This Exam contains:
100% Guarantee Pass.
2025\2026 update
Each Question Includes The Correct answers
State Farm Insurance License Exam
QUESTIONS AND Answers ALL 100%
VERIFIED
Abandonment Condition - ANS>>A condition often contained in
property insurance policies that states that the insured cannot
abandon damaged property to the insurer and demand to be
reimbursed for its full value.
Accident - ANS>>A loss that occurs at a specific time and place
Actual Cash Value (ACV) - ANS>>Today's replacement cost minus
depreciation. Depreciation from wear and tear, or obsolescence.
,admitted insurer; authorized insurer - ANS>>Company that meets
a state insurance department's standards and is allowed to do
business in that state.
Adverse Selection - ANS>>the tendency of insureds with a greater
than average chance of loss to purchase insurance
Annual Transit Policy - ANS>>Nonfiled commercial inland marine
transportation form that insures a property owner's incoming or
outgoing shipments of goods during a year
Appraisal Clause - ANS>>A survey of property to determine the
insurable value of the property or the value of the loss sustained.
Appraisal Condition - ANS>>Policy condition that outlines a
procedure for when the insured and insurer disagree on the
amount of a loss
Assignment - ANS>>The legal transfer of one's interest in an
insurance policy to another person.
Aviation Hull Insurance - ANS>>Provides coverage for physical
damage to an aircraft.
Bailee's Customers Policy - ANS>>Nonfiled commercial inland
, marine form obtained by a bailee to cover loss or damage to
customers' property in the bailee's custody without regard to
liability.
Appurtenant Structures - ANS>>Buildings of lesser value that are
on the same premises as the main building insured under a
property policy; they are usually covered by the policy.
Assignment Condition - ANS>>Condition in insurance policies that
specifies that the policy cannot be transferred to another unless the
company consents to the transfer in writing.
Bailee - ANS>>A person or organization that has temporary
possession of someone else's personal property.
Basic Perils in Homeowners Policy - ANS>>There are 14 perils.
Fire, lightening, riot, explosion, vehicles, volcanic eruption, civil
commotion, smoke, hail, aircraft, windstorm, vandalism, malicious
mischief, theft.
Basic Property Policy Structure (DICEE) - ANS>>D - Declarations
I - Insuring agreement
C - Conditions
E - Exclusions
E - Endorsements
100% Guarantee Pass.
2025\2026 update
Each Question Includes The Correct answers
State Farm Insurance License Exam
QUESTIONS AND Answers ALL 100%
VERIFIED
Abandonment Condition - ANS>>A condition often contained in
property insurance policies that states that the insured cannot
abandon damaged property to the insurer and demand to be
reimbursed for its full value.
Accident - ANS>>A loss that occurs at a specific time and place
Actual Cash Value (ACV) - ANS>>Today's replacement cost minus
depreciation. Depreciation from wear and tear, or obsolescence.
,admitted insurer; authorized insurer - ANS>>Company that meets
a state insurance department's standards and is allowed to do
business in that state.
Adverse Selection - ANS>>the tendency of insureds with a greater
than average chance of loss to purchase insurance
Annual Transit Policy - ANS>>Nonfiled commercial inland marine
transportation form that insures a property owner's incoming or
outgoing shipments of goods during a year
Appraisal Clause - ANS>>A survey of property to determine the
insurable value of the property or the value of the loss sustained.
Appraisal Condition - ANS>>Policy condition that outlines a
procedure for when the insured and insurer disagree on the
amount of a loss
Assignment - ANS>>The legal transfer of one's interest in an
insurance policy to another person.
Aviation Hull Insurance - ANS>>Provides coverage for physical
damage to an aircraft.
Bailee's Customers Policy - ANS>>Nonfiled commercial inland
, marine form obtained by a bailee to cover loss or damage to
customers' property in the bailee's custody without regard to
liability.
Appurtenant Structures - ANS>>Buildings of lesser value that are
on the same premises as the main building insured under a
property policy; they are usually covered by the policy.
Assignment Condition - ANS>>Condition in insurance policies that
specifies that the policy cannot be transferred to another unless the
company consents to the transfer in writing.
Bailee - ANS>>A person or organization that has temporary
possession of someone else's personal property.
Basic Perils in Homeowners Policy - ANS>>There are 14 perils.
Fire, lightening, riot, explosion, vehicles, volcanic eruption, civil
commotion, smoke, hail, aircraft, windstorm, vandalism, malicious
mischief, theft.
Basic Property Policy Structure (DICEE) - ANS>>D - Declarations
I - Insuring agreement
C - Conditions
E - Exclusions
E - Endorsements
