STATE FARM PROPERTY AND CASUALTY EXAM QUESTIONS WITH DETAILED ANSWERS.pdf

STATE FARM PROPERTY AND
CASUALTY EXAM QUESTIONS WITH
DETAILED ANSWERS
dutiesEofEtheEinsuredE-ECORRECTEANSWERS1.EpayEtheEpremium

2.EtakeEallEreasonableEmeansEtoEsaveEandEprotectEtheEpropertyEfromElossE

3.EgiveEtheEinsuranceEcompanyEimmediateEnoticeEofElossE

4.EgiveEtheEinsuranceEcompanyEproofEofElossEwithinE60EdaysEofEtheElossE

5.EseparateEtheEdamagedEpropertyEfromEtheEundamagedEpropertyEandEallowEtheEinsuranc
eEcompanyEtoEinspectEtheEundamagedEpropertyEasEwellEasEtheEinsured'sEbooksEandErecor
dsE

6.EtheEinsuredEcannotEsueEtheEinsuranceEcompanyEunlessEallEofEtheseErequirementsEhave
EbeenEsatisfiedEandEthenEhe/sheEmustEsueEwithinE12EmonthsEofEtheEloss



dutiesEofEtheEinsuranceEcompanyE-
ECORRECTEANSWERS1.EmustEindemnifyEtheEinsuredEwithinE60EdaysEofEproofEofElossE

2.EmayEeitherEpayEtheEappraisedEACVEofEtheElossEorErepairEorEreplaceEtheEdamagedEprop
ertyE

3.EifEtheEinsuredEandEinsuranceEcompanyEdisagreeEasEtheEACVEofEtheElossEandEtheEdama
gedEpropertyEcannotEbeErepairedEorEreplaced,EtheyEeachEcanEselectEanEappraiser.EifEtheEa
ppraisersEdisagree,EtheyEselectEanEumpireEappraiserEwhoEwillEmakeEtheEfinalEdeterminatio
n



theEsubrogationEclauseE-
ECORRECTEANSWERSstatesEthatEtheEinsuranceEcompanyEcanErequireEtheEinsuredEtoEassign
E(transfer)EtoEitEanyElegalErightsEwhichEtheEinsuredEhasEagainstEthirdEpartiesEtoEtheEinsur
anceEcompanyEatEtheEtimeEofEloss



assignmentEclauseE-ECORRECTEANSWERS1.EtransferEofEaEpolicyEtoEanotherEpersonE

, 2.EassignmentEclauseEofEpropertyEinsuranceEpolicyEsaysEnoEassignmentEofEtheEpolicyEisEva
lidEunlessEsignedEbyEanEofficerEofEtheEinsuranceEcompany



theEotherEinsuranceEclauseE-
ECORRECTEANSWERSstatesEthatEtheEinsuranceEcompanyEcanEeitherEprohibitEotherEinsuranc
eEorEcanElimitEtheEamountEofEotherEinsuranceEbyEaddingEanEendorsementEtoEtheEpolicy



proErataEliabilityEclauseE-
ECORRECTEANSWERS1.EappliesEwhenEthereEareEconcurrentEpolicies.EconcurrentEinsuranceEi
sEwhenE2EorEmoreEpoliciesEcoverEtheEsameEproperty.EitEisEsometimesEdoneEwhenEinsurin
gEhighEvalueEproperty.EtheEpoliciesEshouldEbeEidenticalEinEallErespectsEexceptEfaceEamoun
ts

2.EsaysEthatEnoEinsuranceEcompanyEshallEbeEresponsibleEforEanyEmoreEthanEitsEproErataE
shareEofEtheEloss



mortgageeErightsE-ECORRECTEANSWERS-
ifEaEmortgageeE(lender)EisEnamedEonEtheEdeclarationsEpage,EitEacquiresE3ErightsEinEtheEp
olicy:

1.E10EdaysEnoticeEofEcancellationE

2.EtoEhaveEtheElossEpaidEtoEtheEmortgageeE

3.EtoEprovideEproofEofElossEshouldEtheEinsuredEfailEto



salvageE-ECORRECTEANSWERS-
salvageEisEwhenEanEinsuranceEcompanyEpaysEaEclaim,EandEthenEtheEinsuranceEcompanyEh
asEtheErightEtoEassumeEownershipEofEtheEdamagedEpropertyEtoErepairEitEandEsellEitEtoEre
coverEpartEorEallEofEtheElossE

-
salvageEvalueEisEtheEamountEforEwhichEtheEinsuranceEisEableEtoEsellEtheEdamagedEproper
tyEandEtheEamountEofElossEtheEinsuranceEcompanyEisEableEtoErecover