Popular courses 'State Farm Property' at State Farm Property
State Farm Property Study guides, Class notes & Summaries
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State Farm Fire Independent Policy Exam Latest 2022/2023 Graded A+
- Exam (elaborations) • 28 pages • 2023
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State Farm Fire Independent Policy Exam questions and answers ( A+ GRADED 100% VERIFIED) LATEST 2022/ 2023 Select the false statement listed below: In the HO-3 policy, the ALE payments will be made only for: Select the single best answer: A. The shortest time necessary to repair or replace the damaged property, but not to exceed 24 months. B. If the insured does not rebuild, the time necessary for the insured to relocate in permanent living quarters, but not to exceed 24 months. C. ALE payments ...
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state farm property exam questions and answers (mamas test) A+ GRADED 100% VERIFIED 20232024
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state farm property exam questions and answers (mamas test) A+ GRADED 100% VERIFIED 20232024
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State Farm Property Exam | Questions and Answers Graded A+ Latest 2024/2025
- Exam (elaborations) • 39 pages • 2024
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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...
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STATE FARM PROPERTY EXAM 2024 WITH 100% CORRECT ANSWERS
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STATE FARM PROPERTY EXAM 2024 WITH 100% CORRECT ANSWERS 
 
 
In property insurance actual cash value is defined as which of the following - correct answer Replacement cost at the time of the loss, less depreciation 
 
Peril is most easily defined as - correct answer the cause of loss insured against 
 
What is a leading factor in the determination of actual cash value - correct answer replacement cost 
 
Replacement cost is defined as - correct answer full replacement of property at its current ...
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State Farm Property Questions & Correct Answers
- Exam (elaborations) • 4 pages • 2024
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In property insurance actual cash value is defined as which of the following - Correct Answer Replacement cost at the time of the loss, less depreciation 
 
Peril is most easily defined as - Correct Answer the cause of loss insured against 
 
What is a leading factor in the determination of actual cash value - Correct Answer replacement cost 
 
Replacement cost is defined as - Correct Answer full replacement of property at its current cost, new and without reduction for depreciation 
 
Prope...
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State Farm Property Questions & Correct Answers
- Exam (elaborations) • 4 pages • 2024
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In property insurance actual cash value is defined as which of the following - Correct Answer Replacement cost at the time of the loss, less depreciation 
 
Peril is most easily defined as - Correct Answer the cause of loss insured against 
 
What is a leading factor in the determination of actual cash value - Correct Answer replacement cost 
 
Replacement cost is defined as - Correct Answer full replacement of property at its current cost, new and without reduction for depreciation 
 
Prope...
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State Farm Property UPDATED Exam Questions and CORRECT Answers
- Exam (elaborations) • 5 pages • 2024
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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 
Replacement cost is defined as - full replacement of property at its current cost, new 
and without reduction for depreciation 
Property insurance that provides 100k coverage for a building and 50k cove...
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State Farm Property Exam Questions with 100% Correct Answers
- Exam (elaborations) • 11 pages • 2024
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State Farm Property Exam Questions with 100% Correct Answers 
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. 
Abandonment Condition 
 
 
A loss that occurs at a specific time and place 
Accident 
 
 
Today's replacement cost minus depreciation. Depreciation from wear and tear, or obsolescence. 
Actual Cash Value (ACV) 
 
 
Company that meets a state insurance d...
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State Farm Property Exam Questions with 100% Correct Answers
- Exam (elaborations) • 18 pages • 2024
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State Farm Property Exam Questions with 100% Correct Answers 
Policy assignment when assignee receives full control over the policy and full rights to its benefits. 
Absolute Assignment 
 
 
Life insurance rider that allow for early payment of some portion of policy's face amount, should the insured suffer from terminal illness/injury. 
Accelerated benefits rider 
 
 
Contract must be accepted by the insured exactly as it is written by the insurer. Terms of contract cannot be negotiated. Contra...
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State Farm Property Exam Questions with 100% Correct Answers
- Exam (elaborations) • 16 pages • 2024
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State Farm Property Exam Questions with 100% Correct Answers 
How long is the waiting period after the application has been accepted before flood coverage goes into effect? 
the waiting period is 30 days as required by the Nation flood insurance program 
 
 
which of the following Is covered under the camera and musical instruments dealers floater 
a customers camera left at a camera shop for repairs 
 
 
when an umbrella policy is broader than underlying insurance and it pays a loss that is not...
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State Farm Property Exam Questions with 100% Correct Answers
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State Farm Property Exam Questions with 100% Correct Answers 
Who owns thier renewals 
Independents 
 
 
Events that may NOT be recovered by insurance are 
Gambling, investing, market value of home 
 
 
What underlying coverages typically are required for an umbrella 
Auto and Personal 
 
 
Conditions that prohibit assignments of the policy 
Transfer of rights and duties 
 
 
Expectant interest are 
Not insured 
 
 
Flood, power failure and earth movement are 
Excluded on DP & HO 
 
 
What are t...
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State Farm Property Exam Questions with 100% Correct Answers
- Exam (elaborations) • 25 pages • 2024
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State Farm Property Exam Questions with 100% Correct Answers 
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 ...
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