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State Farm Property Test | 100% Correct Answers

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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 Re...

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  • August 26, 2022
  • 4
  • 2022/2023
  • Exam (elaborations)
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  • state farm property test | 100 correct answers

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State Farm Property In property insurance actual cash value is defined a s 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 Replacement cost is defined as - ✔✔full replacement of property at its current cost, new and without reduction for depreciation Property insurance that provides 100k coverage for a building and 50k coverage for personal property at a single location is ca lled - ✔✔Specific coverage Which of the following is used in the formula for calculating the actual cash value of a property - ✔✔replacement cost What is the purpose of the coinsurance clause found in property insurance policies? - ✔✔Encourage the insure d to insure the property closer to its full value An insured has a liability policy that sets the amount at 50k for all claims that arise from a single incident. which type of limit of liability does this insured's policy have? - ✔✔per occurrence When th e amount of insurance written in a property policy is not subject to any coinsurance provision and that amount is paid in the event of a covered loss, the coverage is said to be written as - ✔✔stated amount What is stated amount coverage - ✔✔In stated amt coverage the value of the insured property is determined at the time the policy is written. in the event of a loss, that amount is paid without regard to any coinsurance provision. However, if the loss is less than the total, the insurer has salvage r ights with the insured having first right of refusal of the salvage. What type of liability would a person who owns a swimming pool have? - ✔✔Absolute What is absolute liability - ✔✔Any conduct that is inherently dangerous imposes absolute liability. the claimant does not have to prove anything

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