STATE FARM ESTIMATICS FULLY SOLVED TEST
PAPER GRADED A+
◉ living area sq footage multiplied by current construction cost in
area.
Answer: How do you determine replacement cost of a home?
◉ length x height.
Answer: Area of a wall?
◉ length x width.
Answer: Area of ceiling?
◉ length x width.
Answer: Area of floor?
◉ divide the inch by 12.
Answer: How do you convert inches to a decimal?
◉ Additional Living Expenses (ALE).
Answer: Over and above normal expenses (i.e. hotel stay)
,◉ Coverage A Limit of Liability.
Answer: If you have a percentage deductible where is that
percentage always taken from?
◉ Structure or Dwelling.
Answer: What does Coverage A mean?
◉ Personal property or contents.
Answer: What does Coverage B mean?
◉ Limit of Liablity.
Answer: Maximum amount of coverage available
◉ if removal of item will diminish value of home.
Answer: How do you tell the difference between structure and
contents?
◉ Determine deductible, determine where loss occurred, do
calculations.
Answer: 3 steps to handle content claim
,◉ Absorbing the Deductible.
Answer: Applying the excess of a limit from a covered loss towards
the deductible
◉ loss of use.
Answer: Do not absorb any excess that does not have a deductible
like?
◉ Item description, cost, adjusted column, excess, deductible.
Answer: Your calculations table should include these categories?
◉ Perils.
Answer: Causes of loss
◉ Residence premises and attached structures.
Answer: Coverage A includes?
◉ the greater of 10% of Coverage A or limit listed on declarations
page.
Answer: What is coverage limit on other structures?
◉ Appraisal.
, Answer: What is the process when an insurer and an insured have a
dispute regarding the amount of damage on a claim?
◉ Material Misrepresentation.
Answer: What is a significant misstatement in an application form.
◉ Age, Condition, Life Expectancy.
Answer: Depreciation is based on these factors?
◉ Public Adjuster.
Answer: A person hired by the consumer/property owner to settle
the claim with the insurance company on their behalf?
◉ HO-A.
Answer: Type of Homeowner's policy that provides coverage only
for those perils that are listed in the policy?
◉ Occurrence.
Answer: An event that results in an insured loss/damage.
◉ Actual cash value.
Answer: The value of your property, based on the current cost to
replace it minus depreciation.
PAPER GRADED A+
◉ living area sq footage multiplied by current construction cost in
area.
Answer: How do you determine replacement cost of a home?
◉ length x height.
Answer: Area of a wall?
◉ length x width.
Answer: Area of ceiling?
◉ length x width.
Answer: Area of floor?
◉ divide the inch by 12.
Answer: How do you convert inches to a decimal?
◉ Additional Living Expenses (ALE).
Answer: Over and above normal expenses (i.e. hotel stay)
,◉ Coverage A Limit of Liability.
Answer: If you have a percentage deductible where is that
percentage always taken from?
◉ Structure or Dwelling.
Answer: What does Coverage A mean?
◉ Personal property or contents.
Answer: What does Coverage B mean?
◉ Limit of Liablity.
Answer: Maximum amount of coverage available
◉ if removal of item will diminish value of home.
Answer: How do you tell the difference between structure and
contents?
◉ Determine deductible, determine where loss occurred, do
calculations.
Answer: 3 steps to handle content claim
,◉ Absorbing the Deductible.
Answer: Applying the excess of a limit from a covered loss towards
the deductible
◉ loss of use.
Answer: Do not absorb any excess that does not have a deductible
like?
◉ Item description, cost, adjusted column, excess, deductible.
Answer: Your calculations table should include these categories?
◉ Perils.
Answer: Causes of loss
◉ Residence premises and attached structures.
Answer: Coverage A includes?
◉ the greater of 10% of Coverage A or limit listed on declarations
page.
Answer: What is coverage limit on other structures?
◉ Appraisal.
, Answer: What is the process when an insurer and an insured have a
dispute regarding the amount of damage on a claim?
◉ Material Misrepresentation.
Answer: What is a significant misstatement in an application form.
◉ Age, Condition, Life Expectancy.
Answer: Depreciation is based on these factors?
◉ Public Adjuster.
Answer: A person hired by the consumer/property owner to settle
the claim with the insurance company on their behalf?
◉ HO-A.
Answer: Type of Homeowner's policy that provides coverage only
for those perils that are listed in the policy?
◉ Occurrence.
Answer: An event that results in an insured loss/damage.
◉ Actual cash value.
Answer: The value of your property, based on the current cost to
replace it minus depreciation.
