State Farm Insurance License Exam Questions and Answers 2024/2025 complete solution ( A+ GRADED 100% VERIFIED)
Abandonment Condition - ANS A condition often contained in property insurance policies that states that the insured cannot abandon damaged property to the insurer and demand to be reimb...
Program run by the federal government that makes flood insurance available to
eligible communities at subsidized rate; includes coverage for both building and
personal property with separate deductible for each.
National Flood Insurance Program (NFIP)
,commercial auto coverage form that is an alternate to the truckers coverage form; it
can be used to cover anyone who transports property by auto in a commercial
enterprise
Motor Carrier Coverage Form
$200 limit on personal property with special limits
Coverage limit on money in HO
Condition found in property insurance contracts that provides that if the insurer
broadens coverage under a policy form or endorsement without requiring an
additional premium, then all existing similar policies or endorsements will be
construed to contain the broadened coverage
Liberalization Clause
Buildings of lesser value that are on the same premises as the main building insured
under a property policy; they are usually covered by the policy.
, Appurtenant Structures
Property that is specifically listed in the declarations and covered for a specific
amount; also called specific insurance.
Scheduled Coverage
Absence of both people and property from the insured premises - no contents/no
activity
Vacancy
Other structures; covers building and structures on the premises other than the
dwelling set apart by a clear space from the dwelling; 10% of Coverage A.
Coverage B of homeowners policy
Property insurance coverage designed to insure exposures that cannot be
conveniently or reasonably confined to a fixed location or insured under a standard
form. Includes coverage for property in transit, overland, moveable property,
, instruments of transportation and communication (bridges, roads, and television/radio
towers), legal liability for bailees coverage, and computerized equipment.
Inland Marine Insurance
Pays for loss of income that the insured sustains due to a direct physical loss from a
covered peril that forces the insured to suspend operations until the property can be
repaired, rebuilt, or replaced with reasonable speed; available with or without extra
expense coverage.
Business Income Policy
Provides coverage for physical damage to an aircraft.
Aviation Hull Insurance
Program established by law that makes property insurance available to insureds who
might otherwise be uninsurable in the standard market.
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