Exam (elaborations)
State Farm Property questions and answers rated A+ 2024/2025
- Course
- State Farm Property
- Institution
- Liberty University
State Farm Property questions and answers rated A+ 2024/2025
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State Farm PropertyIn belongings insurance real cash value is described as which of the subsequent -
ANSReplacement value at the time of the loss, much less depreciation
Peril is maximum without problems defined as - ANSthe reason of loss insured against
What is a leading element inside the dedication of actual coins price - ANSreplacement fee
Replacement cost is defined as - ANSfull substitute of property at its cutting-edge fee, new and
with out discount for depreciation
Property coverage that gives 100k insurance for a building and 50k coverage for private
property at a single region is referred to as - ANSSpecific coverage
Which of the following is used in the method for calculating the actual cash cost of a belongings
- ANSreplacement fee
What is the cause of the coinsurance clause determined in assets insurance guidelines? -
ANSEncourage the insured to insure the belongings in the direction of its complete cost
An insured has a liability coverage that sets the amount at 50k for all claims that stand up from a
single incident. which sort of restrict of liability does this insured's coverage have? - ANSper
occurrence
When the quantity of insurance written in a assets policy is not challenge to any coinsurance
provision and that quantity is paid in the occasion of a protected loss, the insurance is said to be
written as - ANSstated amount
What is stated quantity insurance - ANSIn stated amt coverage the cost of the insured property
is determined at the time the coverage is written.
Within the occasion of a loss, that quantity is paid without regard to any coinsurance provision.
However, if the loss is much less than the full, the insurer has salvage rights with the insured
having first proper of refusal of the salvage.
What form of legal responsibility might someone who owns a swimming pool have? -
ANSAbsolute
What is absolute liability - ANSAny behavior that is inherently dangerous imposes absolute
liability. The claimant does no longer should prove anything
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