Free Property Insurance Basics Practice Questions
Virginia Property exam — 165 practice questions.
Subtopics: 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, Insurable interest, Actual cash value, Replacement cost, Agreed value, Direct vs indirect loss, Coinsurance purpose, Coinsurance calculation, Deductible, Declarations, Insuring agreement, Exclusions, Conditions, First named insured, 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, 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, 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. Virginia's standard fire policy provisions are set out in:
Va. Code 38.2-2105, with fixed line numbers
Va. Code 38.2-2105 prescribes the standard provisions, and no change may be made in their sequence, wording arrangement, or line numbers.
2. Under Virginia's standard fire policy provisions, if the insured willfully conceals a material fact before or after a loss, the policy is:
Void
The entire policy is void if the insured willfully conceals or misrepresents a material fact or commits fraud or false swearing.
3. Under Virginia's standard fire policy provisions, which property is never covered, even if named in writing?
Money and securities
Accounts, bills, currency, deeds, evidences of debt, money, and securities are not covered; bullion and manuscripts are covered only if specifically named.
4. Which loss is listed as a peril NOT included under Virginia's standard fire policy provisions?
Theft
The provisions exclude war-type perils, certain civil-authority orders, neglect to protect property, and loss by theft.
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.
