Exam (elaborations)
State Farm Exam Questions and Answers
- Course
- Institution
State Farm Exam Questions and Answers
[Show more]
Content preview
State Farm Exam Questions andAnswers
Which must have an appointment? Consultant/producer/insured - Answers -Producer
Define Pure Risk - Answers -Chance of loss with no possibility of gain
The Law of Large Numbers says? - Answers -Losses become more predictable as the
number of insureds increases
A broker represents? - Answers -Insured
A Producer Represents? - Answers -Insurer
Insurance is regulated at which level? State or Federal - Answers -State
A peril is? - Answers -Cause of loss
Limit of liability is? - Answers -Maximum policy will pay for a loss
All - Risk - Answers -Covers all perils but those listed in exclusions
What is a Hazard? - Answers -Any factor that increases the chance of a loss occurring
What is a; rider, endorsement or extension? - Answers -An addition to the policy
What is inherent vice? - Answers -Natural deterioration, exclusion
If Insurer cancels, the Insured is entitled to? - Answers -Pr-rata fund
If the Insured cancels, the Insurer is entitled to? - Answers -Short rate fund
Conditions Section of the policy contains? - Answers -Insured's Obligations,
Declarations section of the policy lists? - Answers -Information unique to the Insured's
policy
Insuring Agreements section contains? - Answers -Contains the Insurer's obligations,
type of insurance provided
, What is Consideration? - Answers -The item of value that each party brings to the
contract
What is ACV equation? - Answers -Replacement cost minus physical depreciation
Right of salvage gives the right to who? - Answers -Gives the right to the Insurer
Replacement cost pays? - Answers -The insured in full
HO 1 - Answers -Basic coverage
HO 2 - Answers -Broad form on both Buildings and personal property
HO3 - Answers -Special-Buildings Broad Personal property
HO 4 - Answers -Renters. (tenants)
HO 5 - Answers -Special- structures and personal property
HO 6 - Answers -Condominium or Cooperative owners. Minimum of $5,000 for
structural damage
HO 8 - Answers -(HO1) Insures the structure for ACV
Section 2 of HO policy covers? - Answers -Personal Liability
Indirect Loss? - Answers -Loss of use. Loss of income
Direct Loss? - Answers -Physical damage
Law of Large numbers determines? - Answers -Premiums based on historical loss
figures
Basic form policy covers? - Answers -Fire; Lightning; Rioting; Explosions; Wind and
Hail; Smoke; Sprinkler leakage; Sinkhole; Volcano; Vehicles or Aircraft; Vandalism
Basic coverage Acronym? - Answers -Football Lovers Relish Every Win! Score Score
Score, victory Victory Victory
Broad form covers Basic 11 and? - Answers -Water Damage; Weight of snow ice and
sleet; Falling objects; Glass; Collapse
Broad coverage acronym? - Answers -Willy Wonka's Fabulously good Chocolate
PAP - Answers -Personal Auto Policy
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 mereka. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $12.49. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
72042 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now