State Farm Estimatics Questions and Answers (2022/2023) (Verified Answers)

State Farm Estimatics Questions and Answers (2022/2023) (Verified Answers)Which must have an appointment? Consultant/producer/insured Correct Answer: Producer Define Pure Risk Correct Answer: Chance of loss with no possibility of gain The Law of Large Numbers says? Correct Answer: Losses become more predictable as the number of insureds increases A broker represents? Correct Answer: Insured A Producer Represents? Correct Answer: Insurer Insurance is regulated at which level? State or Federal Correct Answer: State A peril is? Correct Answer: Cause of loss Limit of liability is? Correct Answer: Maximum policy will pay for a loss All - Risk Correct Answer: Covers all perils but those listed in exclusions What is a Hazard? Correct Answer: Any factor that increases the chance of a loss occurring What is a; rider, endorsement or extension? Correct Answer: An addition to the policy What is inherent vice? Correct Answer: Natural deterioration, exclusion If Insurer cancels, the Insured is entitled to? Correct Answer: Pr-rata fund