State Farm BUNDLED Exams questions and 100% correct answers

Competitive Bids - correct answers The competitive bid process requires that two or more repairers submit competitive estimates or "bids" for a specific repair job. The amount of the low, complete bid is generally considered to be the "competitive" price and is used as the basis for settlemen...

agents (producer) report - correct answers Section of an insurance application where the agent, details personal observations about the applicant. annually renewable term (ART) - correct answers A form of renewable term insurance that provides coverage for one year and allows policyowner to ren...

Insurance producer - correct answers An individual or an entity authorized in writing by a lawfully qualified insurance compnay to transact, negotiate or effect contracts of insurance of behalf of that insurance company. Resident Producer - correct answers Any person that lives in kansas and is...

Select Service Program - correct answers In some market areas, repairers have been selected to participate in State Farm's Select Service Program. The program is designed to enhance claim service, increase efficiency, and afford customers an opportunity to select qualified repairers to inspect and...

The formula for determining the area of a trapezoid is: Select the single best answer: A. [(Base1 + Base2) ÷ 2] x Height B. ½ Base x Height C. Base x Height D.

In property insurance actual cash value is defined as which of the following - correct answers Replacement cost at the time of the loss, less depreciation Peril is most easily defined as - correct answers the cause of loss insured against What is a leading factor in the determination of actu...

Liability - correct answers Protects you if you are presumed by someone else because you hurt them No Fault/One way/PLPD - correct answers Liability coverage only (no collision or comprehensive) Standard Collision - correct answers Regardless of fault insured has to pay a deductible Broa...

duties of the insured - correct answers 1. pay the premium 2. take all reasonable means to save and protect the property from loss 3. give the insurance company immediate notice of loss 4. give the insurance company proof of loss within 60 days of the loss 5. separate the damaged property fr...

Abandonment - correct answers The abdication of insured property into the hands of another, or into the possession of no one in particular. Absolute Liability - correct answers A type of liability that occurs due to extremely dangerous operations, such as the use of explosives or working at ext...