State Farm Property Exam 2026
Questions and Verified Answers
(2026/2027 Updated) | Graded A+ |
100% Success
What are the four essential elements of all legal contracts - Correct Answer -offer
and acceptance, consideration, competent parties, and legal purpose
In forming an insurance contract, when does acceptance usually occur? - Correct
Answer -when an insurer's underwriter approves coverage
Who is responsible for filling out a notice of claim form - Correct Answer -insured
what is a notice of claim - Correct Answer -a form or statement from an insured to
an insurer, informing the insurer that events leading to a possible claim have
occurred
If a property is covered by comp a for 20k and comp b covers the same property
for 40k, how much will comp a pay on a 24k loss? - Correct Answer -8000
, pro rata liability applies
each policy pays a percentage of the loss based on the percentage of coverage
that policy provides.
comp a carries 1/3 of the total coverage (20k + 40k = 60k)
Therefore 1/3 of the 24k loss is 8,000
In the event of a loss covered by the policy, if the insurer requests a signed sworn
proof of loss, the named insured is required to submit it within - Correct Answer -
a specified time
What are considered parts of the policy structure - Correct Answer -conditions,
exclusions, insuring clause
A homeowner sells his house to a friend. the friend wants to keep the
homeowners current policy in effect. under the assignment provision which of the
following is most likely? - Correct Answer -the homeowner will need to get written
consent from the insurer before the policy can be reassigned
Questions and Verified Answers
(2026/2027 Updated) | Graded A+ |
100% Success
What are the four essential elements of all legal contracts - Correct Answer -offer
and acceptance, consideration, competent parties, and legal purpose
In forming an insurance contract, when does acceptance usually occur? - Correct
Answer -when an insurer's underwriter approves coverage
Who is responsible for filling out a notice of claim form - Correct Answer -insured
what is a notice of claim - Correct Answer -a form or statement from an insured to
an insurer, informing the insurer that events leading to a possible claim have
occurred
If a property is covered by comp a for 20k and comp b covers the same property
for 40k, how much will comp a pay on a 24k loss? - Correct Answer -8000
, pro rata liability applies
each policy pays a percentage of the loss based on the percentage of coverage
that policy provides.
comp a carries 1/3 of the total coverage (20k + 40k = 60k)
Therefore 1/3 of the 24k loss is 8,000
In the event of a loss covered by the policy, if the insurer requests a signed sworn
proof of loss, the named insured is required to submit it within - Correct Answer -
a specified time
What are considered parts of the policy structure - Correct Answer -conditions,
exclusions, insuring clause
A homeowner sells his house to a friend. the friend wants to keep the
homeowners current policy in effect. under the assignment provision which of the
following is most likely? - Correct Answer -the homeowner will need to get written
consent from the insurer before the policy can be reassigned
