100% satisfaction guarantee Immediately available after payment Both online and in PDF No strings attached
logo-home
State Farm Insurance License Exam Latest 2024 Actual Questions and Verified Answers (2024 / 2025) A+ Grade 100% Guarantee Verified by Experts $13.49   Add to cart

Exam (elaborations)

State Farm Insurance License Exam Latest 2024 Actual Questions and Verified Answers (2024 / 2025) A+ Grade 100% Guarantee Verified by Experts

 8 views  0 purchase
  • Course
  • State Farm
  • Institution
  • State Farm

State Farm Insurance License Exam Latest 2024 Actual Questions and Verified Answers (2024 / 2025) A+ Grade 100% Guarantee Verified by Experts

Preview 3 out of 27  pages

  • September 16, 2024
  • 27
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
  • State Farm
  • State Farm
avatar-seller
BESTGOODIES
State Farm Insurance License Exam.pdf file:///C:/Users/HP/Desktop/New%20folder/State%20Farm%20Insu




State Farm Insurance License Exam Questions &

Answers



1. Abandonment Condition

Answer 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.



2. Accident

Answer A loss that occurs at a specific time and place



3. Actual Cash Value (ACV)

Answer Today's replacement cost minus depreciation. Depre- ciation from wear and tear, or

obsolescence.



4. admitted insurer; authorized insurer

Answer Company that meets a state insurance department's standards and is allowed to do
1/




1 of 27 9/13/2024, 5:10

,State Farm Insurance License Exam.pdf file:///C:/Users/HP/Desktop/New%20folder/State%20Farm%20Insu




business in that state.



5. Adverse Selection

Answer the tendency of insureds with a greater than average chance of loss to purchase

insurance



6. Annual Transit Policy

Answer Nonfiled commercial inland marine transportation form that insures a property

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



7. Appraisal Clause

Answer A survey of property to determine the insurable value of the property or the value of

the loss sustained.



8. Appraisal Condition

Answer Policy condition that outlines a procedure for when the insured and insurer

disagree on the amount of a loss


2/




2 of 27 9/13/2024, 5:10

,State Farm Insurance License Exam.pdf file:///C:/Users/HP/Desktop/New%20folder/State%20Farm%20Insu




9. Assignment

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



10. Aviation Hull Insurance

Answer Provides coverage for physical damage to an aircraft.



11. Bailee's Customers Policy

Answer 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.



12. Appurtenant Structures

Answer Buildings of lesser value that are on the same premis- es as the main building insured

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



13. Assignment Condition

Answer Condition in insurance policies that specifies that the policy cannot be transferred to

another unless the company consents to the transfer in writing.


3/




3 of 27 9/13/2024, 5:10

The benefits of buying summaries with Stuvia:

Guaranteed quality through customer reviews

Guaranteed quality through customer reviews

Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.

Quick and easy check-out

Quick and easy check-out

You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.

Focus on what matters

Focus on what matters

Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!

Frequently asked questions

What do I get when I buy this document?

You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.

Satisfaction guarantee: how does it work?

Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.

Who am I buying these notes from?

Stuvia is a marketplace, so you are not buying this document from us, but from seller BESTGOODIES. Stuvia facilitates payment to the seller.

Will I be stuck with a subscription?

No, you only buy these notes for $13.49. You're not tied to anything after your purchase.

Can Stuvia be trusted?

4.6 stars on Google & Trustpilot (+1000 reviews)

71498 documents were sold in the last 30 days

Founded in 2010, the go-to place to buy study notes for 14 years now

Start selling
$13.49
  • (0)
  Add to cart