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State Farm Insurance License Exam 2023 A+ $9.89   Add to cart
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Exam (elaborations)

State Farm Insurance License Exam 2023 A+
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State Farm Insurance License Exam 2023 A+ Abandonment Condition Ans- 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 Ans- A loss that occurs at a sp...

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  • February 2, 2023
  • 22
  • 2022/2023
  • Exam (elaborations)
  • Questions & answers

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  • state farm insurance license exam 2023 a

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  • AGRICULTURE
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State Farm Insurance License Exam
2023 A+
Abandonment Condition Ans- 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 Ans- A loss that occurs at a specific time and place




Actual Cash Value (ACV) Ans- Today's replacement cost minus depreciation. Depreciation from

wear and tear, or obsolescence.




admitted insurer; authorized insurer Ans- Company that meets a state insurance department's

standards and is allowed to do business in that state.




Adverse Selection Ans- the tendency of insureds with a greater than average chance of loss to

purchase insurance

,Annual Transit Policy Ans- Nonfiled commercial inland marine transportation form that insures

a property owner's incoming or outgoing shipments of goods during a year




Appraisal Clause Ans- A survey of property to determine the insurable value of the property or

the value of the loss sustained.




Appraisal Condition Ans- Policy condition that outlines a procedure for when the insured and

insurer disagree on the amount of a loss




Assignment Ans- The legal transfer of one's interest in an insurance policy to another person.




Aviation Hull Insurance Ans- Provides coverage for physical damage to an aircraft.




Bailee's Customers Policy Ans- Nonfiled commercial inland marine form obtained by a bailee to

cover loss or damage to customers' property in the bailee's custody without regard to liability.




Appurtenant Structures Ans- Buildings of lesser value that are on the same premises as the main

building insured under a property policy; they are usually covered by the policy.

, Assignment Condition Ans- Condition in insurance policies that specifies that the policy cannot

be transferred to another unless the company consents to the transfer in writing.




Bailee Ans- A person or organization that has temporary possession of someone else's personal

property.




Basic Perils in Homeowners Policy Ans- There are 14 perils. Fire, lightening, riot, explosion,

vehicles, volcanic eruption, civil commotion, smoke, hail, aircraft, windstorm, vandalism,

malicious mischief, theft.




Basic Property Policy Structure (DICEE) Ans- D - Declarations

I - Insuring agreement

C - Conditions

E - Exclusions

E - Endorsements




Blanket Insurance Ans- Type of insurance policy that covers more than one item of property at a

single location or one or more items of property at multiple locations

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