Property Insurance Quiz
Assessment on property insurance coverage, policies, and costs.
- 1.
What is property insurance?
- A.
Insurance that protects you from the financial loss you would incur if some of your property were lost or destroyed due to fire, theft, vandalism, flood, or other hazards.
- B.
Insurance that covers damage to a vehicle.
- C.
Insurance that covers your health.
- D.
Both Band C.
Correct Answer
A. Insurance that protects you from the financial loss you would incur if some of your property were lost or destroyed due to fire, theft, vandalism, flood, or other hazards. -
- 2.
What three kinds of economic losses do property insurance protect you from?
- A.
Additional living expenses
- B.
Damage to home or property
- C.
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- D.
Liability protection
Correct Answer(s)
A. Additional living expenses
B. Damage to home or property
D. Liability protection -
- 3.
Property insurance often covers additional living expenses.
- A.
True
- B.
False
Correct Answer
A. True -
- 4.
What is personal liability coverage?
- A.
Coverage on liability stuff.
- B.
Coverage on personal stuff.
- C.
Covers claims from injuries to people or damage to property cause by you, your family, or even your pets.
- D.
Both A and B
Correct Answer
C. Covers claims from injuries to people or damage to property cause by you, your family, or even your pets. -
- 5.
What are perils?
- A.
Causes of loss such as fire, wind, or theft.
- B.
Death.
- C.
A loss.
- D.
Both B and C
Correct Answer
A. Causes of loss such as fire, wind, or theft. -
- 6.
What is the difference between real and personal property?
- A.
Real
- B.
Personal
- C.
Real property is permanently attached to land and personal property is not.
- D.
Both A and B.
Correct Answer
C. Real property is permanently attached to land and personal property is not. -
- 7.
What is the most common form of home and property insurance policy?
- A.
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- B.
Homeowners’ policy.
- C.
Pet policy.
- D.
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Correct Answer
B. Homeowners’ policy. -
- 8.
Personal liability coverage is not included with all forms of homeowners’ policy.
- A.
True
- B.
False
Correct Answer
B. False -
- 9.
What are the three most common forms of homeowners’ policy?
- A.
Basic form
- B.
Love form
- C.
Special form
- D.
Broad form
Correct Answer(s)
A. Basic form
C. Special form
D. Broad form -
- 10.
What is renters’ policy?
- A.
For owners.
- B.
For pets.
- C.
Both A and B
- D.
Property and liability policy suitable for renters.
Correct Answer
D. Property and liability policy suitable for renters. -
- 11.
A renters’ policy may include personal liability coverage, but it doesn’t protect the actual dwelling.
- A.
True
- B.
False
Correct Answer
A. True -
- 12.
Give an example of when you would need a special coverage policy?
- A.
When a flood or earthquake occurs.
- B.
When i break my back.
- C.
When i drop a glass cup.
- D.
Both B and C
Correct Answer
A. When a flood or earthquake occurs. -
- 13.
What is inventory?
- A.
List of food.
- B.
List of personal property that you have insured.
- C.
List of needs
- D.
Both A and C
Correct Answer
B. List of personal property that you have insured. -
- 14.
What three things should the inventory list include?
- A.
The brand name and description of the item.
- B.
Bye.
- C.
The purchase price.
- D.
The date and place of the purchase.
Correct Answer(s)
A. The brand name and description of the item.
C. The purchase price.
D. The date and place of the purchase. -
- 15.
What is depreciation?
- A.
A increase in value.
- B.
A decrease in value.
- C.
Love
- D.
Hate
Correct Answer
B. A decrease in value. -
- 16.
Special care should not be taken to correctly estimate the value of personal property.
- A.
True
- B.
False
Correct Answer
A. True -
- 17.
What factors do insurance companies consider in determining homeowners insurance premiums?
- A.
Insurance company’s past experiences
- B.
The value of property insured
- C.
Construction of the building
- D.
Number of claims on the property
- E.
Type of policy
- F.
Distance to the nearest fire department and water supply
- G.
Amount of deductible
- H.
Credit rating of the insured
Correct Answer(s)
A. Insurance company’s past experiences
B. The value of property insured
C. Construction of the building
D. Number of claims on the property
E. Type of policy
F. Distance to the nearest fire department and water supply
G. Amount of deductible
H. Credit rating of the insured -
Quiz Review Timeline +
Our quizzes are rigorously reviewed, monitored and continuously updated by our expert board to maintain accuracy, relevance, and timeliness.
-
Current Version
-
Mar 22, 2022Quiz Edited by
ProProfs Editorial Team -
Mar 28, 2013Quiz Created by
Alyssababy
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