Property-Only Practice Questions - Property-Only Insurance License Exam - Property-Only Practice Questions

Question 1

Which element is NOT one of the four requirements of an insurable risk?

The loss must be definite and measurable The loss must be due to chance The loss must produce a financial gain The loss must not be catastrophic to the insurer

Correct Answer:

The loss must produce a financial gain

Question 2

An insured owns a home with a market value of $300,000 but a replacement cost of $400,000. The home is destroyed by a covered peril. Under a homeowners policy with adequate replacement-cost coverage and no coinsurance penalty, the insurer will pay:

$$300,000 — the market value $$400,000 — the replacement cost up to the policy limit $$350,000 — the average of the two Whichever is less between market value and replacement cost

Correct Answer:

$$400,000 — the replacement cost up to the policy limit

Question 3

Insurable interest in property insurance must exist:

Only at the time the policy is issued Only at the time of loss Both at the time of policy issuance and at the time of loss At any time during the policy period

Correct Answer:

Only at the time of loss

Question 4

Which of the following best describes a peril?

A condition that increases the chance of loss The actual cause of a loss An exclusion in the policy The financial impact of a loss

Correct Answer:

The actual cause of a loss

Question 5

An insurance applicant fails to disclose a prior fire loss when applying for a homeowners policy. This is an example of:

Concealment Misrepresentation Warranty Waiver

Correct Answer:

Concealment

Question 1

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About this Exam

Prepare with the Property-Only Practice Questions - Property-Only Insurance License Exam practice quiz. This question bank includes 100 questions covering coverage, policy, property, dwelling, and form. Use it to review important concepts, identify knowledge gaps, and build confidence for the related exam, course, or assessment.

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Property-Only Practice Questions - Property-Only Insurance License Exam

This practice set contains 100 questions from the matching question bank and focuses on coverage, policy, property, dwelling, and form. Work through each question carefully, review the provided solutions, and revisit topics that need more study before your next attempt.

This is an independent study resource intended for practice and review; it is not an official examination or an endorsement by any organization named in the title.

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Property-Only Practice Questions - Property-Only Insurance License Exam

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