State Farm Property Exam COMPLETE
QUESTIONS AND ANSWERS | ALREADY PASSED
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Terms in this set (41)
In property insurance actual cash Replacement cost at the time of the loss, less
value is defined as which of the depreciation
following
Peril is most easily defined as the cause of loss insured against
What is a leading factor in the replacement cost
determination of actual cash value
Replacement cost is defined as full replacement of property at its current cost,
new and without reduction for depreciation
Property insurance that provides Specific coverage
100k coverage for a building and
50k coverage for personal property
at a single location is called
Which of the following is used in replacement cost
the formula for calculating the
actual cash value of a property
, What is the purpose of the Encourage the insured to insure the property
coinsurance clause found in closer to its full value
property insurance policies?
An insured has a liability policy that per occurrence
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?
When the amount of insurance stated amount
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
What is stated amount coverage In stated amt coverage the value of the insured
property is determined at the time the policy is
written.
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 Absolute
person who owns a swimming pool
have?
What is absolute liability Any conduct that is inherently dangerous
imposes absolute liability. the claimant does not
have to prove anything
QUESTIONS AND ANSWERS | ALREADY PASSED
| 2026 LATEST!!
Save
Terms in this set (41)
In property insurance actual cash Replacement cost at the time of the loss, less
value is defined as which of the depreciation
following
Peril is most easily defined as the cause of loss insured against
What is a leading factor in the replacement cost
determination of actual cash value
Replacement cost is defined as full replacement of property at its current cost,
new and without reduction for depreciation
Property insurance that provides Specific coverage
100k coverage for a building and
50k coverage for personal property
at a single location is called
Which of the following is used in replacement cost
the formula for calculating the
actual cash value of a property
, What is the purpose of the Encourage the insured to insure the property
coinsurance clause found in closer to its full value
property insurance policies?
An insured has a liability policy that per occurrence
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?
When the amount of insurance stated amount
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
What is stated amount coverage In stated amt coverage the value of the insured
property is determined at the time the policy is
written.
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 Absolute
person who owns a swimming pool
have?
What is absolute liability Any conduct that is inherently dangerous
imposes absolute liability. the claimant does not
have to prove anything
