State Farm Estimatics Exam Questions and Verified Answers

which of the following refers to being restored to the financial condition you were in before a loss? - Correct answer-indemnification mark incurred 8000$ damage to his car in an accident. he received 8000$ from his insurance company and 4000$ from the other driver. by receiving a profit from the loss, Mark is in violation of.. - Correct answer-principle of indemnity the transfer of risk from one party to another is called - Correct answer-insurance the principle of indemnity is designed to prevent - Correct answer-keeps the insured from making a profit from an insured loss. the fee paid by the insured in exchange for an insurance policy is called a - Correct answer-premium insurance - Correct answer-transfers risk of financial losses from one party to another insured - Correct answer-individual or organization that pays premiums in exchange for protection insurer - Correct answer-company group or government agency offering financial protection insurance policy - Correct answer-a legally binding contract in which the insurer agrees to take on specified risks in exchange for the insured's premiums