State Farm Insurance Bundled Exams with complete solution | everything you need

Competitive Bids - The competitive bid process requires that two or more repairers submit competitive estimates or "bids" for a specific repair job. The amount of the low, complete bid is generally considered to be the "competitive" price and is used as the basis for settlement. In all cases,...

Select Service Program - In some market areas, repairers have been selected to participate in State Farm's Select Service Program. The program is designed to enhance claim service, increase efficiency, and afford customers an opportunity to select qualified repairers to inspect and estimate vehic...

ou're preparing an estimate on a customer's vehicle that requires refinishing of the hood and right front fender only. The hood is the first panel listed on the estimate. According to most Collision Estimating Guides, would refinish overlap be applicable on the hood? Choose the most correct stat...

Abandonment Condition - A condition often contained in property insurance policies that states that the insured cannot abandon damaged property to the insurer and demand to be reimbursed for its full value. Accident - A loss that occurs at a specific time and place Actual Cash Value (ACV) - Toda...

In property insurance actual cash value is defined as which of the following - Replacement cost at the time of the loss, less depreciation Peril is most easily defined as - the cause of loss insured against What is a leading factor in the determination of actual cash value - replacement cost Rep...

Which kind of losses are covered under a standard fire policy? Direct All fires are not covered by the Standard Fire policies, only those that: are hostile and have a flame or glow At what time does a fire policy go into affect? 12:01am standard time at the location of the insured's property A...

A: Liability - Protection againsy lawsuits if I am at fault in an auto accident Liability 100/300. (100?) - $100,000 of lawsuit protection in at fault accident if ONE claimant is suing Ex.) I hit Mikey and he is suing me for $120,000 for his neck injury. I am covered for $100,000, still have to p...

Select the false statement listed below: In the HO-3 policy, the ALE payments will be made only for: Select the single best answer: A. The shortest time necessary to repair or replace the damaged property, but not to exceed 24 months. B. If the insured does not rebuild, the time necessary for the...