State Farm Estimatics Q&A Bundle

Abandonment The abdication of insured property into the hands of another, or into the possession of no one in particular. Absolute Liability A type of liability that occurs due to extremely dangerous operations, such as the use of explosives or working at extreme heights. Accident An unplanned...

What transfers the risk of loss from an individual or business entity to an insurance company Insurance The uncertainty of a risk or loss occurring risk A risk that can only result in a loss or no change with no opportunity for financial gain pure risk A risk that allows an opportunity for ...

the waiting period is 30 days as required by the Nation flood insurance program How long is the waiting period after the application has been accepted before flood coverage goes into effect? a customers camera left at a camera shop for repairs which of the following Is covered under the camera an...

Insurance producer An individual or an entity authorized in writing by a lawfully qualified insurance compnay to transact, negotiate or effect contracts of insurance of behalf of that insurance company. Resident Producer Any person that lives in kansas and is licensed to transact insurance busine...

Absolute Assignment Policy assignment when assignee receives full control over the policy and full rights to its benefits. Accelerated benefits rider Life insurance rider that allow for early payment of some portion of policy's face amount, should the insured suffer from terminal illness/injury....

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

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 A loss that occurs at a specific time and place Actual Cash Value (ACV) Today's...