State Farm Property Study guides, Class notes & Summaries

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 ...

state farm property exam questions and answers (mamas test) A+ GRADED 100% VERIFIED 20232024

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 ...

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...

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...

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...

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...

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...

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...

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...

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 ...

State Farm Independent AutoExam Questions with 100% Correct Answers Select Service Program In some market areas, repairers have been selected to participate in State Farm's Select Service Program. The program is designed to enhance claim service, increase efficiency, and afford customers an opportunity to select qualified repairers to inspect and estimate vehicle damage Paintless Dent repair Paintless Dent Repair (PDR) is an industry recognized repair process that involves the removal o...