State Farm Guaranteed Success
What is the first step to take after being involved in an auto accident?
Contact State Farm to report the claim as soon as possible.
How can I file an auto insurance claim with State Farm?
You can file a claim online, through the State Farm mobile app, or...
What is the first step to take after being involved in an auto accident?
✓✓ Contact State Farm to report the claim as soon as possible.
How can I file an auto insurance claim with State Farm?
✓✓ You can file a claim online, through the State Farm mobile app, or by calling the claims department.
What information should I have ready when filing a claim?
✓✓ You should have details of the accident, photos of the damage, and the contact and insurance
information of anyone involved.
How long does it take for a claim to be processed?
✓✓ The time varies depending on the complexity of the claim, but State Farm works to resolve claims as
quickly as possible.
Will State Farm provide a rental car while my vehicle is being repaired?
✓✓ Yes, if you have rental car coverage, State Farm will cover the cost of a rental vehicle during repairs.
How do I know if my vehicle is repairable or will be declared a total loss?
✓✓ State Farm will assess the damage and determine whether repairs are possible or if the vehicle is a
total loss.
What happens if my vehicle is declared a total loss?
✓✓ State Farm will offer a settlement based on the current market value of the vehicle.
How will the payment for repairs be handled?
✓✓ Payments can be made directly to the repair shop or to you, depending on your preference.
,Does State Farm guarantee the repairs done to my vehicle?
✓✓ Yes, repairs completed through State Farm’s Select Service shops are guaranteed for as long as you
own the vehicle.
What if the other driver doesn't have insurance?
✓✓ If you have uninsured motorist coverage, State Farm will help cover the costs related to the
accident.
Can I choose any repair shop, or do I have to use a State Farm-approved facility?
✓✓ You can choose any repair shop, but using a State Farm-approved facility may provide additional
benefits like guaranteed repairs.
Will my premium go up after I file a claim?
✓✓ Your premium could be affected, but it depends on the circumstances of the claim and your
insurance policy.
How can I track the progress of my claim?
✓✓ You can track the status of your claim online or through the State Farm mobile app.
What should I do if I disagree with the estimate provided for repairs?
✓✓ You can request a reinspection or provide additional information to State Farm for review.
Are there time limits for filing an auto claim?
✓✓ Yes, but the specific time limits depend on the laws of your state and the details of your insurance
policy.
which of the following refers to being restored to the financial condition you were in before a loss?
✔️✔️indemnification
mark incurred 8000$ damage to his car in an accident. he received 8000$ from his insurance company
and 4000$ from the other driver. by receiving a profit from the loss, Mark is in violation of..
✔️✔️principle of indemnity
,the transfer of risk from one party to another is called ✔️✔️insurance
the principle of indemnity is designed to prevent ✔️✔️keeps the insured from making a profit from an
insured loss.
the fee paid by the insured in exchange for an insurance policy is called a ✔️✔️premium
insurance ✔️✔️transfers risk of financial losses from one party to another
insured ✔️✔️individual or organization that pays premiums in exchange for protection
insurer ✔️✔️company group or government agency offering financial protection
insurance policy ✔️✔️a legally binding contract in which the insurer agrees to take on specified risks
in exchange for the insured's premiums
principle of indemnity ✔️✔️restoration to previous financial condition; no more, no less.
what are the four qualifications of a contract ✔️✔️agreement, consideration, competent parties, and
legal purpose. must be 18 years of age
what is not a requirement for a legally binding contract ✔️✔️notarization
when an insurer issues an insurance policy, the actual item, person or organization that is being insured
is called the ✔️✔️the risk
what is a reserve, in insurance terms ✔️✔️a pool of collected premiums that the insurer sets aside to
pay claims
, aleatory ✔️✔️of or pertaining to accidental causes; of luck or chance; unpredictable
unilateral ✔️✔️one-sided
utmost good faith ✔️✔️both parties must act honestly and openly in order for the contract to be valid
adhesion ✔️✔️one party sets the terms of the contract; the other may simply agree or not agree
unilateral ✔️✔️only the insurer makes a promise to act; the insured can void contract at any time
personal ✔️✔️the insured person is protected from losses, not the covered property.
conditional ✔️✔️the insurer must only honor the contract if the insured meets certain conditions.
aleatory ✔️✔️the exectution of the contract depends on an unknown future event.
an insurance applicat revealing his convictions for drunk driving to an insurer is an example of
✔️✔️utmost good faith.
tom purchases a new car from his local car dealer. he also decides to get insurance coverage that will
pay to repair the car if he were to get into an accident. this is because tom wants to protect ✔️✔️his
own financial interest in the car.
tom decides to purchase an insurance policy to protect his home. according to the definition of a
personal contract, which of the following most accurately describes what tomes insurance actually
protects ✔️✔️toms financial interest in thee home
what is not true about an aleatory contract ✔️✔️in an aleatory contract, the amount of benefit to the
insured and insurer is equal.
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