State Farm Exam Comprehensive
Questions (Frequently Tested) and
Complete Solutions Graded A+
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The abdication of insured property into the hands of another, or
into the possession of no one in particular. - Answer:
Abandonment
,A type of liability that occurs due to extremely dangerous
operations, such as the use of explosives or working at extreme
heights. - Answer: Absolute Liability
An unplanned, unforeseen event which occurs suddenly and at a
specific place. - Answer: Accident
The required amount to pay damages or for property loss, which
is calculated based on the property's current replacement value
minus depreciation. - Answer: Actual Cash Value (ACV)
A provision in an insurance policy that allows for more coverage
for specific loss expense without increase in premium. - Answer:
Additional Coverage
Individuals or business that are not named as insured on the
declaration page, but are protected by the policy, usually in
regard to a specific interest. - Answer: Additional Insureds
A contract offered on a "take-it-or-leave-it" basis by an insurer, in
which the insured's only option is to accept or reject the contract.
Any ambiguities in the contract will be settled in favor of the
insured. - Answer: Adhesion
,An insurance company authorized and licensed to transact
business in a particular state. - Answer: Admitted Insurer
The tendency of risks with higher probability of loss to purchase
and maintain insurance more often than the risks who present
lower probability. - Answer: Adverse Selection
An individual who is licensed to sell, negotiate, or effect insurance
contracts on behalf of an insurer. - Answer: Agent
The maximum limit of coverage available under a liability policy
during a policy year regardless of the number of claims that may
be made or the number of accidents that may occur. - Answer:
Aggregate Limit
A property policy with a provision agreed upon by the insurer and
insured as to the amount of insurance that represents a fair
valuation for the property at the time the insurance is written. -
Answer: Agreed Value
A contract in which the participating parties agree to exchange
unequal amounts. Insurance contracts are aleatory in that the
amount the insured will pay in premiums is unequal to the
, amount the insurer will pay in the event of a loss. - Answer:
Aleatory
An insurance company that is incorporated outside the United
States. - Answer: Alien Insurer
The appearance or the assumption of authority based on the
actions, words, or deeds of the principal or because of
circumstances the principal created. - Answer: Apparent
Authority
An assessment of property to determine either the correct
amount of insurance to be written or the amount of loss to be
paid. - Answer: Appraisal
Method of claim settlement used when the insured and insurer
cannot agree upon the amount of the loss. - Answer: Arbitration
The transfer of a legal right or interest in an insurance policy. In
property and casualty insurance, assignments of policies are
usually valid only with the prior written consent of the insurer. -
Answer: Assignment
Questions (Frequently Tested) and
Complete Solutions Graded A+
Professional Academic Assistance Services
Services Offered
• Proctored Exam Assistance
• Online Class Management (Full Course Support)
• Exam Preparation & Study Materials
• Assignments and Coursework Support
• Essay and Research Paper Writing
• Discussion Posts & Responses
• Editing and Proofreading
• Confidential Academic Consultation
Contact Information
Email:
WhatsApp link: https://wa.me/254704846336
Fast Response | Confidential | Reliable Academic Support
Helping Students Achieve Academic Excellence
The abdication of insured property into the hands of another, or
into the possession of no one in particular. - Answer:
Abandonment
,A type of liability that occurs due to extremely dangerous
operations, such as the use of explosives or working at extreme
heights. - Answer: Absolute Liability
An unplanned, unforeseen event which occurs suddenly and at a
specific place. - Answer: Accident
The required amount to pay damages or for property loss, which
is calculated based on the property's current replacement value
minus depreciation. - Answer: Actual Cash Value (ACV)
A provision in an insurance policy that allows for more coverage
for specific loss expense without increase in premium. - Answer:
Additional Coverage
Individuals or business that are not named as insured on the
declaration page, but are protected by the policy, usually in
regard to a specific interest. - Answer: Additional Insureds
A contract offered on a "take-it-or-leave-it" basis by an insurer, in
which the insured's only option is to accept or reject the contract.
Any ambiguities in the contract will be settled in favor of the
insured. - Answer: Adhesion
,An insurance company authorized and licensed to transact
business in a particular state. - Answer: Admitted Insurer
The tendency of risks with higher probability of loss to purchase
and maintain insurance more often than the risks who present
lower probability. - Answer: Adverse Selection
An individual who is licensed to sell, negotiate, or effect insurance
contracts on behalf of an insurer. - Answer: Agent
The maximum limit of coverage available under a liability policy
during a policy year regardless of the number of claims that may
be made or the number of accidents that may occur. - Answer:
Aggregate Limit
A property policy with a provision agreed upon by the insurer and
insured as to the amount of insurance that represents a fair
valuation for the property at the time the insurance is written. -
Answer: Agreed Value
A contract in which the participating parties agree to exchange
unequal amounts. Insurance contracts are aleatory in that the
amount the insured will pay in premiums is unequal to the
, amount the insurer will pay in the event of a loss. - Answer:
Aleatory
An insurance company that is incorporated outside the United
States. - Answer: Alien Insurer
The appearance or the assumption of authority based on the
actions, words, or deeds of the principal or because of
circumstances the principal created. - Answer: Apparent
Authority
An assessment of property to determine either the correct
amount of insurance to be written or the amount of loss to be
paid. - Answer: Appraisal
Method of claim settlement used when the insured and insurer
cannot agree upon the amount of the loss. - Answer: Arbitration
The transfer of a legal right or interest in an insurance policy. In
property and casualty insurance, assignments of policies are
usually valid only with the prior written consent of the insurer. -
Answer: Assignment
