State Farm Insurance License Exam Questions and Answers Already Passed

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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 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 [Show More]

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