State Farm State Farm Insurance License Exam La
e e e e e e e
test Questions and Answers () (Veri
e e e e e e e
fied Answers)
e
AbandonmenteCondition
- correcteanswere-
e Aeconditioneoftenecontainedeinepropertyeinsuranceepoliciesethatestatesethate
theeinsuredecannoteabandonedamagedepropertyetoetheeinsurereandedemande
toebeereimbursedeforeitsefullevalue.
Accident
- correcteanswere-eAelossethateoccurseateaespecificetimeeandeplace
ActualeCasheValuee(ACV)
- correcteanswere-eToday'sereplacementecosteminusedepreciation.
,Depreciationefromeweareandetear,eoreobsolescence.
admittedeinsurer;eauthorizedeinsurer
- correcteanswere-
Companyethatemeetseaestateeinsuranceedepartment'sestandardseandeiseal
e
lowedetoedoebusinesseinethatestate.
AdverseeSelection
- correcteanswere-
theetendencyeofeinsuredsewitheaegreaterethaneaverageechanceeofelossetoep
e
urchaseeinsurance
AnnualeTransitePolicy
- correcteanswere-
e Nonfiledecommercialeinlandemarineetransportationeformethateinsureseaepro
pertyeowner'seincomingeoreoutgoingeshipmentseofegoodseduringeaeyear
AppraisaleClause
- correcteanswere-
Aesurveyeofepropertyetoedetermineetheeinsurableevalueeofetheepropertyeorethe
e
e valueeofetheelossesustained.
AppraisaleCondition
- correcteanswere-ePolicyeconditionethateoutlineseaeprocedureeforewhenethe
,insuredeandeinsureredisagreeeonetheeamounteofeaeloss
Assignment
- correcteanswere-
Theelegaletransfereofeone'seinteresteineaneinsuranceepolicyetoeanothereperson.
e
AviationeHulleInsurance
- correcteanswere-eProvidesecoverageeforephysicaledamageetoeaneaircraft.
Bailee'seCustomersePolicy
- correcteanswere-
Nonfiledecommercialeinlandemarineeformeobtainedebyeaebaileeetoecoverelos
e
seoredamageetoecustomers'epropertyeinetheebailee'secustodyewithouteregard
e toeliability.
AppurtenanteStructures
- correcteanswere-
Buildingseofelesserevalueethateareeonetheesameepremiseseasetheemainebuildingei
e
nsuredeundereaepropertyepolicy;etheyeareeusuallyecoveredebyetheepolicy.
AssignmenteCondition
- correcteanswere-eConditioneineinsuranceepoliciesethatespecifiesethatethe
, policyecannotebeetransferredetoeanothereunlessetheecompanyeconsentsetoetheetr
ansfereinewriting.
Bailee
- correcteanswere-
Aepersoneoreorganizationethatehasetemporaryepossessioneofesomeoneeelse'se
e
personaleproperty.
BasicePerilseineHomeownersePolicy
- correcteanswere-
e Thereearee14eperils.eFire,elightening,eriot,eexplosion,evehicles,evolcaniceeruptio
n,ecivilecommotion,esmoke,ehail,eaircraft,ewindstorm,evandalism,emaliciousemis
chief,etheft.
BasicePropertyePolicyeStructuree(DICEE)
- correcteanswere-eDe-eDeclarationseIe-eInsuringeagreementeCe-eConditionseEe-
e ExclusionseEe-eEndorsements
BlanketeInsurance
- correcteanswere-
e Typeeofeinsuranceepolicyethatecoversemoreethaneoneeitemeofepropertyeateaesin
gleelocationeoreoneeoremoreeitemseofepropertyeatemultipleelocations
e e e e e e e
test Questions and Answers () (Veri
e e e e e e e
fied Answers)
e
AbandonmenteCondition
- correcteanswere-
e Aeconditioneoftenecontainedeinepropertyeinsuranceepoliciesethatestatesethate
theeinsuredecannoteabandonedamagedepropertyetoetheeinsurereandedemande
toebeereimbursedeforeitsefullevalue.
Accident
- correcteanswere-eAelossethateoccurseateaespecificetimeeandeplace
ActualeCasheValuee(ACV)
- correcteanswere-eToday'sereplacementecosteminusedepreciation.
,Depreciationefromeweareandetear,eoreobsolescence.
admittedeinsurer;eauthorizedeinsurer
- correcteanswere-
Companyethatemeetseaestateeinsuranceedepartment'sestandardseandeiseal
e
lowedetoedoebusinesseinethatestate.
AdverseeSelection
- correcteanswere-
theetendencyeofeinsuredsewitheaegreaterethaneaverageechanceeofelossetoep
e
urchaseeinsurance
AnnualeTransitePolicy
- correcteanswere-
e Nonfiledecommercialeinlandemarineetransportationeformethateinsureseaepro
pertyeowner'seincomingeoreoutgoingeshipmentseofegoodseduringeaeyear
AppraisaleClause
- correcteanswere-
Aesurveyeofepropertyetoedetermineetheeinsurableevalueeofetheepropertyeorethe
e
e valueeofetheelossesustained.
AppraisaleCondition
- correcteanswere-ePolicyeconditionethateoutlineseaeprocedureeforewhenethe
,insuredeandeinsureredisagreeeonetheeamounteofeaeloss
Assignment
- correcteanswere-
Theelegaletransfereofeone'seinteresteineaneinsuranceepolicyetoeanothereperson.
e
AviationeHulleInsurance
- correcteanswere-eProvidesecoverageeforephysicaledamageetoeaneaircraft.
Bailee'seCustomersePolicy
- correcteanswere-
Nonfiledecommercialeinlandemarineeformeobtainedebyeaebaileeetoecoverelos
e
seoredamageetoecustomers'epropertyeinetheebailee'secustodyewithouteregard
e toeliability.
AppurtenanteStructures
- correcteanswere-
Buildingseofelesserevalueethateareeonetheesameepremiseseasetheemainebuildingei
e
nsuredeundereaepropertyepolicy;etheyeareeusuallyecoveredebyetheepolicy.
AssignmenteCondition
- correcteanswere-eConditioneineinsuranceepoliciesethatespecifiesethatethe
, policyecannotebeetransferredetoeanothereunlessetheecompanyeconsentsetoetheetr
ansfereinewriting.
Bailee
- correcteanswere-
Aepersoneoreorganizationethatehasetemporaryepossessioneofesomeoneeelse'se
e
personaleproperty.
BasicePerilseineHomeownersePolicy
- correcteanswere-
e Thereearee14eperils.eFire,elightening,eriot,eexplosion,evehicles,evolcaniceeruptio
n,ecivilecommotion,esmoke,ehail,eaircraft,ewindstorm,evandalism,emaliciousemis
chief,etheft.
BasicePropertyePolicyeStructuree(DICEE)
- correcteanswere-eDe-eDeclarationseIe-eInsuringeagreementeCe-eConditionseEe-
e ExclusionseEe-eEndorsements
BlanketeInsurance
- correcteanswere-
e Typeeofeinsuranceepolicyethatecoversemoreethaneoneeitemeofepropertyeateaesin
gleelocationeoreoneeoremoreeitemseofepropertyeatemultipleelocations
