STATE FARM PROPERTY AND
CASUALTY EXAM WITH COMPLETE
SOLUTIONS 2025
duties of the insured - ANS1. pay the premium
2. take all reasonable means to save and protect the property from loss
3. give the insurance company immediate notice of loss
4. give the insurance company proof of loss within 60 days of the loss
5. separate the damaged property f2025rom the undamaged property and allow the
insurance company to inspect the undamaged property as well as the insured's books
and records
6. the insured cannot sue the insurance company unless all of these requirements have
been satisfied and then he/she must sue within 12 months of the loss
duties of the insurance company - ANS1. must indemnify the insured within 60 days of
proof of loss
2. may either pay the appraised ACV of the loss or repair or replace the damaged
property
3. if the insured and insurance company disagree as the ACV of the loss and the
damaged property cannot be repaired or replaced, they each can select an appraiser. if
the appraisers disagree, they select an umpire appraiser who will make the final
determination
the subrogation clause - ANSstates that the insurance company can require the insured
to assign (transfer) to it any legal rights which the insured has against third parties to the
insurance company at the time of loss
assignment clause - ANS1. transfer of a policy to another person
2. assignment clause of property insurance policy says no assignment of the policy is
valid unless signed by an officer of the insurance company
the other insurance clause - ANSstates that the insurance company can either prohibit
other insurance or can limit the amount of other insurance by adding an endorsement to
the policy
CASUALTY EXAM WITH COMPLETE
SOLUTIONS 2025
duties of the insured - ANS1. pay the premium
2. take all reasonable means to save and protect the property from loss
3. give the insurance company immediate notice of loss
4. give the insurance company proof of loss within 60 days of the loss
5. separate the damaged property f2025rom the undamaged property and allow the
insurance company to inspect the undamaged property as well as the insured's books
and records
6. the insured cannot sue the insurance company unless all of these requirements have
been satisfied and then he/she must sue within 12 months of the loss
duties of the insurance company - ANS1. must indemnify the insured within 60 days of
proof of loss
2. may either pay the appraised ACV of the loss or repair or replace the damaged
property
3. if the insured and insurance company disagree as the ACV of the loss and the
damaged property cannot be repaired or replaced, they each can select an appraiser. if
the appraisers disagree, they select an umpire appraiser who will make the final
determination
the subrogation clause - ANSstates that the insurance company can require the insured
to assign (transfer) to it any legal rights which the insured has against third parties to the
insurance company at the time of loss
assignment clause - ANS1. transfer of a policy to another person
2. assignment clause of property insurance policy says no assignment of the policy is
valid unless signed by an officer of the insurance company
the other insurance clause - ANSstates that the insurance company can either prohibit
other insurance or can limit the amount of other insurance by adding an endorsement to
the policy
