Free Property Insurance Basics Practice Questions
Oregon Property exam (series 12-12) — 146 practice questions.
Subtopics: Binders, Binder duration, Binder terms, Representations, Misrepresentation defense, Insurable interest, Policy delivery, Premium increase explanation, Guaranty association, Guaranty limit, Guaranty exclusions, Guaranty membership, Guaranty net worth, Guaranty assessments, Unfair discrimination location, Fire policy cancellation, Return premium, Insurer cancellation refund, Package policy cancellation, Suit against insurer, Concealment or fraud, Proof of loss, Return premium on total loss, Commercial liability cancellation, Commercial liability notice, Cancellation hearing, Burden of proof, Commercial nonrenewal, Renewal on worse terms, Proof of mailing, Exempt policies, Commercial new policy, Multiyear guarantee, 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, 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
Read the Property Insurance Basics study guide
Sample questions & answers
1. Under Oregon law, a binder for property or casualty insurance may be made:
Orally or in writing
ORS 742.043(1) allows binders or other contracts for temporary insurance to be made orally or in writing.
2. Unless extended with the Director's approval, an Oregon P&C insurer must issue a policy in place of a binder within:
90 days after the binder is issued
ORS 742.043(2) requires a policy to be issued within 90 days after issue of a binder; extension beyond 90 days needs the Director's written approval or rule.
3. An Oregon binder is deemed to include:
The usual terms of the policy it binds
ORS 742.043(1) deems a binder to include all the usual terms of the policy as to which it was given, except as superseded by its clear terms.
4. Under ORS 742.013, statements an applicant makes in an Oregon insurance application are treated as:
Representations, not warranties
ORS 742.013(1) deems application statements to be representations and not warranties.
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.
