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State Farm Property Questions with Detailed Verified Answers (100% Correct Answers) /Already Graded A+
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State Farm Property Questions with Detailed Verified Answers (100% Correct Answers) /Already Graded A+State Farm Property Questions with Detailed Verified Answers (100% Correct Answers) /Already Graded A+State Farm Property Questions with Detailed Verified Answers (100% Correct Answers) /Alre...

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  • April 15, 2025
  • 7
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • state farm property questions with detailed verifi

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  • State farm
  • State farm

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State Farm Property Questions with Detailed Verified
Answers (100% Correct Answers) /Already Graded A+
In property insurance actual cash value is defined as which of the following
Ans: Replacement cost at the time of the loss, less depreciation


Peril is most easily defined as
Ans: the cause of loss insured against


What is a leading factor in the determination of actual cash value
Ans: replacement cost
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Replacement cost is defined as
Ans: full replacement of property at its current cost, new and without
reduction for depreciation


Property insurance that provides 100k coverage for a building and 50k
coverage for personal property at a single location is called
Ans: Specific coverage


Which of the following is used in the formula for calculating the actual
cash value of a property
Ans: replacement cost


What is the purpose of the coinsurance clause found in property insurance
policies?
Ans: Encourage the insured to insure the property closer to its full value

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An insured has a liability policy that sets the amount at 50k for all claims
that arise from a single incident. which type of limit of liability does this
insured's policy have?
Ans: per occurrence


When the amount of insurance written in a property policy is not subject
to any coinsurance provision and that amount is paid in the event of a
covered loss, the coverage is said to be written as
Ans: stated amount


What is stated amount coverage
Ans: In stated amt coverage the value of the insured property is determined
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at the time the policy is written.
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in the event of a loss, that amount is paid without regard to any coinsurance
provision.



However, if the loss is less than the total, the insurer has salvage rights with
the insured having first right of refusal of the salvage.


What type of liability would a person who owns a swimming pool have?
Ans: Absolute


What is absolute liability
Ans: Any conduct that is inherently dangerous imposes absolute liability.
the claimant does not have to prove anything


Insurable interest in the property covered in a policy must be proven

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