STATE FARM INSURANCE LICENSE EXAM QUESTIONS AND ANSWERS NEW
UPDATE VERIFIED ANSWERS
Abandonment Condition (ANS) condition often contained in | | | | | |
| propertyinsurance policiesthat states that the insured cannot
| | | | | | | |
| abandon damaged property to the insurer and demand to be
| | | | | | | | |
| reimbursed for its full value. | | | |
1. Accident(ANS) A lossthat occursat a specific timeand place
| | | | | | | | | | |
2. Actual Cash Value (ACV) (ANS) Today's replacementcost minus
| | | | | | | |
| depreciation. Depreciation from wear and tear, or obsolescence.
| | | | | | |
3. admitted insurer; authorized insurer (ANS Company that meets a
| | | | | | | |
| state insurance department'sstandards and is allowed to do business in
| | | | | | | | | |
| that state.
|
4. Adverse Selection(ANS the tendency of insureds with a greater
| | | | | | | | |
| than average chance of loss to purchase insurance
| | | | | | |
5. AnnualTransitPolicy (ANS Nonfiled commercialinland marine
| | | | | | |
| transportation form that insures a property owner's incoming or
| | | | | | | |
| outgoing shipments of goods during a year
| | | | | |
,6. Appraisal Clause (ANS A survey of property to determine the
| | | | | | | | |
| insurable value of the propertyor the value of the loss sustained.
| | | | | | | | | | |
, 7. Appraisal Condition (ANS) Policy condition that outlines a
| | | | | | |
| procedureforwhen the insured and insurer disagreeon the amount of
| | | | | | | | | | |
| a loss
|
8. Assignment(ANS) The legal transfer of one's interest in an
| | | | | | | | |
| insurance policy to another person.
| | | |
9. Aviation Hull Insurance (ANS) Provides coverage for physical
| | | | | | |
| damage to an aircraft.
| | |
10. Bailee's Customers Policy (ANS) Nonfiled commercial inland
| | | | | |
| marine form obtained by a bailee to cover loss or damage to
| | | | | | | | | | |
| customers'propertyin the bailee's custodywithout regard to liability.
| | | | | | | | |
11. AppurtenantStructures (ANS) Buildings of lesservalue that are on
| | | | | | | | |
| the same premises as the main building insured under a property
| | | | | | | | | |
| policy; they are usually covered by the policy.
| | | | | | |
12. Assignment Condition (ANS) Condition in insurance policies that
| | | | | | |
| specifies that the policy cannot be transferred to another unless the
| | | | | | | | | |
| company consents to the transfer in writing.
| | | | | |
UPDATE VERIFIED ANSWERS
Abandonment Condition (ANS) condition often contained in | | | | | |
| propertyinsurance policiesthat states that the insured cannot
| | | | | | | |
| abandon damaged property to the insurer and demand to be
| | | | | | | | |
| reimbursed for its full value. | | | |
1. Accident(ANS) A lossthat occursat a specific timeand place
| | | | | | | | | | |
2. Actual Cash Value (ACV) (ANS) Today's replacementcost minus
| | | | | | | |
| depreciation. Depreciation from wear and tear, or obsolescence.
| | | | | | |
3. admitted insurer; authorized insurer (ANS Company that meets a
| | | | | | | |
| state insurance department'sstandards and is allowed to do business in
| | | | | | | | | |
| that state.
|
4. Adverse Selection(ANS the tendency of insureds with a greater
| | | | | | | | |
| than average chance of loss to purchase insurance
| | | | | | |
5. AnnualTransitPolicy (ANS Nonfiled commercialinland marine
| | | | | | |
| transportation form that insures a property owner's incoming or
| | | | | | | |
| outgoing shipments of goods during a year
| | | | | |
,6. Appraisal Clause (ANS A survey of property to determine the
| | | | | | | | |
| insurable value of the propertyor the value of the loss sustained.
| | | | | | | | | | |
, 7. Appraisal Condition (ANS) Policy condition that outlines a
| | | | | | |
| procedureforwhen the insured and insurer disagreeon the amount of
| | | | | | | | | | |
| a loss
|
8. Assignment(ANS) The legal transfer of one's interest in an
| | | | | | | | |
| insurance policy to another person.
| | | |
9. Aviation Hull Insurance (ANS) Provides coverage for physical
| | | | | | |
| damage to an aircraft.
| | |
10. Bailee's Customers Policy (ANS) Nonfiled commercial inland
| | | | | |
| marine form obtained by a bailee to cover loss or damage to
| | | | | | | | | | |
| customers'propertyin the bailee's custodywithout regard to liability.
| | | | | | | | |
11. AppurtenantStructures (ANS) Buildings of lesservalue that are on
| | | | | | | | |
| the same premises as the main building insured under a property
| | | | | | | | | |
| policy; they are usually covered by the policy.
| | | | | | |
12. Assignment Condition (ANS) Condition in insurance policies that
| | | | | | |
| specifies that the policy cannot be transferred to another unless the
| | | | | | | | | |
| company consents to the transfer in writing.
| | | | | |
