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State Farm Exam Questions and Answers (2022/2023) (Verified Answers) Competitive Bids -Correct Answer The competitive bid process requires that two or more repairers submit competitive estimates or "bids" for a specific repair job. The amount of the low, complete bid is generally considered to...

State Farm Insurance License Exam Questions and Answers (2023) (Verified Answers) 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 v...

State Farm Test Studies Questions and Answers (2023) (Verified Answers) The general penalty for violating any provision of the insurance Code for which a different penalty is not specifically provided is? (Correct Answer) A Fine up to $5,000 The Chief Officer of the Insurance Department is the C...

State Farm Property Questions and Answers (2023) (Verified Answers) In property insurance actual cash value is defined as which of the following (Correct Answer) Replacement cost at the time of the loss, less depreciation Peril is most easily defined as (Correct Answer) the cause of loss insured...

State Farm Estimatics Exam Questions and Answers (2023) (Verified Answers) The formula for determining the area of a trapezoid is: Select the single best answer: A. [(Base1 + Base2) ÷ 2] x Height B. ½ Base x Height C. Base x Height D.

State Farm Property Exam Questions and Answers 2023 | 100% Verified Answers In property insurance actual cash value is defined as which of the following (Correct Answer) Replacement cost at the time of the loss, less depreciation Peril is most easily defined as (Correct Answer) the cause of loss...

State Farm Estimatics Questions and Answers (2023/2024) complete solution ( A+ GRADED 100% VERIFIED) The formula for determining the area of a trapezoid is: Select the single best answer: A. [(Base1 + Base2) ÷ 2] x Height B. ½ Base x Height C. Base x Height D.

State Farm Property and Casualty Exam 2023 Accident vs. Occurence - ANS Accident- sudden and unplanned event, not controlled by the insured Occurence- broad term for loss, losses that are repeated or ongoing that are unplanned and not intended Direct Loss and Indirect Loss - ANS The two types...