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State Farm Property Exam Questions with Verified Answers

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State Farm Property Certification

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State Farm Property Certification

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State Farm Property Exam Questions with Verified
Answers

Inzpropertyzinsurancezactualzcashzvalueziszdefinedzaszwhichzofzthezfollowingz-zCORRECTzANSWER-
Replacementzcostzatztheztimezofzthezloss,zlesszdepreciation

Perilziszmostzeasilyzdefinedzasz-zCORRECTzANSWER-thezcausezofzlosszinsuredzagainst

Whatziszazleadingzfactorzinzthezdeterminationzofzactualzcashzvaluez-zCORRECTzANSWER-replacementzcost

Replacementzcostziszdefinedzasz-zCORRECTzANSWER-
fullzreplacementzofzpropertyzatzitszcurrentzcost,znewzandzwithoutzreductionzforzdepreciation

Propertyzinsurancezthatzprovidesz100kzcoveragezforzazbuildingzandz50kzcoveragezforzpersonalzpropertyzatz
azsinglezlocationziszcalledz-zCORRECTzANSWER-Specificzcoverage

Whichzofzthezfollowingziszusedzinzthezformulazforzcalculatingzthezactualzcashzvaluezofzazpropertyz-
zCORRECTzANSWER-replacementzcost

Whatziszthezpurposezofzthezcoinsurancezclausezfoundzinzpropertyzinsurancezpolicies?z-zCORRECTzANSWER-
Encouragezthezinsuredztozinsurezthezpropertyzcloserztozitszfullzvalue

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whichztypezofzlimitzofzliabilityzdoeszthiszinsured'szpolicyzhave?z-zCORRECTzANSWER-perzoccurrence

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dzthatzamountziszpaidzinzthezeventzofzazcoveredzloss,zthezcoverageziszsaidztozbezwrittenzasz-
zCORRECTzANSWER-statedzamount

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Inzstatedzamtzcoveragezthezvaluezofzthezinsuredzpropertyziszdeterminedzatztheztimezthezpolicyziszwritten.z

, inzthezeventzofzazloss,zthatzamountziszpaidzwithoutzregardztozanyzcoinsurancezprovision.z

However,zifzthezlossziszlesszthanztheztotal,zthezinsurerzhaszsalvagezrightszwithzthezinsuredzhavingzfirstzrightz
ofzrefusalzofzthezsalvage.

Whatztypezofzliabilityzwouldzazpersonzwhozownszazswimmingzpoolzhave?z-zCORRECTzANSWER-Absolute

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Anyzconductzthatziszinherentlyzdangerouszimposeszabsolutezliability.zthezclaimantzdoesznotzhaveztozprovez
anything

Insurablezinterestzinzthezpropertyzcoveredzinzazpolicyzmustzbezprovenz-zCORRECTzANSWER-
atztheztimezofzloss

WhichzofzthezfollowingziszNOTzanzelementzofznegligencez

breach,zunbrokenzchain,zlibel,zdutyz-zCORRECTzANSWER-libel

whatziszlibelz-zCORRECTzANSWER-aztypezofzintentionalztort

Withzrespectztozthezbusinesszofzinsurance,zazhazardzisz-zCORRECTzANSWER-
anyzconditionzorzexposurezthatzincreaseszthezpossibilityzofzloss

Whatzarezthezfourzessentialzelementszofzallzlegalzcontractsz-zCORRECTzANSWER-
offerzandzacceptance,zconsideration,zcompetentzparties,zandzlegalzpurpose

Inzformingzanzinsurancezcontract,zwhenzdoeszacceptancezusuallyzoccur?z-zCORRECTzANSWER-
whenzanzinsurer'szunderwriterzapproveszcoverage

Whoziszresponsiblezforzfillingzoutzaznoticezofzclaimzformz-zCORRECTzANSWER-insured

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Institution: State Farm Property Certification
Course: State Farm Property Certification

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Uploaded on: October 11, 2024
Number of pages: 5
Written in: 2024/2025
Type: Exam (elaborations)
Contains: Questions & answers

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statedzamountzcoverage
absolutezliability
noticezofzclaim
state farm property exam questions with verified a
perilziszmostzeasilyzdefinedzasz zcorrectzanswer t

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State Farm Property Exam Questions with Verified Answers

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