Free Property Casualty Basics Practice Questions
Virginia Personal Lines exam (series 11-07) — 181 practice questions.
Subtopics: Insurable interest, Indemnity, Actual cash value, Subrogation, Peril, Deductible, Binder, Coinsurance, Replacement cost, Proximate cause, Standard fire policy, Concealment and fraud, Uninsurable property, Perils not included, Neglect, Vacancy, Explosion and riot, Increased hazard, Cancellation by insured, Cancellation by insurer, Mortgagee cancellation, Mortgagee proof of loss, Pro rata liability, Duties after loss, Appraisal, Appraisal umpire, Appraisal costs, Company options, Abandonment, When loss payable, Suit against insurer, Subrogation clause, Binders, Flood exclusion notice, Earthquake notice, Ordinance or law offer, Volunteer fire department, Assignment of claims, Replacement cost claims, Functional replacement cost, Replacement cost statement, Fire insurance discrimination, Credit information, Owner-occupied cancellation, Owner-occupied review, Owner-occupied notice content, New business period, Nonrenewal prohibited, Coverage inquiries, Foster parents, Credit and nonrenewal, Proof of mailing, Notice retention, VPIA policies, Foreclosure sale, Insured bankruptcy, Unsatisfied judgment, Breach notice to claimant, Reservation of rights, Policy structure DICE, Declarations, Insuring agreement, Exclusions, Coinsurance purpose, Coinsurance penalty math, Coinsurance no penalty, Deductible effect, Named perils, Open perils, Burden of proof, Salvage, Appraisal provision, Pro rata other insurance, 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, Endorsement, Stated value vs agreed value, Mortgagee clause, Assignment, Attractive nuisance, Hold harmless agreement, Additional insured, Valued policy, Blanket vs specific, Liability vs property insurance, 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, 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. For personal property insurance, insurable interest must exist:
At the time of loss
Property insurance requires an insurable interest at the time of loss.
2. Under the principle of indemnity, a personal lines claim payment should:
Restore the insured without allowing a profit
Indemnity restores the insured to the pre-loss financial position without profit.
3. Actual cash value is generally calculated as:
Replacement cost minus depreciation
ACV equals replacement cost less depreciation.
4. Subrogation allows a personal lines insurer to:
Recover a paid claim from the responsible party
After paying, the insurer steps into the insured's rights against the at-fault party.
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.
