State Farm Insurance License Exam Questions and Answers 2022/2023 complete solution ( A+ GRADED 100% VERIFIED)

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State Farm Insurance License Exam Questions and Answers 2022/2023 complete solution ( A+ GRADED 100% VERIFIED) Abandonment Condition Answer: A condition often contained in property insurance polici... es that states that the insured cannot abandon damaged property to the insurer and demand to be reimbursed for its full value. Accident Answer: A loss that occurs at a specific time and place Actual Cash Value (ACV) Answer: Today's replacement cost minus depreciation. Depreciation from wear and tear, or obsolescence. admitted insurer; authorized insurer Answer: Company that meets a state insurance department's standards and is allowed to do business in that state. Adverse Selection Answer: the tendency of insureds with a greater than average chance of loss to purchase insurance Annual Transit Policy Answer: Nonfiled commercial inland marine transportation form that insures a property owner's incoming or outgoing shipments of goods during a year Appraisal Clause Answer: A survey of property to determine the insurable value of the property or the value of the loss sustained. Appraisal Condition Answer: Policy condition that outlines a procedure for when the insured and insurer disagree on the amount of a loss Assignment Answer: The legal transfer of one's interest in an insurance policy to another person. Aviation Hull Insurance Answer: Provides coverage for physical damage to an aircraft. Bailee's Customers Policy 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. Appurtenant Structures Answer: 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 Answer: Condition in insurance policies that specifies that the policy cannot be transferred to another unless the company consents to the transfer in writing. [Show More]

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