State Farm Insurance License Exam Questions And Answers

State Farm Insurance License Exam Questions And Answers Abandonment Condition - ANS 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. Accident - ANS A loss that occurs at a specific time and place Actual Cash Value (ACV) - ANS Today's replacement cost minus depreciation. Depreciation from wear and tear, or obsolescence. admitted insurer; authorized insurer - ANS Company that meets a state insurance department's standards and is allowed to do business in that state. Adverse Selection - ANS the tendency of insureds with a greater than average chance of loss to purchase insurance Annual Transit Policy - ANS Non Filed commercial inland marine transportation form that insures a property owner's incoming or outgoing shipments of goods during a year Appraisal Clause - ANS A survey of property to determine the insurable value of the property or the value of the loss sustained. Appraisal Condition - ANS Policy condition that outlines a procedure for when the insured and insurer disagree on the amount of a loss