Exam (elaborations)
STATE FARM INSURANCE LICENSE EXAM 2024/2025 QUESTIONS AND ANSWERS
- Course
- Institution
STATE FARM INSURANCE LICENSE EXAM 2024/2025 QUESTIONS AND ANSWERS
[Show more]
Content preview
STATE FARM INSURANCE LICENSE EXAM 2024/2025STATE FARM INSURANCE LICENSE EXAM
2024/2025 QUESTIONS AND ANSWERS
Annual Transit Policy
Nonfiled commercial inland marine transportation form that insures a property
owner's incoming or outgoing shipments of goods during a year
Appraisal Clause
A survey of property to determine the insurable value of the property or the value
of the loss sustained.
Appraisal Condition
Policy condition that outlines a procedure for when the insured and insurer
disagree on the amount of a loss
Assignment
The legal transfer of one's interest in an insurance policy to another person.
Aviation Hull Insurance
,STATE FARM INSURANCE LICENSE EXAM 2024/2025
Provides coverage for physical damage to an aircraft.
Bailee's Customers Policy
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.
Appurtenant Structures
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.
Assignment Condition
Condition in insurance policies that specifies that the policy cannot be transferred
to another unless the company consents to the transfer in writing.
Abandonment Condition
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.
Accident
, STATE FARM INSURANCE LICENSE EXAM 2024/2025
A loss that occurs at a specific time and place
Actual Cash Value (ACV)
Today's replacement cost minus depreciation. Depreciation from wear and tear, or
obsolescence.
admitted insurer; authorized insurer
Company that meets a state insurance department's standards and is allowed to do
business in that state.
Adverse Selection
the tendency of insureds with a greater than average chance of loss to purchase
insurance
Bailee
A person or organization that has temporary possession of someone else's personal
property.
The benefits of buying summaries with Stuvia:
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
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
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 SHANEDOE. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $14.49. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
80796 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now