State Farm Insurance License Exam Questions and Answers Already Passed

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State Farm Insurance License Exam Questions and Answers Already Passed Abandonment Condition ✔✔A condition often contained in property insurance policies that states that the insured cannot aba... ndon 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 standards and is allowed to do business in that state. Adverse Selection ✔✔the tendency of insureds with a greater than average chance of loss to purchase insurance Annual Transit Policy ✔✔Nonfiled commercial inland marine transportation form that insures a property owner's incoming or outgoing shipments of goods during a year Appraisal Clause ✔✔A survey of property to determine the insurable value of the property or the value of the loss sustained. Appraisal Condition ✔✔Policy condition that outlines a procedure for when the insured and insurer disagree on the amount of a loss Assignment ✔✔The legal transfer of one's interest in an insurance policy to another person. Aviation Hull Insurance ✔✔Provides coverage for physical damage to an aircraft. Bailee's Customers Policy ✔✔Nonfiled commercial inland marine form obtained by a bailee to cover loss or damage to customers' property in the bailee's custody without regard to liability. Appurtenant Structures ✔✔Buildings of lesser value that are on the same premises as the main building insured under a property policy; they are usually covered by the policy. Assignment Condition ✔✔Condition in insurance policies that specifies that the policy cannot be transferred to another unless the company consents to the transfer in writing. Bailee ✔✔A person or organization that has temporary possession of someone else's personal property. Basic Perils in Homeowners Policy ✔✔There are 14 perils. Fire, lightening, riot, explosion, vehicles, volcanic eruption, civil commotion, smoke, hail, aircraft, windstorm, vandalism, malicious mischief, theft. Basic Property Policy Structure (DI [Show More]

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