Business > EXAM > State Farm Insurance License Exam| 117 QUESTIONS| WITH COMPLETE SOLUTIONS (All)

State Farm Insurance License Exam| 117 QUESTIONS| WITH COMPLETE SOLUTIONS

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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 reimburse... d 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, or obsolescence. admitted insurer; authorized insurer Correct Answer: Company that meets a state insurance department's standards and is allowed to do business in that state. Adverse Selection Correct Answer: the tendency of insureds with a greater than average chance of loss to purchase insurance Annual Transit Policy Correct Answer: Nonfiled commercial inland marine transportation form that insures a property owner's incoming or outgoing shipments of goods during a year Appraisal Clause Correct Answer: A survey of property to determine the insurable value of the property or the value of the loss sustained. Appraisal Condition Correct Answer: Policy condition that outlines a procedure for when the insured and insurer disagree on the amount of a loss Assignment Correct Answer: The legal transfer of one's interest in an insurance policy to another person. Aviation Hull Insurance Correct Answer: Provides coverage for physical damage to an aircraft. Bailee's Customers Policy Correct Answer: 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. [Show More]

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