Free Property Insurance Basics Practice Questions
Nevada Property exam — 119 practice questions.
Subtopics: Property insurance defined, Title insurance, Property line authority, Property contracts, Lender insurance requirements, Wildfire exclusion, Wildfire defined, 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, Valued policy law, 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. Nevada defines property insurance as insurance on real or personal property against loss or damage from any hazard, and against consequential loss, but NOT including:
Noncontractual legal liability for the loss
Property insurance covers real or personal property against loss or damage from any hazard and consequential loss, other than noncontractual legal liability for such loss; it also excludes title insurance.
2. Under Nevada's kinds-of-insurance definitions, title insurance is:
Excluded from the definition of property insurance
NRS 681A.060(2) states that property insurance does not include title insurance, which is separately defined.
3. The property line of authority for a Nevada producer covers insurance for:
Direct or consequential loss or damage to property
The property line is insurance for direct or consequential loss or damage to property of every kind; liability and surety fall in the casualty line.
4. Nevada property insurance contracts covering subjects located in the state are subject to:
The general insurance contract provisions of NRS chapter 687B
All contracts of property insurance on subjects located in Nevada are subject to the applicable provisions of chapter 687B (the insurance contract) and other Code provisions.
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.
