State Farm Insurance License Exam

State Farm Insurance License Exam







Abandonment Condition Correct Answer: 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 Answer: A loss that occurs at a specific time and place



Actual Cash Value (ACV) Correct Answer: Today's replacement cost minus depreciation. Depreciation from wear and tear, o...
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