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Exam (elaborations)

STATE FARM EXAM

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  • Course
  • STATE FARM
  • Institution
  • STATE FARM

Exam of 4 pages for the course STATE FARM at STATE FARM (STATE FARM EXAM ...)

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  • August 23, 2024
  • 4
  • 2024/2025
  • Exam (elaborations)
  • Unknown
  • STATE FARM
  • STATE FARM
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Boostertips
STATE FARM EXAM 2024-2025

ACV - Answer today's replacement cost minus depreciation.

REPLACEMENT COST: ANSWER WITHOUT SUBTRACTING
DEPRECIATION


FUNCTIONAL REPLACEMENT COST - ALSO KNOWN AS REPAIR COST.


Answer the agreed-upon value before any loss occurs.


THREE COMMON METHODS USED IN PROPERTY INSURANCE TO
MINIMIZE CLAIMS: ANSWER EXCLUSIONS, DEDUCTIBLES, AND
COINSURANCE.


EXCLUSIONS: ANSWER EVENTS AND PROPERTIES THAT ARE NOT
COVERED.


DEDUCTIBLES: ANSWER RETAIN RISK. Minimizes the use of the policy and
helps to eliminate small claims.


COINSURANCE - REWARD POLICYHOLDERS WHO PURCHASE
ADEQUATE AMOUNTS OF COVERAGE WHILE PUNISHING THOSE WHO
DO NOT.


COINSURANCE: ANSWER DID/SHOULD TIMES LOSS MINUS
DEDUCTIBLE


HOMEOWNERS: ANSWER WILL COVER YOUR PERSONAL PROPERTY
ANYWHERE IN THE WORLD.

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