State Farm Property

State Farm Property Exam Questions with 100% Correct Answers which of the following refers to being restored to the financial condition you were in before a loss? indemnification mark incurred 8000$ damage to his car in an accident. he received 8000$ from his insurance company and 4000$ from the other driver. by receiving a profit from the loss, Mark is in violation of.. principle of indemnity the transfer of risk from one party to another is called insurance the principle of ...

State Farm Property Exam Questions with 100% Correct Answers Who owns thier renewals Independents Events that may NOT be recovered by insurance are Gambling, investing, market value of home What underlying coverages typically are required for an umbrella Auto and Personal Conditions that prohibit assignments of the policy Transfer of rights and duties Expectant interest are Not insured Flood, power failure and earth movement are Excluded on DP & HO What are t...

State Farm Property Exam Questions with 100% Correct Answers How long is the waiting period after the application has been accepted before flood coverage goes into effect? the waiting period is 30 days as required by the Nation flood insurance program which of the following Is covered under the camera and musical instruments dealers floater a customers camera left at a camera shop for repairs when an umbrella policy is broader than underlying insurance and it pays a loss that is not...

State Farm Property Exam Questions with 100% Correct Answers Policy assignment when assignee receives full control over the policy and full rights to its benefits. Absolute Assignment Life insurance rider that allow for early payment of some portion of policy's face amount, should the insured suffer from terminal illness/injury. Accelerated benefits rider Contract must be accepted by the insured exactly as it is written by the insurer. Terms of contract cannot be negotiated. Contra...

State Farm Property Exam Questions with 100% Correct Answers 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. Abandonment Condition A loss that occurs at a specific time and place Accident Today's replacement cost minus depreciation. Depreciation from wear and tear, or obsolescence. Actual Cash Value (ACV) Company that meets a state insurance d...

State Farm Property With Best Answers In property insurance actual cash value is defined as which of the following -correct ans-Replacement cost at the time of the loss, less depreciation Peril is most easily defined as -correct ans-the cause of loss insured against What is a leading factor in the determination of actual cash value -correct ans-replacement cost Replacement cost is defined as -correct ans-full replacement of property at its current cost, new and without reduction for de...

• State farm auto external claim Resource Certification Exam Well Arranged You're preparing an estimate on a customer's vehicle that requires refinishing of the hood and right front fender only. The hood is the first panel listed on the estimate. According to most Collision Estimating Guides, would refinish overlap be applicable on the hood? Choose the most correct statement. Select the single best answer: A. Overlap would not be applicable on the hood refinish time as it's the first m...

State Farm Insurance License Exam Well Performed Abandonment Condition -CORRECT 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 -CORRECT ANS-A loss that occurs at a specific time and place Actual Cash Value (ACV) -CORRECT ANS-Today's replacement cost minus depreciation. Depreciation from wear and tear, or obsolescence. admitted insurer; au...

State Farm-1-Estimatics Exam with best solutions The formula for determining the area of a trapezoid is: Select the single best answer: A. [(Base1 + Base2) ÷ 2] x Height B. ½ Base x Height C. Base x Height D.

State Farm Property 2024 In property insurance actual cash value is defined as which of the following -correct ans-Replacement cost at the time of the loss, less depreciation Peril is most easily defined as -correct ans-the cause of loss insured against What is a leading factor in the determination of actual cash value -correct ans-replacement cost Replacement cost is defined as -correct ans-full replacement of property at its current cost, new and without reduction for depreciation ...