State Farm Insurance License Exam
Comprehensive Questions
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Solutions Graded A+
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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. - Answer:
Abandonment Condition
,A loss that occurs at a specific time and place - Answer: Accident
Today's replacement cost minus depreciation. Depreciation from
wear and tear, or obsolescence. - Answer: Actual Cash Value
(ACV)
Company that meets a state insurance department's standards
and is allowed to do business in that state. - Answer: admitted
insurer; authorized insurer
the tendency of insureds with a greater than average chance of
loss to purchase insurance - Answer: Adverse Selection
Nonfiled commercial inland marine transportation form that
insures a property owner's incoming or outgoing shipments of
goods during a year - Answer: Annual Transit Policy
A survey of property to determine the insurable value of the
property or the value of the loss sustained. - Answer: Appraisal
Clause
, Policy condition that outlines a procedure for when the insured
and insurer disagree on the amount of a loss - Answer: Appraisal
Condition
The legal transfer of one's interest in an insurance policy to
another person. - Answer: Assignment
Provides coverage for physical damage to an aircraft. - Answer:
Aviation Hull Insurance
Nonfiled commercial inland marine form obtained by a bailee to
cover loss or damage to customers' property in the bailee's
custody without regard to liability. - Answer: Bailee's Customers
Policy
Buildings of lesser value that are on the same premises as the
main building insured under a property policy; they are usually
covered by the policy. - Answer: Appurtenant Structures
Condition in insurance policies that specifies that the policy
cannot be transferred to another unless the company consents to
the transfer in writing. - Answer: Assignment Condition
Comprehensive Questions
(Frequently Tested) and Complete
Solutions Graded A+
Professional Academic Assistance Services
Services Offered
• Proctored Exam Assistance
• Online Class Management (Full Course Support)
• Exam Preparation & Study Materials
• Assignments and Coursework Support
• Essay and Research Paper Writing
• Discussion Posts & Responses
• Editing and Proofreading
• Confidential Academic Consultation
Contact Information
Email:
WhatsApp link: https://wa.me/254704846336
Fast Response | Confidential | Reliable Academic Support
Helping Students Achieve Academic Excellence
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. - Answer:
Abandonment Condition
,A loss that occurs at a specific time and place - Answer: Accident
Today's replacement cost minus depreciation. Depreciation from
wear and tear, or obsolescence. - Answer: Actual Cash Value
(ACV)
Company that meets a state insurance department's standards
and is allowed to do business in that state. - Answer: admitted
insurer; authorized insurer
the tendency of insureds with a greater than average chance of
loss to purchase insurance - Answer: Adverse Selection
Nonfiled commercial inland marine transportation form that
insures a property owner's incoming or outgoing shipments of
goods during a year - Answer: Annual Transit Policy
A survey of property to determine the insurable value of the
property or the value of the loss sustained. - Answer: Appraisal
Clause
, Policy condition that outlines a procedure for when the insured
and insurer disagree on the amount of a loss - Answer: Appraisal
Condition
The legal transfer of one's interest in an insurance policy to
another person. - Answer: Assignment
Provides coverage for physical damage to an aircraft. - Answer:
Aviation Hull Insurance
Nonfiled commercial inland marine form obtained by a bailee to
cover loss or damage to customers' property in the bailee's
custody without regard to liability. - Answer: Bailee's Customers
Policy
Buildings of lesser value that are on the same premises as the
main building insured under a property policy; they are usually
covered by the policy. - Answer: Appurtenant Structures
Condition in insurance policies that specifies that the policy
cannot be transferred to another unless the company consents to
the transfer in writing. - Answer: Assignment Condition
