Exam (elaborations)
State Farm Exam Questions and Answers
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State Farm Exam Questions and Answers
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State Farm Exam Questions andAnswers
Who owns thier renewals - Answers -Independents
Events that may NOT be recovered by insurance are - Answers -Gambling, investing,
market value of home
What underlying coverages typically are required for an umbrella - Answers -Auto and
Personal
Conditions that prohibit assignments of the policy - Answers -Transfer of rights and
duties
Expectant interest are - Answers -Not insured
Flood, power failure and earth movement are - Answers -Excluded on DP & HO
What are the 3 principle rating factors for personal auto - Answers -1) safe driving
record 2) annual miles driving 3) years of driving experience
Fail Plan doesn't not encourage - Answers -Competition
Loss exposures that results in a claim for monetary damage due to injury to another or
damage to another's property? - Answers -Liability Loss Exposure
The persons whose property is being insured is the - Answers -Insured
The person seeking for damage is the - Answers -Claimant
When the insurer cancels, the premium is refunded - Answers -Pro-Rata
Representation can qualify as an - Answers -Implied Warranty
Fire Dep. service charge, reason repairs and debris removal are considered what on an
HO? - Answers -Additional Charges
In an HO coverage for fair rental is included in - Answers -Coverage D
How is combined ratio computed? - Answers -Adding Loss + Expense Ratio
, Not purchasing collision coverage for your car is an example of risk - Answers -
Retention
Not purchasing a motorboat is an example of - Answers -Avoidance/ elimination
Installing sprinkler system in your home is an example of risk - Answers -Reduction
Purchasing homeowners policy is an expanse of risk - Answers -Transfer
Source of investment funds, payments for losses, reduction in financial uncertainty are
considered - Answers -Benefits of Insurance
Unintentional or intentional concealment allows the insured or insurer to - Answers -
Rescind
Personal auto policy medical pay,nets limiters are - Answers -Per person
Personal auto liability and insured motorist limits are - Answers -Per occurrence
Perils for inland marine are - Answers -Open Perils
Ho medical pay,eggs coverage F does not apply to _____ or _______ acts - Answers -
Jet Ski / intentional
The intent to do or not to do something that materially affects the risk is a - Answers -
Warranty
Landslide, mine subsidence and earth tremors caused by a volcanic eruption are
considered - Answers -Earth Movement
This perilous not covered by personal lines and is also NOt considered earth movement
- Answers -Sinkhole collapse
Managing General Agents can do anything an insurer can do except - Answers -Settle
claims
In addition to common declarations and at least 2 coverage parts a commercial modular
package policy must also include common - Answers -Conditions
The mandatory coverages of a business owners policy include business income
coverage, extra expense coverage, property coverage and professional liability
coverage. True or False - Answers -False; professional liability not covered
An unendorsed commercial property coverage for with no optional coverage will settle
buildings - Answers -Actual Cash Value
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