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State Farm Property 2023/2024 already graded A+
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State Farm Property 2023/2024 already graded A+
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State Farm PropertyIn property insurance actual cash value is defined as which of the following - ANSReplacement
cost at the time of the loss, less depreciation
Peril is most easily defined as - ANSthe cause of loss insured against
What is a leading factor in the determination of actual cash value - ANSreplacement cost
Replacement cost is defined as - ANSfull replacement of property at its current cost, new and
without reduction for depreciation
Property insurance that provides 100k coverage for a building and 50k coverage for personal
property at a single location is called - ANSSpecific coverage
Which of the following is used in the formula for calculating the actual cash value of a property -
ANSreplacement cost
What is the purpose of the coinsurance clause found in property insurance policies? -
ANSEncourage the insured to insure the property closer to its full value
An insured has a liability policy that sets the amount at 50k for all claims that arise from a single
incident. which type of limit of liability does this insured's policy have? - ANSper occurrence
When the amount of insurance written in a property policy is not subject to any coinsurance
provision and that amount is paid in the event of a covered loss, the coverage is said to be
written as - ANSstated amount
What is stated amount coverage - ANSIn stated amt coverage the value of the insured property
is determined at the time the policy is written.
in the event of a loss, that amount is paid without regard to any coinsurance provision.
However, if the loss is less than the total, the insurer has salvage rights with the insured having
first right of refusal of the salvage.
What type of liability would a person who owns a swimming pool have? - ANSAbsolute
What is absolute liability - ANSAny conduct that is inherently dangerous imposes absolute
liability. the claimant does not have to prove anything
Insurable interest in the property covered in a policy must be proven - ANSat the time of loss
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