Personal Lines Exam Prep Questions And Accurate Answers (A+ Graded)

Personal Lines Exam Prep Questions And Accurate
Answers (A+ Graded)


Actual cash value is defined as. - Answer replacement cost minus depreciation.



Fine arts are normally 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 clothes to be cleaned would be a ______. The dry cleaner cleaning the
clothes is the ______. - Answer Bailor, Bailee



After payment of loss, the insurer has the right to take possession of damaged property.
- Answer True



The ______ covered in a property policy are always in the insuring agreement. - Answer
Perils



Extra living expense is an indirect loss and 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