State Farm Property Comprehensive Questions (Frequently Tested) and Complete Solutions Graded A+

State Farm Property
Comprehensive Questions
(Frequently Tested) and Complete
Solutions Graded A+
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In property insurance actual cash value is defined as which of the
following - Answer: Replacement cost at the time of the loss, less
depreciation

, Peril is most easily defined as - Answer: the cause of loss insured
against



What is a leading factor in the determination of actual cash value -
Answer: replacement cost



Replacement cost is defined as - Answer: 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 -
Answer: Specific coverage



Which of the following is used in the formula for calculating the
actual cash value of a property - Answer: replacement cost



What is the purpose of the coinsurance clause found in property
insurance policies? - Answer: Encourage the insured to insure the
property closer to its full value