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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

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  • 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

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  • September 16, 2024
  • 27
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
  • State Farm
  • State Farm
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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
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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


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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.


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