STATE FARM INSURANCE LICENSE
EXAM 150 QUESTIONS AND CORRECT
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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.
Choose matching term
1 Actual Cash Value (ACV)
, Coverage F on
2
homeowners policy
3 Assignment 4 Abandonment Condition
Don't know?
Terms in this set (117)
A condition often contained in property
insurance policies that states that the
Abandonment
insured cannot abandon damaged
Condition
property to the insurer and demand to be
reimbursed for its full value.
A loss that occurs at a specific time and
Accident
place
Today's replacement cost minus
Actual Cash Value
depreciation. Depreciation from wear and
(ACV)
tear, or obsolescence.
Company that meets a state insurance
admitted insurer;
department's standards and is allowed to
authorized insurer
do business in that state.
the tendency of insureds with a greater
Adverse Selection than average chance of loss to purchase
insurance
Nonfiled commercial inland marine
Annual Transit transportation form that insures a property
Policy owner's incoming or outgoing shipments
of goods during a year
, A survey of property to determine the
Appraisal Clause insurable value of the property or the
value of the loss sustained.
Policy condition that outlines a procedure
Appraisal Condition for when the insured and insurer disagree
on the amount of a loss
The legal transfer of one's interest in an
Assignment
insurance policy to another person.
Aviation Hull Provides coverage for physical damage to
Insurance an aircraft.
Nonfiled commercial inland marine form
Bailee's Customers obtained by a bailee to cover loss or
Policy damage to customers' property in the
bailee's custody without regard to liability.
Buildings of lesser value that are on the
Appurtenant same premises as the main building
Structures insured under a property policy; they are
usually covered by the policy.
Condition in insurance policies that
Assignment specifies that the policy cannot be
Condition transferred to another unless the company
consents to the transfer in writing.
A person or organization that has
Bailee temporary possession of someone else's
personal property.
EXAM 150 QUESTIONS AND CORRECT
DETAILED ANSWERS UPDATE ALREADY
A GRADED|NEW!
Leave the first rating
Save
Practice questions for this set
Learn 1 /7 Study with Learn
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.
Choose matching term
1 Actual Cash Value (ACV)
, Coverage F on
2
homeowners policy
3 Assignment 4 Abandonment Condition
Don't know?
Terms in this set (117)
A condition often contained in property
insurance policies that states that the
Abandonment
insured cannot abandon damaged
Condition
property to the insurer and demand to be
reimbursed for its full value.
A loss that occurs at a specific time and
Accident
place
Today's replacement cost minus
Actual Cash Value
depreciation. Depreciation from wear and
(ACV)
tear, or obsolescence.
Company that meets a state insurance
admitted insurer;
department's standards and is allowed to
authorized insurer
do business in that state.
the tendency of insureds with a greater
Adverse Selection than average chance of loss to purchase
insurance
Nonfiled commercial inland marine
Annual Transit transportation form that insures a property
Policy owner's incoming or outgoing shipments
of goods during a year
, A survey of property to determine the
Appraisal Clause insurable value of the property or the
value of the loss sustained.
Policy condition that outlines a procedure
Appraisal Condition for when the insured and insurer disagree
on the amount of a loss
The legal transfer of one's interest in an
Assignment
insurance policy to another person.
Aviation Hull Provides coverage for physical damage to
Insurance an aircraft.
Nonfiled commercial inland marine form
Bailee's Customers obtained by a bailee to cover loss or
Policy damage to customers' property in the
bailee's custody without regard to liability.
Buildings of lesser value that are on the
Appurtenant same premises as the main building
Structures insured under a property policy; they are
usually covered by the policy.
Condition in insurance policies that
Assignment specifies that the policy cannot be
Condition transferred to another unless the company
consents to the transfer in writing.
A person or organization that has
Bailee temporary possession of someone else's
personal property.
