State Farm P&C Licensing Exam

STATE FARM P&C LICENSING EXAM 2024 WITH 100% CORRECT ANSWERS RISK - correct answer UNCERTAINTY OF LOSS INSURANCE - correct answer TRANSFER OF RISK FROM THE INSURED TO THE INSURER PURE RISK - correct answer NO CHANCE OF GAIN; INSURABLE SPECULATIVE RISK - correct answer A CHANCE OF LOSS OR GAIN; NOT INSURABLE HAZARD - correct answer SOMETHING THAT INCREASES THE RISK PRINCIPLE OF INDEMNITY - correct answer STATES THAT THE PURPOSE OF THE POLICY IS TO RESTORE THE INSURED FINANCIALLY TO WHERE THEY WERE PRIOR TO THE LOSS INSURABLE INTEREST - correct answer MUST EXIST ON A CAUALTY POLICY AT TIME OF LOSS IN ORDER FOR THE POLICY TO PROVIDE COVERAGE LAW OF LARGE NUMBERS - correct answer USED TO PREDICT THE LIKELIHOOD OF LOSS ACTUAL CASH VALUE (ACV) - correct answer REPLACEMENT COST MINUS DEPRECIATION NEGLIGENCE - correct answer TORT, OR A CIVIL WRONG; GROUNDS FOR A LAWSUIT; THE FAILURE TO ACT AS A REASONABLE PERSON WOULD IN THE SAME CIRCUMSTANCES OCCURENCE - correct answer HAPPENS OVER A PERIOD OF TIME BINDER - correct answer MAY BE ORAL OR WRITTEN; PROVIDES COVERAGE UNTIL THE POLICY IS ISSUED; INCLUDES ALL COVERAGES PROVIDED BY THE POLICY WARRANTY - correct answer LITERAL TRUTH REPRESENTATION - correct answer SUBSTANTIAL TRUTH; IN INSURANCE; STATEMENTS OF THE APPLICANT/POLICYOWNER ARE REPRESENTATIONS- TRUE TO THE BEST OF THEIR KNOWLEDGE. CONCEALMENT - correct answer OMISSION OF A MATERIAL FACT DOES THE INSURER HAVE THE RIGHT TO SUE A NEGLIGENT THIRD PARTY FOR DAMAGES PAID TO AN INSURED UNDER THE CONCEPT OF SUBROGATION? - correct answer YES WHAT IS D-I-C-E? - correct answer ACRONYM STANDING FOR THE 4 PARTS OF A POLICY; DECLARATIONS, INSURING AGREEMENT, CONDITIONS, EXLUSIONS WHAT IS LISTED ON THE DECLARATIONS PAGE? - correct answer NAMED INSURED, POLICY LIMITS, LIMITS OF LIABILITY, PREMIUM, POLICY PERIOD. WHAT DOES THE INSURING AGREEMENT DESCRIBE? - correct answer THE COVERAGES PROVIDED WHAT IS THE CONDITIONS LIST? - correct answer OBLIGATIONS OF BOTH PARTIE