State Farm Property Insurance Licence Exam 2024
AbandonmentzConditionz-zCORRECTzANSWER-
Azconditionzoftenzcontainedzinzpropertyzinsurancezpolicieszthatzstateszthatzthezinsuredzcannotzabandonzd
amagedzpropertyztozthezinsurerzandzdemandztozbezreimbursedzforzitszfullzvalue.
Accidentz-zCORRECTzANSWER-Azlosszthatzoccurszatzazspecificztimezandzplace
ActualzCashzValuez(ACV)z-zCORRECTzANSWER-
Today'szreplacementzcostzminuszdepreciation.zDepreciationzfromzwearzandztear,zorzobsolescence.
admittedzinsurer;zauthorizedzinsurerz-zCORRECTzANSWER-
Companyzthatzmeetszazstatezinsurancezdepartment'szstandardszandziszallowedztozdozbusinesszinzthatzstate
.
AdversezSelectionz-zCORRECTzANSWER-
theztendencyzofzinsuredszwithzazgreaterzthanzaveragezchancezofzlossztozpurchasezinsurance
AnnualzTransitzPolicyz-zCORRECTzANSWER-
Nonfiledzcommercialzinlandzmarineztransportationzformzthatzinsureszazpropertyzowner'szincomingzorzoutg
oingzshipmentszofzgoodszduringzazyear
AppraisalzClausez-zCORRECTzANSWER-
Azsurveyzofzpropertyztozdeterminezthezinsurablezvaluezofzthezpropertyzorzthezvaluezofzthezlosszsustained.
AppraisalzConditionz-zCORRECTzANSWER-
Policyzconditionzthatzoutlineszazprocedurezforzwhenzthezinsuredzandzinsurerzdisagreezonzthezamountzofzazl
oss
Assignmentz-zCORRECTzANSWER-
Thezlegalztransferzofzone'szinterestzinzanzinsurancezpolicyztozanotherzperson.
, AviationzHullzInsurancez-zCORRECTzANSWER-Provideszcoveragezforzphysicalzdamageztozanzaircraft.
Bailee'szCustomerszPolicyz-zCORRECTzANSWER-
Nonfiledzcommercialzinlandzmarinezformzobtainedzbyzazbaileeztozcoverzlosszorzdamageztozcustomers'zprop
ertyzinzthezbailee'szcustodyzwithoutzregardztozliability.
AppurtenantzStructuresz-zCORRECTzANSWER-
Buildingszofzlesserzvaluezthatzarezonzthezsamezpremiseszaszthezmainzbuildingzinsuredzunderzazpropertyzpol
icy;ztheyzarezusuallyzcoveredzbyzthezpolicy.
AssignmentzConditionz-zCORRECTzANSWER-
Conditionzinzinsurancezpolicieszthatzspecifieszthatzthezpolicyzcannotzbeztransferredztozanotherzunlesszthezc
ompanyzconsentsztoztheztransferzinzwriting.
Baileez-zCORRECTzANSWER-
Azpersonzorzorganizationzthatzhasztemporaryzpossessionzofzsomeonezelse'szpersonalzproperty.
BasiczPerilszinzHomeownerszPolicyz-zCORRECTzANSWER-
Therezarez14zperils.zFire,zlightening,zriot,zexplosion,zvehicles,zvolcaniczeruption,zcivilzcommotion,zsmoke,zh
ail,zaircraft,zwindstorm,zvandalism,zmaliciouszmischief,ztheft.
BasiczPropertyzPolicyzStructurez(DICEE)z-zCORRECTzANSWER-Dz-zDeclarations
Iz-zInsuringzagreement
Cz-zConditions
Ez-zExclusions
Ez-zEndorsements
BlanketzInsurancez-zCORRECTzANSWER-
Typezofzinsurancezpolicyzthatzcoverszmorezthanzonezitemzofzpropertyzatzazsinglezlocationzorzonezorzmorezit
emszofzpropertyzatzmultiplezlocations
AbandonmentzConditionz-zCORRECTzANSWER-
Azconditionzoftenzcontainedzinzpropertyzinsurancezpolicieszthatzstateszthatzthezinsuredzcannotzabandonzd
amagedzpropertyztozthezinsurerzandzdemandztozbezreimbursedzforzitszfullzvalue.
