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Exam (elaborations)

STATE FARM INSURANCE LICENSE EXAM

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2024/2025 Written for academic year
Institution State Farm Property Certification
Course State Farm Property Certification
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STATE FARM INSURANCE LICENSE EXAM Abandonment Condition - CORRECT ANSWER -A 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 - CORRECT ANSWER -A loss that occurs at a specific time and place Actual Cash Value (ACV) - CORRECT ANSWER -Today's replacement cost minus depreciation. Depreciation from wear and tear, or obsolescence. admitted insurer; authorized insurer - CORRECT ANSWER -Company that meets a state insurance department's standards and is allowed to do business in that state. Adverse Selection - CORRECT ANSWER -the tendency of insureds with a greater than average chance of loss to purchase insurance Annual Transit Policy - CORRECT ANSWER -Nonfiled commercial inland marine transportation form that insures a property owner's incoming or outgoing shipments of goods during a year Appraisal Clause - CORRECT ANSWER -A survey of property to determine the insurable value of the property or the value of the loss sustained. Appraisal Condition - CORRECT ANSWER -Policy condition that outlines a procedure for when the insured and insurer disagree on the amount of a loss Assignment - CORRECT ANSWER -The legal transfer of one's interest in an insurance policy to another person. Aviation Hull Insurance - CORRECT ANSWER -Provides coverage for physical damage to an aircraft.

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