STATE FARM INSURANCE LICENSE EXAM
2025| BRAND NEW ACTUAL EXAM WITH 100%
VERIFIED QUESTIONS AND CORRECT
SOLUTIONS| GUARANTEED VALUE PACK| ACE
YOUR GRADES.
Abandonment Condition - Correct Answer-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 - Correct Answer-A loss that occurs at a specific time and place
Actual Cash Value (ACV) - Correct Answer-Today's replacement cost
minus depreciation. Depreciation from wear and tear, or obsolescence.
admitted insurer; authorized insurer - Correct Answer-Company that meets
a state insurance department's standards and is allowed to do business in
that state.
Adverse Selection - Correct Answer-the tendency of insureds with a greater
than average chance of loss to purchase insurance
,Annual Transit Policy - Correct Answer-Nonfiled commercial inland marine
transportation form that insures a property owner's incoming or outgoing
shipments of goods during a year
Appraisal Clause - Correct Answer-A survey of property to determine the
insurable value of the property or the value of the loss sustained.
Appraisal Condition - Correct Answer-Policy condition that outlines a
procedure for when the insured and insurer disagree on the amount of a
loss
Assignment - Correct Answer-The legal transfer of one's interest in an
insurance policy to another person.
Aviation Hull Insurance - Correct Answer-Provides coverage for physical
damage to an aircraft.
Bailee's Customers Policy - Correct Answer-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 - Correct Answer-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 - Correct Answer-Condition in insurance policies that
specifies that the policy cannot be transferred to another unless the
company consents to the transfer in writing.
Bailee - Correct Answer-A person or organization that has temporary
possession of someone else's personal property.
Basic Perils in Homeowners Policy - Correct Answer-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) - Correct Answer-D - Declarations
I - Insuring agreement
C - Conditions
E - Exclusions
E - Endorsements
2025| BRAND NEW ACTUAL EXAM WITH 100%
VERIFIED QUESTIONS AND CORRECT
SOLUTIONS| GUARANTEED VALUE PACK| ACE
YOUR GRADES.
Abandonment Condition - Correct Answer-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 - Correct Answer-A loss that occurs at a specific time and place
Actual Cash Value (ACV) - Correct Answer-Today's replacement cost
minus depreciation. Depreciation from wear and tear, or obsolescence.
admitted insurer; authorized insurer - Correct Answer-Company that meets
a state insurance department's standards and is allowed to do business in
that state.
Adverse Selection - Correct Answer-the tendency of insureds with a greater
than average chance of loss to purchase insurance
,Annual Transit Policy - Correct Answer-Nonfiled commercial inland marine
transportation form that insures a property owner's incoming or outgoing
shipments of goods during a year
Appraisal Clause - Correct Answer-A survey of property to determine the
insurable value of the property or the value of the loss sustained.
Appraisal Condition - Correct Answer-Policy condition that outlines a
procedure for when the insured and insurer disagree on the amount of a
loss
Assignment - Correct Answer-The legal transfer of one's interest in an
insurance policy to another person.
Aviation Hull Insurance - Correct Answer-Provides coverage for physical
damage to an aircraft.
Bailee's Customers Policy - Correct Answer-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 - Correct Answer-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 - Correct Answer-Condition in insurance policies that
specifies that the policy cannot be transferred to another unless the
company consents to the transfer in writing.
Bailee - Correct Answer-A person or organization that has temporary
possession of someone else's personal property.
Basic Perils in Homeowners Policy - Correct Answer-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) - Correct Answer-D - Declarations
I - Insuring agreement
C - Conditions
E - Exclusions
E - Endorsements
