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state farm questions and answers rated A+ 2024/2025
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- State Farm Property
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- Liberty University
state farm questions and answers rated A+ 2024/2025
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state farmWhich of the subsequent refers to being restored to the financial situation you had been in
before a loss? - ANSindemnification
mark incurred 8000$ harm to his vehicle in an coincidence. He received 8000$ from his
insurance employer and 4000$ from the opposite motive force. By using receiving a benefit from
the loss, Mark is in violation of.. - ANSprinciple of indemnity
the transfer of risk from one celebration to any other is called - ANSinsurance
the precept of indemnity is designed to save you - ANSkeeps the insured from making a profit
from an insured loss.
The price paid by means of the insured in exchange for an coverage coverage is known as a -
ANSpremium
insurance - ANStransfers danger of monetary losses from one birthday party to any other
insured - ANSindividual or business enterprise that pays premiums in trade for protection
insurer - ANScompany group or government agency providing financial protection
coverage policy - ANSa legally binding settlement wherein the insurer agrees to tackle targeted
risks in trade for the insured's charges
precept of indemnity - ANSrestoration to previous monetary circumstance; no more, no less.
What are the four qualifications of a agreement - ANSagreement, consideration, able parties,
and criminal motive. Should be 18 years of age
what isn't a requirement for a legally binding agreement - ANSnotarization
while an insurer troubles an coverage policy, the real item, individual or employer that is being
insured is known as the - ANSthe hazard
what is a reserve, in insurance phrases - ANSa pool of gathered charges that the insurer units
aside to pay claims
aleatory - ANSof or relating unintentional reasons; of luck or hazard; unpredictable
unilateral - ANSone-sided
,utmost precise faith - ANSboth parties must act certainly and openly so as for the settlement to
be legitimate
adhesion - ANSone birthday celebration units the phrases of the agreement; the other may
certainly agree or now not agree
unilateral - ANSonly the insurer makes a promise to behave; the insured can void settlement at
any time
non-public - ANSthe insured individual is blanketed from losses, not the blanketed belongings.
Conditional - ANSthe insurer ought to simplest honor the settlement if the insured meets
positive situations.
Aleatory - ANSthe exectution of the contract relies upon on an unknown destiny event.
An coverage applicat revealing his convictions for under the influence of alcohol using to an
insurer is an example of - ANSutmost top faith.
Tom purchases a new automobile from his nearby vehicle dealer. He also decides to get
insurance insurance in order to pay to repair the car if he have been to get into an coincidence.
That is because tom wants to protect - ANShis own economic hobby in the automobile.
Tom decides to purchase an coverage coverage to defend his home. In line with the definition of
a non-public agreement, which of the subsequent maximum appropriately describes what tomes
insurance without a doubt protects - ANStoms economic interest in thee domestic
what isn't true approximately an aleatory settlement - ANSin an aleatory agreement, the quantity
of benefit to the insured and insurer is same.
What does D.I.C.E stand for? - ANSdeclarations page (and definitions), insuring settlement,
situations and exclusions (and endorsements)
'we can offer the insurance defined on this policy in return for the top rate and compliance with
all relevant provisions of this policy.' wherein section of the coverage coverage may this
announcement be discovered? - ANSinsuring settlement
wherein phase of the policy might you find the subsequent announcement ? 'harm to insured
property must be stated inside 15 days of the damaging occurrence.' - ANSconditions
which of these causes of loss is least possibly to be included by way of a typical insurance
policy? - ANSnuclear chance
, edna loses some of her property in a hailstorm. While an adjuster comes to investigate the loss,
he gives an estimate that edna thinks is far too lowl. As negotiations retain, neither edna nor the
adjuster will budge. In which in Ednas coverage might you find the manner to observe in this
case? - ANSconditions
situations - ANSlists necessities that the insured need to meet for coverage to use
declarations - ANSinformation that makes the policy unique to a specific insured.
Exclusions - ANScauses of loss or objects of belongings that aren't covered by using the policy
endorsements - ANSadd, lessen, or change the coverage of the coverage in a few way
definitions - ANSexplains precisely what precise words suggest inside the context of the
coverage
insuring agreement - ANSthe essence of the contract. Regularly handiest a single sentence
Xavier owns a small insurance corporation. Lately the corporation won a bid to insure a brand
new housing improvement in Omaha, NE. His agency can hangle any claims that arise,
however if a series of tornados have been to tear via the place, destroying the complete
development, Xaviers corporation would be hit extremely hard financially. which sort of insurer
should assist Xaviers agency protect itself the most from this capacity loss? - ANSa re-insurer
what type of coverage issuer operates on a for-income foundation? - ANSmutual insurance
agencies
what sort of insurer sells stocks to the public and is owned by means of its shareholders - ANSa
inventory insurance organisation
publicly traded acme coverage is listed on the brand new York inventory trade, and would
therefore be taken into consideration - ANSa non-participating coverage agency.
Stock coverage organizations - ANSalways for earnings, publicly traded, 'non-collaborating'
insurers: no dividends visit policy holders
mutual insurance organization - ANSowned by policy holders (no shareholders), elect board
administrators, participate in dividends
re-insurer - ANSan insurer that offers coverage for other insurers
reciprocal insurer - ANSa group of ppl or groups that insure each different. Always non- profit.
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