Free Property Casualty Basics Practice Questions
Tennessee Personal Lines exam — 139 practice questions.
Subtopics: Indemnity, Insurable interest, Subrogation, Actual cash value, Peril, Named perils, Deductible, Casualty insurance, Policy limit, Declarations, Fire insurance inspection, Fair value, Total loss by fire, Overinsurance refund, Value presumed reasonable, Personal risk definition, Commercial risk definition, Personal risk nonrenewal, Nonrenewal reason request, Nonrenewal immunity, Personal risk rate filing, Deemed approval, Filing extension, Policy structure DICE, Insuring agreement, Exclusions, Replacement cost, Coinsurance purpose, Coinsurance penalty math, Coinsurance no penalty, Deductible effect, Open perils, Burden of proof, Salvage, Appraisal provision, Pro rata other insurance, Vacancy, Real vs personal property, Negligence, Elements of negligence, Compensatory damages, Punitive damages, Bodily injury, Property damage, Occurrence, Absolute liability, Vicarious liability, Comparative negligence, Liability limits, Binder, Endorsement, Stated value vs agreed value, Abandonment, Mortgagee clause, Assignment, Proximate cause, 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. The principle that an insured should be restored to their pre-loss financial condition, not profit, is:
Indemnity
Indemnity restores the insured to the pre-loss financial position without allowing a profit from the loss.
2. For property insurance, insurable interest generally must exist:
At the time of the loss
In property insurance, insurable interest must exist at the time of the loss to recover.
3. After paying a covered claim, an insurer's right to recover from the responsible third party is:
Subrogation
Subrogation lets the insurer pursue recovery from the party responsible for the loss after paying the insured.
4. Actual cash value is generally defined as:
Replacement cost minus depreciation
Actual cash value is generally replacement cost minus depreciation.
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.
