CISR Personal Residential Property
UPDATED ACTUAL Exam Questions and
CORRECT Answers
Actual Cash Value - CORRECT ANSWER - property's replacement cost value less
depreciation according to the age of the property or results in a reduction in value for normal
wear and tear of the property just prior to the loss
Beneficiary - CORRECT ANSWER - a party that receives a trust's assets when a trustor
dies
Boarders/Roomers - CORRECT ANSWER - individuals who rent rooms in a dwelling
occupied by other boarders and/or the dwelling's owner; inhabitants share common spaces and
kitchen facilities
Conditional Contract - CORRECT ANSWER - the insured must abide by the terms of the
policy for the policy contract to be enforceable
Conditions - CORRECT ANSWER - obligations required of an insured and insurance
company to carry out other policy provisions
Co-Ownership - CORRECT ANSWER - dwellings owned by two individuals
Declarations Page - CORRECT ANSWER - the part of a policy that identifies the named
insured, and includes an address, the policy period, the insured location, policy limits, and any
other key information peculiar to the insured
Dwelling - CORRECT ANSWER - a house's structure and things such as garages, decks,
or porches attached to that structure
, Dwelling under Construction - CORRECT ANSWER - dwellings in the course of
construction
Endorsement - CORRECT ANSWER - amendment or addition to language in a policy
contract that affects coverage
Exclusions - CORRECT ANSWER - provisions that eliminate coverage for some type of
risk
Grantor - CORRECT ANSWER - an individual who establishes a trust
ISO - CORRECT ANSWER - Insurance Services Office
Incidental Occupancy - CORRECT ANSWER - a business operating within a dwelling
Life Estate - CORRECT ANSWER - ownership arrangement that splits ownership
between the giver and receiver
Long-Term Purchase/Contract of Sale - CORRECT ANSWER - ownership arrangement
when the title of the property does not pass from the seller until all the terms of the installment
contract have been satisfied; a "lease-to-own" type agreement
Named Perils - CORRECT ANSWER - coverage only for perils listed in a policy
Open Perils - CORRECT ANSWER - coverage for any reason not specifically excluded
from a policy
Peril - CORRECT ANSWER - an event that causes or has the potential to cause damage or
loss, such as a fire or falling object
UPDATED ACTUAL Exam Questions and
CORRECT Answers
Actual Cash Value - CORRECT ANSWER - property's replacement cost value less
depreciation according to the age of the property or results in a reduction in value for normal
wear and tear of the property just prior to the loss
Beneficiary - CORRECT ANSWER - a party that receives a trust's assets when a trustor
dies
Boarders/Roomers - CORRECT ANSWER - individuals who rent rooms in a dwelling
occupied by other boarders and/or the dwelling's owner; inhabitants share common spaces and
kitchen facilities
Conditional Contract - CORRECT ANSWER - the insured must abide by the terms of the
policy for the policy contract to be enforceable
Conditions - CORRECT ANSWER - obligations required of an insured and insurance
company to carry out other policy provisions
Co-Ownership - CORRECT ANSWER - dwellings owned by two individuals
Declarations Page - CORRECT ANSWER - the part of a policy that identifies the named
insured, and includes an address, the policy period, the insured location, policy limits, and any
other key information peculiar to the insured
Dwelling - CORRECT ANSWER - a house's structure and things such as garages, decks,
or porches attached to that structure
, Dwelling under Construction - CORRECT ANSWER - dwellings in the course of
construction
Endorsement - CORRECT ANSWER - amendment or addition to language in a policy
contract that affects coverage
Exclusions - CORRECT ANSWER - provisions that eliminate coverage for some type of
risk
Grantor - CORRECT ANSWER - an individual who establishes a trust
ISO - CORRECT ANSWER - Insurance Services Office
Incidental Occupancy - CORRECT ANSWER - a business operating within a dwelling
Life Estate - CORRECT ANSWER - ownership arrangement that splits ownership
between the giver and receiver
Long-Term Purchase/Contract of Sale - CORRECT ANSWER - ownership arrangement
when the title of the property does not pass from the seller until all the terms of the installment
contract have been satisfied; a "lease-to-own" type agreement
Named Perils - CORRECT ANSWER - coverage only for perils listed in a policy
Open Perils - CORRECT ANSWER - coverage for any reason not specifically excluded
from a policy
Peril - CORRECT ANSWER - an event that causes or has the potential to cause damage or
loss, such as a fire or falling object
