PERSONAL LINES EXAM AND PRACTICE EXAM
NEWEST 2025 ACTUAL EXAM COMPLETE QUESTIONS
AND CORRECT DETAILED ANSWERS (VERIFIED
ANSWERS) |100% GUARANTEED PASS!
Actual cash value is defined as..... - (answer)replacement cost minus
depreciation.
Fine arts are typically insured on an ______ ______ _____, whereby an insured,
and insured agree, at time of insuring, on an amount of insurance to be paid at
the event of a loss. - (answer)Agreed Value Basis
The owner of clothing to be cleaned would be a ______. The dry cleaner cleaning
the clothes is the ______. - (answer)Bailor, Bailee
The insurer has the right to take possession of damaged property after payment
of loss. - (answer)True
The ______ covered in a property policy are always in the insuring agreement. -
(answer)Perils
Additional living expense is an indirect loss, not a direct loss. - (answer)True
When property is covered on a ___________ ____ _____, there is no deduction
for depriciation. - (answer)Replacement Cost Basis
, ____ _____ ________, cover risks of direct physical loss and the perils that are not
named. - (answer)Open Peril Policies
The insuring agreement contains the insurer's promises to the insured. The
insureds name is found in the ____________. - (answer)Declarations
The insured is required to Personally make repairs to their property. -
(answer)False-, The insured may choose who will make the repairs.
____________ is a legal process against a third party, not the insured. -
(answer)Subrogation
______________ is a situation that occurs when two policies covering the same
property contain different coverages. - (answer)Nonconcurrency
A property purchased ten years ago for $100,000 has a replacement value today
of $200,000. it is depriciated 3% each year. what is todays actual cash value? -
(answer)$140,000
The _________ ______ states the procedure to be followed if the insured and
insurer disagree on the amount of loss. - (answer)Appraisal Clause
_____ ________ policies provide coverage for only the perils listed in the policy. -
(answer)Named Peril
NEWEST 2025 ACTUAL EXAM COMPLETE QUESTIONS
AND CORRECT DETAILED ANSWERS (VERIFIED
ANSWERS) |100% GUARANTEED PASS!
Actual cash value is defined as..... - (answer)replacement cost minus
depreciation.
Fine arts are typically insured on an ______ ______ _____, whereby an insured,
and insured agree, at time of insuring, on an amount of insurance to be paid at
the event of a loss. - (answer)Agreed Value Basis
The owner of clothing to be cleaned would be a ______. The dry cleaner cleaning
the clothes is the ______. - (answer)Bailor, Bailee
The insurer has the right to take possession of damaged property after payment
of loss. - (answer)True
The ______ covered in a property policy are always in the insuring agreement. -
(answer)Perils
Additional living expense is an indirect loss, not a direct loss. - (answer)True
When property is covered on a ___________ ____ _____, there is no deduction
for depriciation. - (answer)Replacement Cost Basis
, ____ _____ ________, cover risks of direct physical loss and the perils that are not
named. - (answer)Open Peril Policies
The insuring agreement contains the insurer's promises to the insured. The
insureds name is found in the ____________. - (answer)Declarations
The insured is required to Personally make repairs to their property. -
(answer)False-, The insured may choose who will make the repairs.
____________ is a legal process against a third party, not the insured. -
(answer)Subrogation
______________ is a situation that occurs when two policies covering the same
property contain different coverages. - (answer)Nonconcurrency
A property purchased ten years ago for $100,000 has a replacement value today
of $200,000. it is depriciated 3% each year. what is todays actual cash value? -
(answer)$140,000
The _________ ______ states the procedure to be followed if the insured and
insurer disagree on the amount of loss. - (answer)Appraisal Clause
_____ ________ policies provide coverage for only the perils listed in the policy. -
(answer)Named Peril
