Exam (elaborations)
STATE FARM PROPERTY AND CASUALTY EXAM QUETIONS AND ANSWERS
- Course
- Institution
STATE FARM PROPERTY AND CASUALTY EXAM
[Show more]
Content preview
STATE FARM PROPERTY ANDCASUALTY EXAM
duties of the insured - Answers -1. pay the premium
2. take all reasonable means to save and protect the property from loss
3. give the insurance company immediate notice of loss
4. give the insurance company proof of loss within 60 days of the loss
5. separate the damaged property from the undamaged property and allow the
insurance company to inspect the undamaged property as well as the insured's books
and records
6. the insured cannot sue the insurance company unless all of these requirements have
been satisfied and then he/she must sue within 12 months of the loss
duties of the insurance company - Answers -1. must indemnify the insured within 60
days of proof of loss
2. may either pay the appraised ACV of the loss or repair or replace the damaged
property
3. if the insured and insurance company disagree as the ACV of the loss and the
damaged property cannot be repaired or replaced, they each can select an appraiser. if
the appraisers disagree, they select an umpire appraiser who will make the final
determination
the subrogation clause - Answers -states that the insurance company can require the
insured to assign (transfer) to it any legal rights which the insured has against third
parties to the insurance company at the time of loss
assignment clause - Answers -1. transfer of a policy to another person
2. assignment clause of property insurance policy says no assignment of the policy is
valid unless signed by an officer of the insurance company
the other insurance clause - Answers -states that the insurance company can either
prohibit other insurance or can limit the amount of other insurance by adding an
endorsement to the policy
pro rata liability clause - Answers -1. applies when there are concurrent policies.
concurrent insurance is when 2 or more policies cover the same property. it is
sometimes done when insuring high value property. the policies should be identical in
all respects except face amounts
2. says that no insurance company shall be responsible for any more than its pro rata
share of the loss
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 $10.99. 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