Free Property Insurance Basics Practice Questions
Nebraska Property exam (series 13-22) — 157 practice questions.
Subtopics: Guaranty association purpose, Guaranty association membership, Covered claim cap, Workers compensation claims, Unearned premium, Guaranty association accounts, Advertising the guaranty association, Exhaustion of other coverage, Excluded amounts, Claims after insolvency, Assessments, Lines covered, Valued policy law, Valued policy perils, Valued policy conditions, Valued policy property type, Contents in valued-policy loss, Standard fire policy, Nuclear exclusion, Misrepresentation, Breach of warranty, Suit limitation clause, Attorney fees, Cancellation notice, Nonpayment notice, Cancellation reasons, Short-term policies, Notice content, Mailing proof, Exceptions to 44-522, Substitution of coverage, Premium finance cancellation, Cancellation provisions required, Rate standards, Rate filing effective date, Consent to rate, Prior approval lines, Residual market agreements, Policy form standards, Matching, Consequential damage in repairs, Actual cash value worksheet, Nominal value property, Failure to exhibit property, 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, Settlement of claims - deductible, Additional coverages vs extensions, Policy conditions - concealment, Valuation
Read the Property Insurance Basics study guide
Sample questions & answers
1. The Nebraska Property and Liability Insurance Guaranty Association exists to:
Pay certain covered claims against insolvent member insurers
Section 44-2401 states the act's purpose is to provide a method for paying certain claims against insolvent insurers, avoid delay and financial loss, and assess the cost among insurers.
2. Membership in the Nebraska Property and Liability Insurance Guaranty Association is:
A condition of a member insurer's authority to do business in Nebraska
Section 44-2404 requires member insurers to be and remain members of the association as a condition of their authority to transact insurance in Nebraska.
3. For most covered claims other than workers' compensation, the Nebraska Property and Liability Insurance Guaranty Association pays no more than:
$300,000 per claim
Section 44-2406(1) limits the obligation to the amount of each covered claim not exceeding $300,000, except workers' compensation claims are paid as required by law.
4. When a workers' compensation insurer becomes insolvent, the Nebraska Property and Liability Insurance Guaranty Association pays covered workers' compensation claims:
In the amount required by law
Section 44-2406(1) excepts workers' compensation from the $300,000 cap: the association pays the amount required by law on such claims.
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.