Accidentz-zCORRECTzANSWER-Azlosszthatzoccurszatzazspecificztimezandzplace
ActualzCashzValuez(ACV)z-zCORRECTzANSWER-
Today'szreplacementzcostzminuszdepreciation.zDepreciationzfromzwearzandztear,zorzobsolescence.
admittedzinsurer;zauthorizedzinsurerz-zCORRECTzANSWER-
Companyzthatzmeetszazstatezinsurancezdepartment'szstandardszandziszallowedztozdozbusinesszinzthatzstate
.
AdversezSelectionz-zCORRECTzANSWER-
theztendencyzofzinsuredszwithzazgreaterzthanzaveragezchancezofzlossztozpurchasezinsurance
AnnualzTransitzPolicyz-zCORRECTzANSWER-
Nonfiledzcommercialzinlandzmarineztransportationzformzthatzinsureszazpropertyzowner'szincomingzorzoutg
oingzshipmentszofzgoodszduringzazyear
AppraisalzClausez-zCORRECTzANSWER-
Azsurveyzofzpropertyztozdeterminezthezinsurablezvaluezofzthezpropertyzorzthezvaluezofzthezlosszsustained.
AppraisalzConditionz-zCORRECTzANSWER-
Policyzconditionzthatzoutlineszazprocedurezforzwhenzthezinsuredzandzinsurerzdisagreezonzthezamountzofzazl
oss
Assignmentz-zCORRECTzANSWER-
Thezlegalztransferzofzone'szinterestzinzanzinsurancezpolicyztozanotherzperson.
, AviationzHullzInsurancez-zCORRECTzANSWER-Provideszcoveragezforzphysicalzdamageztozanzaircraft.
Bailee'szCustomerszPolicyz-zCORRECTzANSWER-
Nonfiledzcommercialzinlandzmarinezformzobtainedzbyzazbaileeztozcoverzlosszorzdamageztozcustomers'zprop
ertyzinzthezbailee'szcustodyzwithoutzregardztozliability.
AppurtenantzStructuresz-zCORRECTzANSWER-
Buildingszofzlesserzvaluezthatzarezonzthezsamezpremiseszaszthezmainzbuildingzinsuredzunderzazpropertyzpol
icy;ztheyzarezusuallyzcoveredzbyzthezpolicy.
AssignmentzConditionz-zCORRECTzANSWER-
Conditionzinzinsurancezpolicieszthatzspecifieszthatzthezpolicyzcannotzbeztransferredztozanotherzunlesszthezc
ompanyzconsentsztoztheztransferzinzwriting.
Baileez-zCORRECTzANSWER-
Azpersonzorzorganizationzthatzhasztemporaryzpossessionzofzsomeonezelse'szpersonalzproperty.
BasiczPerilszinzHomeownerszPolicyz-zCORRECTzANSWER-
Therezarez14zperils.zFire,zlightening,zriot,zexplosion,zvehicles,zvolcaniczeruption,zcivilzcommotion,zsmoke,zh
ail,zaircraft,zwindstorm,zvandalism,zmaliciouszmischief,ztheft.
BasiczPropertyzPolicyzStructurez(DICEE)z-zCORRECTzANSWER-Dz-zDeclarations
Iz-zInsuringzagreement
Cz-zConditions
Ez-zExclusions
Ez-zEndorsements
BlanketzInsurancez-zCORRECTzANSWER-
Typezofzinsurancezpolicyzthatzcoverszmorezthanzonezitemzofzpropertyzatzazsinglezlocationzorzonezorzmorezit
emszofzpropertyzatzmultiplezlocations
