State Farm Property Test 2025/2026

State Farm Property Test 2025/2026 In property insurance actual cash value is defined as which of the following - answer-Replacement cost at the time of the loss, less depreciation Peril is most easily defined as - answer-the cause of loss insured against What is a leading factor in the determination of actual cash value - answer-replacement cost Replacement cost is defined as - answer-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 - answer-Specific coverage Which of the following is used in the formula for calculating the actual cash value of a property - answerreplacement cost What is the purpose of the coinsurance clause found in property insurance policies? - answer-Encourage the insured to insure the property closer to its full value