
Property Insurance Quiz
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Professional Development

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15 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is an example of a building type with high fire resistance?
Frame
Joisted masonry
Noncombustible
Fire resistive
Answer explanation
Fire resistive buildings are specifically designed to withstand fire, using materials that can resist high temperatures and prevent fire spread. This makes them a prime example of high fire resistance compared to other building types.
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which type of construction is considered to have the lowest fire premium?
Frame
Joisted masonry
Noncombustible
Masonry noncombustible
Answer explanation
Noncombustible construction is made from materials that do not burn, resulting in the lowest fire premium. In contrast, frame and joisted masonry structures are more susceptible to fire, leading to higher premiums.
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
How is Actual Cash Value (ACV) calculated?
Market value minus depreciation
Replacement cost plus depreciation
Replacement cost minus depreciation
Agreed value minus depreciation
Answer explanation
Actual Cash Value (ACV) is calculated as the replacement cost of an item minus depreciation. This reflects the item's current value considering wear and tear, making 'Replacement cost minus depreciation' the correct choice.
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What does Replacement Cost (RC) cover?
Market value
Full cost to replace with like kind
Agreed value
Depreciated value
Answer explanation
Replacement Cost (RC) covers the full cost to replace an asset with a similar one, without considering depreciation. This ensures that the insured can restore their property to its original condition.
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
In a coinsurance clause, what happens if the insured carries less than the required percentage of value?
They receive full coverage
They face a penalty on partial losses
Their premiums are reduced
They are not covered at all
Answer explanation
In a coinsurance clause, if the insured carries less than the required percentage of value, they face a penalty on partial losses. This means they will not receive full compensation for claims, reflecting their underinsurance.
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which type of loss is described as a secondary financial loss resulting from direct damage?
Direct Loss
Consequential Loss
Primary Loss
Physical Loss
Answer explanation
Consequential Loss refers to secondary financial losses that occur as a result of direct damage, distinguishing it from Direct Loss, which is the immediate damage itself.
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is an example of a direct loss?
Increased insurance premiums
Loss of market value
Repair cost for hail-damaged skylights
Lost sales due to a factory fire
Answer explanation
A direct loss refers to an immediate financial impact from damage. The repair cost for hail-damaged skylights is a clear example, as it directly results from the damage incurred, unlike increased premiums or lost sales.
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