STATE FARM INSURANCE LICENSE
EXAM 2024\2025 |GUARANTEED
PASS!!
Abandonment Condition - Accurate 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.
Accident - Accurate Answers✔✔✔ A loss that occurs at a specific time
and place
Actual Cash Value (ACV) - Accurate Answers✔✔✔ Today's
replacement cost minus depreciation. Depreciation from wear and tear,
or obsolescence.
admitted insurer; authorized insurer - Accurate Answers✔✔✔ Company
that meets a state insurance department's standards and is allowed to do
business in that state.
Adverse Selection - Accurate Answers✔✔✔ the tendency of insureds
with a greater than average chance of loss to purchase insurance
Annual Transit Policy - Accurate Answers✔✔✔ Nonfiled commercial
inland marine transportation form that insures a property owner's
incoming or outgoing shipments of goods during a year
,Appraisal Clause - Accurate Answers✔✔✔ A survey of property to
determine the insurable value of the property or the value of the loss
sustained.
Appraisal Condition - Accurate Answers✔✔✔ Policy condition that
outlines a procedure for when the insured and insurer disagree on the
amount of a loss
Assignment - Accurate Answers✔✔✔ The legal transfer of one's interest
in an insurance policy to another person.
Aviation Hull Insurance - Accurate Answers✔✔✔ Provides coverage for
physical damage to an aircraft.
Bailee's Customers Policy - Accurate Answers✔✔✔ 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.
Appurtenant Structures - Accurate Answers✔✔✔ 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.
Assignment Condition - Accurate Answers✔✔✔ Condition in insurance
policies that specifies that the policy cannot be transferred to another
unless the company consents to the transfer in writing.
, Bailee - Accurate Answers✔✔✔ A person or organization that has
temporary possession of someone else's personal property.
Basic Perils in Homeowners Policy - Accurate Answers✔✔✔ There are
14 perils. Fire, lightening, riot, explosion, vehicles, volcanic eruption,
civil commotion, smoke, hail, aircraft, windstorm, vandalism, malicious
mischief, theft.
Basic Property Policy Structure (DICEE) - Accurate Answers✔✔✔ D -
Declarations
I - Insuring agreement
C - Conditions
E - Exclusions
E - Endorsements
Blanket Insurance - Accurate Answers✔✔✔ Type of insurance policy
that covers more than one item of property at a single location or one or
more items of property at multiple locations
Builders Risk Coverage Form - Accurate Answers✔✔✔ Commercial
property coverage forms that covers commercial, residential, or farm
buildings that are under construction or during remodeling.
Cargo Insurance - Accurate Answers✔✔✔ Type of ocean marine
insurance that covers goods while they are in transit over water.
EXAM 2024\2025 |GUARANTEED
PASS!!
Abandonment Condition - Accurate 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.
Accident - Accurate Answers✔✔✔ A loss that occurs at a specific time
and place
Actual Cash Value (ACV) - Accurate Answers✔✔✔ Today's
replacement cost minus depreciation. Depreciation from wear and tear,
or obsolescence.
admitted insurer; authorized insurer - Accurate Answers✔✔✔ Company
that meets a state insurance department's standards and is allowed to do
business in that state.
Adverse Selection - Accurate Answers✔✔✔ the tendency of insureds
with a greater than average chance of loss to purchase insurance
Annual Transit Policy - Accurate Answers✔✔✔ Nonfiled commercial
inland marine transportation form that insures a property owner's
incoming or outgoing shipments of goods during a year
,Appraisal Clause - Accurate Answers✔✔✔ A survey of property to
determine the insurable value of the property or the value of the loss
sustained.
Appraisal Condition - Accurate Answers✔✔✔ Policy condition that
outlines a procedure for when the insured and insurer disagree on the
amount of a loss
Assignment - Accurate Answers✔✔✔ The legal transfer of one's interest
in an insurance policy to another person.
Aviation Hull Insurance - Accurate Answers✔✔✔ Provides coverage for
physical damage to an aircraft.
Bailee's Customers Policy - Accurate Answers✔✔✔ 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.
Appurtenant Structures - Accurate Answers✔✔✔ 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.
Assignment Condition - Accurate Answers✔✔✔ Condition in insurance
policies that specifies that the policy cannot be transferred to another
unless the company consents to the transfer in writing.
, Bailee - Accurate Answers✔✔✔ A person or organization that has
temporary possession of someone else's personal property.
Basic Perils in Homeowners Policy - Accurate Answers✔✔✔ There are
14 perils. Fire, lightening, riot, explosion, vehicles, volcanic eruption,
civil commotion, smoke, hail, aircraft, windstorm, vandalism, malicious
mischief, theft.
Basic Property Policy Structure (DICEE) - Accurate Answers✔✔✔ D -
Declarations
I - Insuring agreement
C - Conditions
E - Exclusions
E - Endorsements
Blanket Insurance - Accurate Answers✔✔✔ Type of insurance policy
that covers more than one item of property at a single location or one or
more items of property at multiple locations
Builders Risk Coverage Form - Accurate Answers✔✔✔ Commercial
property coverage forms that covers commercial, residential, or farm
buildings that are under construction or during remodeling.
Cargo Insurance - Accurate Answers✔✔✔ Type of ocean marine
insurance that covers goods while they are in transit over water.
