Free Property Casualty Basics Practice Questions
Nevada Personal Lines exam — 132 practice questions.
Subtopics: Comparative negligence, Insurable interest, Actual cash value, Subrogation, Negligence, Appraisal clause, Declarations, Endorsement, Consequential loss, Salvage, Proximate cause, Property insurance defined, Title insurance, Property line authority, Property contracts, Lender insurance requirements, Wildfire exclusion, Wildfire defined, Policy structure DICE, Insuring agreement, Exclusions, Replacement cost, Coinsurance purpose, Coinsurance penalty math, Coinsurance no penalty, Deductible effect, Named perils, Open perils, Burden of proof, Appraisal provision, Pro rata other insurance, Vacancy, Real vs personal property, Elements of negligence, Compensatory damages, Punitive damages, Bodily injury, Property damage, Occurrence, Absolute liability, Vicarious liability, Liability limits, Binder, Stated value vs agreed value, Abandonment, Mortgagee clause, Assignment, 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, Appraisal costs, 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. Under Nevada's comparative negligence statute, a plaintiff is barred from recovering damages when the plaintiff's own negligence is:
Greater than the combined negligence of the defendants
A plaintiff's comparative negligence does not bar recovery if it is not greater than the negligence of the defendants; recovery is barred only when the plaintiff's share is greater (for example 51 percent against 49 percent).
2. For property insurance, the insured must have an insurable interest in the property:
At the time of the loss
In property insurance, the insured generally must have an insurable interest at the time of loss to collect.
3. Actual cash value is generally calculated as:
Replacement cost minus depreciation
Actual cash value is generally replacement cost at the time of loss minus depreciation for age, wear, and obsolescence.
4. After paying a property claim caused by a third party, the insurer's right to recover from that responsible party is:
Subrogation
Subrogation lets the insurer recover, from the responsible third party, amounts it paid to its insured, preventing a double recovery.
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.
