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State Farm Estimatics Exam Questions and Answers (2022/2023) (Latest Update)
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State Farm Estimatics Exam Questions andAnswers (2022/2023) (Latest Update)
,which of the following refers to being restored to the financial condition you were inbefore a
loss? - Correct answer-indemnification
mark incurred 8000$ damage to his car in an accident. he received 8000$ from his insurance
company and 4000$ from the other driver. by receiving a profit from the loss,Mark is in violation
of.. - Correct answer-principle of indemnity
the transfer of risk from one party to another is called - Correct answer-insurance
the principle of indemnity is designed to prevent - Correct answer-keeps the insuredfrom
making a profit from an insured loss.
the fee paid by the insured in exchange for an insurance policy is called a - Correctanswer-
premium
insurance - Correct answer-transfers risk of financial losses from one party to another
insured - Correct answer-individual or organization that pays premiums in exchange for
protection
insurer - Correct answer-company group or government agency offering financialprotection
insurance policy - Correct answer-a legally binding contract in which the insurer agreesto take
on specified risks in exchange for the insured's premiums
principle of indemnity - Correct answer-restoration to previous financial condition; nomore,
no less.
what are the four qualifications of a contract - Correct answer-agreement, consideration,
competent parties, and legal purpose. must be 18 years of age
what is not a requirement for a legally binding contract - Correct answer-notarization
when an insurer issues an insurance policy, the actual item, person or organization thatis being
insured is called the - Correct answer-the risk
what is a reserve, in insurance terms - Correct answer-a pool of collected premiums thatthe
insurer sets aside to pay claims
, aleatory - Correct answer-of or pertaining to accidental causes; of luck or chance;
unpredictable
unilateral - Correct answer-one-sided
utmost good faith - Correct answer-both parties must act honestly and openly in orderfor the
contract to be valid
adhesion - Correct answer-one party sets the terms of the contract; the other maysimply
agree or not agree
unilateral - Correct answer-only the insurer makes a promise to act; the insured canvoid
contract at any time
personal - Correct answer-the insured person is protected from losses, not the coveredproperty.
conditional - Correct answer-the insurer must only honor the contract if the insuredmeets
certain conditions.
aleatory - Correct answer-the exectution of the contract depends on an unknown futureevent.
an insurance applicat revealing his convictions for drunk driving to an insurer is anexample of -
Correct answer-utmost good faith.
tom purchases a new car from his local car dealer. he also decides to get insurance coverage that
will pay to repair the car if he were to get into an accident. this is becausetom wants to protect -
Correct answer-his own financial interest in the car.
tom decides to purchase an insurance policy to protect his home. according to the definition of a
personal contract, which of the following most accurately describes what tomes insurance actually
protects - Correct answer-toms financial interest in thee home
what is not true about an aleatory contract - Correct answer-in an aleatory contract, theamount
of benefit to the insured and insurer is equal.
what does D.I.C.E stand for? - Correct answer-declarations page (and definitions),insuring
agreement, conditions and exclusions (and endorsements)
'we will provide the insurance described in this policy in return for the premium and compliance
with all applicable provisions of this policy.' in which section of the insurancepolicy might this
statement be found? - Correct answer-insuring agreement
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