Free Property Casualty Basics Practice Questions
Vermont Personal Lines exam (series 14-39) — 183 practice questions.
Subtopics: Comparative negligence, Guaranty association, Nonrenewal notice, Insurable interest timing, Actual cash value, Replacement cost, Subrogation, Salvage, Deductible purpose, Coinsurance calculation, Declarations page, Endorsement, Pro rata cancellation, Proof of loss, Other insurance, Credit information, Insurance scores, Credit updates, Extraordinary life events, Renewal notice, Late renewal notice, Transfer to affiliate, Cancellation reasons, Increase in hazard, New business period, Cancellation notice, Notice by mail, Nonrenewal, Agent termination, Penalties, Required provisions, Misstatements, Premium finance, Loss payment, Defective proof of loss, Vermont contracts, Agreed valuation, Claim acknowledgment, Department inquiries, Claim decisions, Claim denials, Investigation delays, Time limit warnings, Payment timing, Claims contact, Payment explanations, Regulation scope, Estimates, Hidden damage, Policy structure DICE, Declarations, Insuring agreement, Exclusions, Coinsurance purpose, Coinsurance penalty math, Coinsurance no penalty, Deductible effect, Named perils, Open perils, Burden of proof, 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, Liability limits, Binder, 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, Short-rate cancellation, 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, 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. Under Vermont's modified comparative negligence rule, an injured plaintiff may still recover damages if the plaintiff's own negligence is:
Not greater than the defendants' combined fault
12 V.S.A. § 1036 allows recovery if the plaintiff's negligence was not greater than the total causal negligence of the defendants. The award is reduced in proportion to the plaintiff's share of fault.
2. The Vermont Property and Casualty Insurance Guaranty Association generally:
Pays covered claims of insolvent member insurers
The Vermont Property and Casualty Insurance Guaranty Association pays covered claims, within statutory limits, when a member insurer is placed in liquidation. It is funded by assessments on member insurers.
3. When a Vermont homeowners insurer decides not to renew a policy, it generally must:
Give at least 45 days' advance written notice
8 V.S.A. § 3881 requires an insurer that will not renew to mail or deliver at least 45 days' advance notice to the named insured. Notice sent by mail must go by certified mail (§ 3883).
4. In property insurance, insurable interest must exist:
At the time of the loss
In property insurance, the insured must have an insurable interest at the time of the loss to collect. This prevents gambling on others' property.
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.
