State Farm Exam Questions With Correct And Revised Answers
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Course
State Farm
Institution
State Farm
State Farm Exam Questions With
Correct And Revised Answers
Who owns thier renewals - answerIndependents
Events that may NOT be recovered by insurance are - answerGambling, investing, market
value of home
What underlying coverages typically are required for an umbrella - answerAuto and Personal...
State Farm Exam Questions With
Correct And Revised Answers
Who owns thier renewals - answer✔✔Independents
Events that may NOT be recovered by insurance are - answer✔✔Gambling, investing, market
value of home
What underlying coverages typically are required for an umbrella - answer✔✔Auto and Personal
Conditions that prohibit assignments of the policy - answer✔✔Transfer of rights and duties
Expectant interest are - answer✔✔Not insured
Flood, power failure and earth movement are - answer✔✔Excluded on DP & HO
What are the 3 principle rating factors for personal auto - answer✔✔1) safe driving record 2)
annual miles driving 3) years of driving experience
Fail Plan doesn't not encourage - answer✔✔Competition
Loss exposures that results in a claim for monetary damage due to injury to another or damage to
another's property? - answer✔✔Liability Loss Exposure
The persons whose property is being insured is the - answer✔✔Insured
The person seeking for damage is the - answer✔✔Claimant
When the insurer cancels, the premium is refunded - answer✔✔Pro-Rata
Representation can qualify as an - answer✔✔Implied Warranty
Fire Dep. service charge, reason repairs and debris removal are considered what on an HO? -
answer✔✔Additional Charges
In an HO coverage for fair rental is included in - answer✔✔Coverage D
How is combined ratio computed? - answer✔✔Adding Loss + Expense Ratio
Not purchasing collision coverage for your car is an example of risk - answer✔✔Retention
Not purchasing a motorboat is an example of - answer✔✔Avoidance/ elimination
Installing sprinkler system in your home is an example of risk - answer✔✔Reduction
Purchasing homeowners policy is an expanse of risk - answer✔✔Transfer
Source of investment funds, payments for losses, reduction in financial uncertainty are
considered - answer✔✔Benefits of Insurance
Unintentional or intentional concealment allows the insured or insurer to - answer✔✔Rescind
Personal auto policy medical pay,nets limiters are - answer✔✔Per person
Personal auto liability and insured motorist limits are - answer✔✔Per occurrence
Perils for inland marine are - answer✔✔Open Perils
Ho medical pay,eggs coverage F does not apply to _____ or _______ acts - answer✔✔Jet Ski /
intentional
The intent to do or not to do something that materially affects the risk is a - answer✔✔Warranty
Landslide, mine subsidence and earth tremors caused by a volcanic eruption are considered -
answer✔✔Earth Movement
This perilous not covered by personal lines and is also NOt considered earth movement -
answer✔✔Sinkhole collapse
Managing General Agents can do anything an insurer can do except - answer✔✔Settle claims
In addition to common declarations and at least 2 coverage parts a commercial modular package
policy must also include common - answer✔✔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 -
answer✔✔False; professional liability not covered
An unendorsed commercial property coverage for with no optional coverage will settle buildings
- answer✔✔Actual Cash Value
Business Owners Policy allow the insured to have full control of which coverages are included,
is designed for large business, and covers only business property of the insured. True or False -
answer✔✔False; all false
A Business owners' policy differs from a CPP in that it settles ________ without any
requirements for __________. - answer✔✔Replacement/ coinsurance
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