State Farm 2023 Questions With 100% Correct Answers.
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Course
State Farm Property
Institution
State Farm Property
Which must have an appointment? Consultant/producer/insured - ANSWER - Producer
Define Pure Risk - ANSWER - Chance of loss with no possibility of gain
The Law of Large Numbers says? - ANSWER - Losses become more predictable as the number of insureds increases
A broker represents? - ANSWER ...
State Farm 2023 Questions With 100% Correct Answers.
Which must have an appointment? Consultant/producer/insured - ANSWER - Producer
Define Pure Risk - ANSWER - Chance of loss with no possibility of gain
The Law of Large Numbers says? - ANSWER - Losses become more predictable as the
number of insureds increases
A broker represents? - ANSWER - Insured
A Producer Represents? - ANSWER - Insurer
Insurance is regulated at which level? State or Federal - ANSWER - State
A peril is? - ANSWER - Cause of loss
Limit of liability is? - ANSWER - Maximum policy will pay for a loss
All - Risk - ANSWER - Covers all perils but those listed in exclusions
What is a Hazard? - ANSWER - Any factor that increases the chance of a loss occurring
What is a; rider, endorsement or extension? - ANSWER - An addition to the policy
What is inherent vice? - ANSWER - Natural deterioration, exclusion
If Insurer cancels, the Insured is entitled to? - ANSWER - Pr-rata fund
If the Insured cancels, the Insurer is entitled to? - ANSWER - Short rate fund
Conditions Section of the policy contains? - ANSWER - Insured's Obligations,
Declarations section of the policy lists? - ANSWER - Information unique to the Insured's policy
Insuring Agreements section contains? - ANSWER - Contains the Insurer's obligations, type of insurance provided
What is Consideration? - ANSWER - The item of value that each party brings to the contract What is ACV equation? - ANSWER - Replacement cost minus physical depreciation
Right of salvage gives the right to who? - ANSWER - Gives the right to the Insurer
Replacement cost pays? - ANSWER - The insured in full
HO 1 - ANSWER - Basic coverage
HO 2 - ANSWER - Broad form on both Buildings and personal property
HO3 - ANSWER - Special-Buildings Broad Personal property
HO 4 - ANSWER - Renters. (tenants)
HO 5 - ANSWER - Special- structures and personal property
HO 6 - ANSWER - Condominium or Cooperative owners. Minimum of $5,000 for structural damage
HO 8 - ANSWER - (HO1) Insures the structure for ACV
Section 2 of HO policy covers? - ANSWER - Personal Liability
Indirect Loss? - ANSWER - Loss of use. Loss of income
Direct Loss? - ANSWER - Physical damage
Law of Large numbers determines? - ANSWER - Premiums based on historical loss figures
Basic form policy covers? - ANSWER - Fire; Lightning; Rioting; Explosions; Wind and Hail; Smoke; Sprinkler leakage; Sinkhole; Volcano; Vehicles or Aircraft; Vandalism
Basic coverage Acronym? - ANSWER - Football Lovers Relish Every Win! Score Score Score, victory Victory Victory
Broad form covers Basic 11 and? - ANSWER - Water Damage; Weight of snow ice and sleet; Falling objects; Glass; Collapse
Broad coverage acronym? - ANSWER - Willy Wonka's Fabulously good Chocolate
PAP - ANSWER - Personal Auto Policy
CGL - ANSWER - Commercial General Liability
E&O - ANSWER - Errors & Omissions
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