STATE FARM PROPERTY AND CASUALTY BUNDLED EXAMS 2023 WITH 100% CORRECT ANSWERS

Standard Fire Policy correct answers- the policy written for both Personal Lines (residential home or dwelling) or as Commercial Lines (official building) are the same! - fire insurance is another name for property insurance - can insure the building structure and/or the personal property. - not...

How long has State Farm been in business? correct answers100 years How many agents does State Farm have across the US? correct answers19,000 Who has the largest State Farm agency? How long have they been in business? How much do they manage in GWP? Is it all organic? correct answersAl Clark, 4...

Abandonment Condition correct answersA 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 correct answersA loss that occurs at a specific time and place Ac...

In property insurance actual cash value is defined as which of the following correct answersReplacement cost at the time of the loss, less depreciation Peril is most easily defined as correct answersthe cause of loss insured against What is a leading factor in the determination of actual cash ...

duties of the insured correct answers1. 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 t...

Competitive Bids correct answersThe competitive bid process requires that two or more repairers submit competitive estimates or "bids" for a specific repair job. The amount of the low, complete bid is generally considered to be the "competitive" price and is used as the basis for settlement. I...

Abandonment correct answersThe abdication of insured property into the hands of another, or into the possession of no one in particular. Absolute Liability correct answersA type of liability that occurs due to extremely dangerous operations, such as the use of explosives or working at extreme hei...

Insurers correct answersManufacture and sell insurance by way of contracts or policies. Insurance Agents (Producers) correct answersLicensed individual on behalf of insurer that sell insurance. Insurance Agencies correct answersIndependent organizations that recruit, contract and support sales...

Absolute Assignment correct answersPolicy assignment when assignee receives full control over the policy and full rights to its benefits. Accelerated benefits rider correct answersLife insurance rider that allow for early payment of some portion of policy's face amount, should the insured suffer...