State farm propert - Study guides, Class notes & Summaries

State Farm Property xam | Questions and Answers Graded A+ Latest 2024/2025 control of property - CORRECT ANSWER protects against negligent acts of noninsureds other insurance - CORRECT ANSWER concerns property that is insured by more than one policy legal action against an insurer - CORRECT ANSWER says when an insured my sue the insurer subrogation - CORRECT ANSWER insurer can sue third parties for damages to the insured liberalization - CORRECT ANSWER when an insurer increases its...

State Farm Property Exam | Questions and Answers Graded A+ Latest 2024/2025 which of the following refers to being restored to the financial condition you were in before a loss? - CORRECT ANSWER 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.. - CORRECT ANSWER principle of indemnity the transfer of risk from one party to an...

State Farm Property Exam | Questions and Answers Graded A+ Latest 2024/2025 which of the following refers to being restored to the financial condition you were in before a loss? - CORRECT ANSWER 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.. - CORRECT ANSWER principle of indemnity the transfer of risk from one party to an...

State Farm Property Exam | Questions and Answers Graded A+ Latest 2024/2025 preferred, standard, substandard, or decline - CORRECT ANSWER The four ways risks are classified. primary insurance amount (PIA) - CORRECT ANSWER Amount equal to covered workers full Social Security retirement benefit or disability benefit. probationary period - CORRECT ANSWER A period of time between the issuance of a policy and the date coverage begins. proof of loss - CORRECT ANSWER A mandatory NAIC provis...

State Farm Property xam | Questions and Answers Graded A+ Latest 2024/2025 A dealer is required to have on file the licenses of each of their employed salespersons but need not display them in their place of business - CORRECT ANSWER False A dealer must take in the title in their own name before selling a car to a retail customer - CORRECT ANSWER False A salesperson can change dealerships during the licensing year provided that the correct form and fee is submitted to the board such...

State Farm Property Exam | Questions and Answers Graded A+ Latest 2024/2025 preferred, standard, substandard, or decline - CORRECT ANSWER The four ways risks are classified. primary insurance amount (PIA) - CORRECT ANSWER Amount equal to covered workers full Social Security retirement benefit or disability benefit. probationary period - CORRECT ANSWER A period of time between the issuance of a policy and the date coverage begins. proof of loss - CORRECT ANSWER A mandatory NAIC provis...

1. In property insurance actual cash value is defined as which of the follow- ing: Replacement cost at the time of the loss, less depreciation 2. Peril is most easily defined as: the cause of loss insured against 3. What is a leading factor in the determination of actual cash value: replace- ment cost 4. Replacement cost is defined as: full replacement of property at its current cost, new and without reduction for depreciation 5. Property insurance that provides 100k coverage for a building ...

state farm property exam (Mamas Test)| Answered 100% Correctly| Updated under an FP-7955 policy, deductibles apply to which of the following types of losses. B. Fire department service charges in the FP-7955 policy, Coverage C consists of three coverages: 1. Additional Living Expense, 2. Fair Rental Value and 3. Property Removed. True or False? B. False Jennifer Marco has a FP-7955 policy with coverage B limit of $75,000, a $500 deductible and no option AI, ID, FA, or JF. Which of the foll...

State Farm Property xam | Questions and Answers Graded A+ Latest 2024/2025 A dealer is required to have on file the licenses of each of their employed salespersons but need not display them in their place of business - CORRECT ANSWER False A dealer must take in the title in their own name before selling a car to a retail customer - CORRECT ANSWER False A salesperson can change dealerships during the licensing year provided that the correct form and fee is submitted to the board such...