For help mail.
STATE FARM PROPERTY EXAM | QUESTIONS AND
ANSWERS | GRADED A+ | 2023-2024 | SUCCESS IN
YOUR EXAM
In property insurance actual cash value is defined as which of
the following Replacement cost at the time of the loss, less
depreciation
Peril is most easily defined as
the cause of loss insured against
What is a leading factor in the determination of actual
cash value replacement cost
Replacement cost is defined as
full replacement of property at its current cost, new and without
reduction for depreciation
Property insurance that provides 100k coverage for a building and 50k
coverage for personal property at a single location is called
Specific coverage
Which of the following is used in the formula for calculating the actual
cash value of a property
replacement cost
What is the purpose of the coinsurance clause found in property
insurance policies? Encourage the insured to insure the property closer
to its full value
An insured has a liability policy that sets the amount at 50k for all claims
that arise from a single incident. which type of limit of liability does this
insured's policy have? per occurrence
When the amount of insurance written in a property policy is not subject to
any
, For help mail.
coinsurance provision and that amount is paid in the event of a covered
loss, the
coverage is said to be written as
stated amount
What is stated amount coverage
In stated amt coverage the value of the insured property is determined at
the time the policy is written.
in the event of a loss, that amount is paid without regard to any
coinsurance provision.
STATE FARM PROPERTY EXAM | QUESTIONS AND
ANSWERS | GRADED A+ | 2023-2024 | SUCCESS IN
YOUR EXAM
In property insurance actual cash value is defined as which of
the following Replacement cost at the time of the loss, less
depreciation
Peril is most easily defined as
the cause of loss insured against
What is a leading factor in the determination of actual
cash value replacement cost
Replacement cost is defined as
full replacement of property at its current cost, new and without
reduction for depreciation
Property insurance that provides 100k coverage for a building and 50k
coverage for personal property at a single location is called
Specific coverage
Which of the following is used in the formula for calculating the actual
cash value of a property
replacement cost
What is the purpose of the coinsurance clause found in property
insurance policies? Encourage the insured to insure the property closer
to its full value
An insured has a liability policy that sets the amount at 50k for all claims
that arise from a single incident. which type of limit of liability does this
insured's policy have? per occurrence
When the amount of insurance written in a property policy is not subject to
any
, For help mail.
coinsurance provision and that amount is paid in the event of a covered
loss, the
coverage is said to be written as
stated amount
What is stated amount coverage
In stated amt coverage the value of the insured property is determined at
the time the policy is written.
in the event of a loss, that amount is paid without regard to any
coinsurance provision.
