STATE FARM INSURANCE LICENSE EXAM 150 QUESTIONS AND CORRECT
DETAILED ANSWERS UPDATE ALREADY A GRADED|NEW!
A condition often contained in property
insurance policies that states that the
insured cannot abandon damaged prop- Abandonment Condition
erty to the insurer and demand to be
reimbursed for its full value.
A loss that occurs at a specific time and
Accident
place
Today's replacement cost minus depre-
ciation. Depreciation from wear and tear, Actual Cash Value (ACV)
or obsolescence.
Company that meets a state insurance
department's standards and is allowed admitted insurer; authorized insurer
to do business in that state.
the tendency of insureds with a greater
than average chance of loss to purchase Adverse Selection
insurance
Nonfiled commercial inland marine
transportation form that insures a prop-
Annual Transit Policy
erty owner's incoming or outgoing ship-
ments of goods during a year
A survey of property to determine the
insurable value of the property or the Appraisal Clause
value of the loss sustained.
Policy condition that outlines a proce-
dure for when the insured and insurer Appraisal Condition
disagree on the amount of a loss
The legal transfer of one's interest in an
Assignment
insurance policy to another person.
Provides coverage for physical damage
Aviation Hull Insurance
to an aircraft.
Nonfiled commercial inland marine form
obtained by a bailee to cover loss or Bailee's Customers Policy
damage to customers' property in the
, STATE FARM INSURANCE LICENSE EXAM 150 QUESTIONS AND CORRECT
DETAILED ANSWERS UPDATE ALREADY A GRADED|NEW!
bailee's custody without regard to liabili-
ty.
Buildings of lesser value that are on the
same premises as the main building in-
Appurtenant Structures
sured under a property policy; they are
usually covered by the policy.
Condition in insurance policies that spec-
ifies that the policy cannot be transferred
Assignment Condition
to another unless the company consents
to the transfer in writing.
A person or organization that has tempo-
rary possession of someone else's per- Bailee
sonal property.
There are 14 perils. Fire, lightening,
riot, explosion, vehicles, volcanic erup-
tion, civil commotion, smoke, hail, air- Basic Perils in Homeowners Policy
craft, windstorm, vandalism, malicious
mischief, theft.
D - Declarations
I - Insuring agreement
C - Conditions Basic Property Policy Structure (DICEE)
E - Exclusions
E - Endorsements
Type of insurance policy that covers
more than one item of property at a sin-
Blanket Insurance
gle location or one or more items of prop-
erty at multiple locations
Commercial property coverage forms
that covers commercial, residential, or
Builders Risk Coverage Form
farm buildings that are under construc-
tion or during remodeling.
Type of ocean marine insurance that cov-
ers goods while they are in transit over Cargo Insurance
water.
DETAILED ANSWERS UPDATE ALREADY A GRADED|NEW!
A condition often contained in property
insurance policies that states that the
insured cannot abandon damaged prop- Abandonment Condition
erty to the insurer and demand to be
reimbursed for its full value.
A loss that occurs at a specific time and
Accident
place
Today's replacement cost minus depre-
ciation. Depreciation from wear and tear, Actual Cash Value (ACV)
or obsolescence.
Company that meets a state insurance
department's standards and is allowed admitted insurer; authorized insurer
to do business in that state.
the tendency of insureds with a greater
than average chance of loss to purchase Adverse Selection
insurance
Nonfiled commercial inland marine
transportation form that insures a prop-
Annual Transit Policy
erty owner's incoming or outgoing ship-
ments of goods during a year
A survey of property to determine the
insurable value of the property or the Appraisal Clause
value of the loss sustained.
Policy condition that outlines a proce-
dure for when the insured and insurer Appraisal Condition
disagree on the amount of a loss
The legal transfer of one's interest in an
Assignment
insurance policy to another person.
Provides coverage for physical damage
Aviation Hull Insurance
to an aircraft.
Nonfiled commercial inland marine form
obtained by a bailee to cover loss or Bailee's Customers Policy
damage to customers' property in the
, STATE FARM INSURANCE LICENSE EXAM 150 QUESTIONS AND CORRECT
DETAILED ANSWERS UPDATE ALREADY A GRADED|NEW!
bailee's custody without regard to liabili-
ty.
Buildings of lesser value that are on the
same premises as the main building in-
Appurtenant Structures
sured under a property policy; they are
usually covered by the policy.
Condition in insurance policies that spec-
ifies that the policy cannot be transferred
Assignment Condition
to another unless the company consents
to the transfer in writing.
A person or organization that has tempo-
rary possession of someone else's per- Bailee
sonal property.
There are 14 perils. Fire, lightening,
riot, explosion, vehicles, volcanic erup-
tion, civil commotion, smoke, hail, air- Basic Perils in Homeowners Policy
craft, windstorm, vandalism, malicious
mischief, theft.
D - Declarations
I - Insuring agreement
C - Conditions Basic Property Policy Structure (DICEE)
E - Exclusions
E - Endorsements
Type of insurance policy that covers
more than one item of property at a sin-
Blanket Insurance
gle location or one or more items of prop-
erty at multiple locations
Commercial property coverage forms
that covers commercial, residential, or
Builders Risk Coverage Form
farm buildings that are under construc-
tion or during remodeling.
Type of ocean marine insurance that cov-
ers goods while they are in transit over Cargo Insurance
water.
