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STATE FARM Questions & 100% Correct Answers

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ACV ~~> TODAYS REPLACEMENT COST MINUS DEPRECIATION REPLACEMENT COST ~~> WITHOUT SUBTRACTING DEPRECIATION FUNCTIONAL REPLACEMENT COST ~~> SOMETIMES CALLED REPAIR COST AGREED VALUE ~~> AGREED VALUE BEFORE LOSS OCCURS THREE COMMON METHODS USED IN PROPERTY INSURANCE TO MINIMIZE CLAIMS ~~> EXCLUSIONS, DEDUCTIBLES, COINSURANCE EXCLUSIONS 2 | P a g e | © copyright 2024/2025 | Grade A+ Master01 | September, 2024/2025 | Latest update ~~> EVENTS AND PROPERTIES THAT ARE NOT COVERED DEDUCTIBLES ~~> RETAIN RISK. MINIMIZES THE USAGE OF THE POLICY AND HELPS ELIMINATE SMALL CLAIMS COINSURANCE ~~> REWARD POLICYOWNERS WHO BUY ADEQUATE AMOUNTS OF COVERAGE AND PUNISHING THOSE WHO DO NOT. COINSURANCE ~~> DID/SHOULD TIMES LOSS MINUS DEDUCTIBLE HOMEOWNERS ~~> WILL COVER YOUR PERSONAL PROPERTY ANYWHERE IN THE WORLD. COMMERCIAL PROPERTY ~~> COVERS BUSINESS PERSONAL PROPERTY ON PREMISES OR WITHIN 100 FEET OF PREMISES 3 | P a g e | © copyright 2024/2025 | Grade A+ Master01 | September, 2024/2025 | Latest update MORTGAGE HOLDERS ~~> THE BANK STANDARD MORTGAGE CLAUSE ~~> APPEARS IN PROPERTY POLICIES TO

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Institution

State Farm Auto

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State Farm Auto

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Institution: State Farm Auto
Course: State Farm Auto

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Uploaded on: September 13, 2024
Number of pages: 5
Written in: 2024/2025
Type: Exam (elaborations)
Contains: Questions & answers

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state farm questions 100 correct answers
acv todays replacement cost minus depreciat

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1 | P a g e | © copyright 2024/2025 | Grade A+

STATE FARM Questions & 100% Correct
Answers
ACV

✓ ~~> TODAYS REPLACEMENT COST MINUS DEPRECIATION

REPLACEMENT COST

✓ ~~> WITHOUT SUBTRACTING DEPRECIATION

FUNCTIONAL REPLACEMENT COST

✓ ~~> SOMETIMES CALLED REPAIR COST

AGREED VALUE

✓ ~~> AGREED VALUE BEFORE LOSS OCCURS

THREE COMMON METHODS USED IN PROPERTY INSURANCE TO MINIMIZE

CLAIMS

✓ ~~> EXCLUSIONS, DEDUCTIBLES, COINSURANCE

EXCLUSIONS

Master01 | September, 2024/2025 | Latest update

, 2 | P a g e | © copyright 2024/2025 | Grade A+

✓ ~~> EVENTS AND PROPERTIES THAT ARE NOT COVERED

DEDUCTIBLES

✓ ~~> RETAIN RISK. MINIMIZES THE USAGE OF THE POLICY AND HELPS

ELIMINATE SMALL CLAIMS

COINSURANCE

✓ ~~> REWARD POLICYOWNERS WHO BUY ADEQUATE AMOUNTS OF

COVERAGE AND PUNISHING THOSE WHO DO NOT.

COINSURANCE

✓ ~~> DID/SHOULD TIMES LOSS MINUS DEDUCTIBLE

HOMEOWNERS

✓ ~~> WILL COVER YOUR PERSONAL PROPERTY ANYWHERE IN THE

WORLD.

COMMERCIAL PROPERTY

✓ ~~> COVERS BUSINESS PERSONAL PROPERTY ON PREMISES OR WITHIN

100 FEET OF PREMISES

Master01 | September, 2024/2025 | Latest update

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STATE FARM Questions & 100% Correct Answers

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