State Farm Insurance License Exam Questions and Answers 2024

State Farm Insurance License Exam Questions and Answers 2024 Abandonment Condition - answerA 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. Accident - answerA loss that occurs at a specific time and place Actual Cash Value (ACV) - answerToday's replacement cost minus depreciation. Depreciation from wear and tear, or obsolescence. admitted insurer; authorized insurer - answerCompany that meets a state insurance department's standards and is allowed to do business in that state. Adverse Selection - answerthe tendency of insureds with a greater than average chance of loss to purchase insurance Annual Transit Policy - answerNonfiled commercial inland marine transportation form that insures a property owner's incoming or outgoing shipments of goods during a year Appraisal Clause - answerA survey of property to determine the insurable value of the property or the value of the loss sustained. Appraisal Condition - answerPolicy condition that outlines a procedure for when the insured and insurer disagree on the amount of a loss Assignment - answerThe legal transfer of one's interest in an insurance policy to another person. Aviation Hull Insurance - answerProvides coverage for physical damage to an aircraft. Bailee's Customers Policy - answerNonfiled commercial inland marine form obtained by a bailee to cover loss or damage to customers' property in the bailee's custody without regard to liability. Appurtenant Structures - answerBuildings of lesser value that are on the same premises as the main building insured under a property policy; they are usually covered by the policy. Assignment Condition - answerCondition in insurance policies that specifies that the policy cannot be transferred to another unless the company consents to the transfer in writing