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ACV actual cash value After Market Parts Parts produced by a 3rd party for use on automobiles. Betterment An improvement made to and automobile that increases its value, rather than a repair that simply maintains its current value BL Blend Blend This operation is equal to half the RF time on a panel. Blend would be necessary if an adjacent panel required some paint so the color would match. If damage is within 18" of an adjacent panel then blend. Allow 36" if i...

Vlastos v. Sumitomo Marine & Fire Insurance Company - breach of warranty Facts: Vlastos obtained fire insurance from the D. The policy stated in part: "Warranted that the 3rd floor is occupied as Janitor's residence." After the building was destroyed by fire, D refused to pay the claim citing breach of warranty because a massage parlor was also on the third floor with the janitor. 3 people were killed. Holding: AMBIGUITY: a reasonable person could have understood Vlastos to have warranted...

C11 Back of Textbook chapter 4-6|WITH 100% COMPLETE SOLUTIONS|ALREADY GRADED A

What transfers the risk of loss from an individual or business entity to an insurance company Insurance The uncertainty of a risk or loss occurring risk A risk that can only result in a loss or no change with no opportunity for financial gain pure risk A risk that allows an opportunity for loss or gain (such as gambling) speculative risk CONDITIONS or SITUATIONS that increase the chance of a loss occurring (such as lifestyle, health conditions, scuba diving, sky d...

State Farm has a commitment to service, which is one way of managing for competitive advantage State Farm's idea of offering banking through insurance agents is an example of which aspect of competitive advantage? innovation While the law requires the separation of companies offering banking, insurance, and mutual fund products, by using its insurance agents as salespeople for these products, State Farm is leveraging which aspect of the competitive landscape? collaboration ...

OEM Original Equipment Manufacturer CCF Coverage Confirmation Form 00:27 04:07 ACM Auto Claim Manual PDR Paintless Dent Repair Auto Service Commitment customers with vehicle damage claims expect repairs to be completed properly, promptly, and at competitive prices Select Service designed to enhance customer service and increase efficiency in our claim operations ADSP Auto Damage Service Programs Auto Damage Service Programs - Disc...

The fee paid by the insured in exchange for an insurance policy is called a: premium. Bobby just purchased an insurance policy for his home from XYZ Insurance. Which of the following would be a reason this policy may not be legally binding? A. Bobby is only 19 years old. B. Bobby paid his first premium when he and his agent agreed on a policy, but he is waiting for the policy documents to be prepared so he can sign them. C. Bobby has an outstanding warrant for selling marijuana. D. B...

Coverage A (Liability) Pays for damages due to bodily injury and property damage to others for which you are responsible. Coverage B (Property Damage Liability) Pays for damage to the property of others and loss of its use. Coverage P (No-Fault, PIP) Pays for medical expenses and a percentage of loss wages due to injuries caused by an auto accident. Coverage C (Medical Payments) Pays the 20% of medical expenses not covered by No-Fault and funeral expenses up to the lower...

Commissions: 1. Can earn variable comp between 8% - 11% but 10% is avg commission 2. $18,000 signing bonus and up to $10,000 if you have to relocate 3. Scorecard bonus allows them to earn 3x their commissions if they hit quotas on Fire, Auto, Life, Health, Bank, and Financial Products Book ownership/Contract 1. Agents are recruited from corporate careers or from the State Farm employee pool 2. Aspirant >> Intern ("New Market" OR "Assignment" >> TICA >> Permanent...

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 major panel. A refinish overlap deduction would be applicable to the fender ref...

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 major panel. A refinish overlap deduction would be applicable to the fender ref...

Collision Coverage pays to fix or replace a car thats been demanded in collision with another object or rolls over how collision works in a covered accident, extends beyond your own vehicle to include temporary substitute cars, newly acquired cars, and cars your using, but aren't owned by anyone in your household limited to the actual cash value of the vehicle, and requires a deductible, which is the amount you will need to pay before receiving benefits. Higher deductibles lower you...

Coverage A Dwelling Coverage B Personal Property Coverage C Loss of Use Coverage A is the dwelling and dwelling extensions. The dwelling is the structure used principally as a the private residence and the dwelling extensions are other structures on the residence premises separated from the dwelling by clear space. Structures connected to the dwelling by only a fence, utility line, or similar connection are still considered to be other structures. Examples of dwellin...

Competitive Bids The competitive bid process requires that two or more repairers submit competitive estimates or "bids" for a specific repair job. The amount of the low, complete bid is generally considered to be the "competitive" price and is used as the basis for settlement. In all cases, the vehicle owner selects the facility that will perform repairs. PCPs State Farm uses a continuous survey that gives repairers the opportunity to provide information online. The repairer in...

Abandonment Condition 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 A loss that occurs at a specific time and place Actual Cash Value (ACV) Today's replacement cost minus depreciation. Depreciation from wear and tear, or obsolescence. admitted insurer; authorized insurer Company that meets a state insurance department's stand...

Appraisal a professional assessment to determine extent of damage Earned Premium the portion of premium paid in advance that now belongs to the insurer because it applies to the elapsed part of the policy. Liberalization the removal or loosening of restrictions on something, typically an economic or political system. Negligence the failure to use the care that reasonable, prudent person would under the same or similar circumstances. Policyowner the person entit...

Abandonment The abdication of insured property into the hands of another, or into the possession of no one in particular. Absolute Liability A type of liability that occurs due to extremely dangerous operations, such as the use of explosives or working at extreme heights. Accident An unplanned, unforeseen event which occurs suddenly and at a specific place. Actual Cash Value (ACV) The required amount to pay damages or for property loss, which is calculated based on...

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.

How long has State Farm been in business? 100 years How many agents does State Farm have across the US? 19,000 00:08 04:07 Who has the largest State Farm agency? How long have they been in business? How much do they manage in GWP? Is it all organic? Al Clark, 45 years, 40mm GWP, No Why was State Farm founded? They created price differences, someone in Chicago should pay more than someone in West TX because higher likelihood of getting into an auto accident ...

Select Service Program In some market areas, repairers have been selected to participate in State Farm's Select Service Program. The program is designed to enhance claim service, increase efficiency, and afford customers an opportunity to select qualified repairers to inspect and estimate vehicle damage Paintless Dent repair Paintless Dent Repair (PDR) is an industry recognized repair process that involves the removal of hail dents or other types of damage from metal exterior surface p...