi property insurer fails to give the notice required by 83-5-28, the named insured may:
Continue the policy for the rest of the notice period plus 45 more days at the existing premium
HB 1611 added that if the insurer fails to meet the notice requirement, the named insured may continue the policy for the remainder of the notice period plus an additional forty-five days at the existing premium rate, in 45-day increments until proper notice is given.
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.
