Free Property Insurance Basics Practice Questions
Wyoming Property exam — 147 practice questions.
Subtopics: Midterm cancellation grounds, Nonpayment notice, Other cancellation notice, Precise reason, New policy exemption, Nonrenewal notice, Malpractice nonrenewal, Nonrenewal reason, Renewal on less favorable terms, Late renewal terms remedy, Notice delivery, Proof of mailing, Refund on cancellation, Block cancellation, Guaranteed annual premium, Loss of reinsurance, Cancellation law scope, Affiliate transfer, Group P&C termination, Group master termination, Group coverage change, Binder form, Binder duration, Binder extension, Binder terms, P&C claim payment deadline, Unreasonable refusal, Proof of loss forms, No waiver, Property insurance defined, Title insurance separate, Insurable interest timing, Measure of insurable interest, Insurable interest defined, Mortgagee duplicate, Insurable interest, 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, Burden of proof, Proximate cause, Concurrent causation, Anti-concurrent causation clause, Pro rata cancellation, Flat cancellation, 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, Appraisal costs, Proof of loss timing, Suit against insurer, 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 Wyo. Stat. 26-35-202, an insurer may cancel a property or casualty policy before the end of its term for each of the following reasons EXCEPT:
the insured filed one covered claim
Section 26-35-202(a) limits midterm cancellation to nonpayment of premium, material misrepresentation, substantial change in the risk, or substantial breach of contractual duties, conditions or warranties.
2. A Wyoming property or casualty insurer cancelling a policy midterm for nonpayment of premium must give written notice at least how many days before the cancellation date?
10 days
Wyo. Stat. 26-35-202(b)(i) requires written notice stating the precise reason not less than ten days before the effective date when cancellation is for nonpayment.
3. When a Wyoming property or casualty insurer cancels midterm for a substantial change in the risk, written notice must be given at least:
45 days before cancellation
Wyo. Stat. 26-35-202(b)(ii) requires at least forty-five days' notice in all cases other than nonpayment (and other than material misrepresentation).
4. A Wyoming notice of midterm cancellation for nonpayment, change in risk or breach of conditions must:
state the precise reason for cancellation
Wyo. Stat. 26-35-202(b) provides that the cancellation is not effective unless written notice stating the precise reason has been made as provided in 26-35-101.
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.
