STATE FARM PROPERTY 2023-2024 ACTUAL
EXAM QUESTIONS AND CORRECT DETAILED
ANSWERS (VERIFIED ANSWERS)
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Terms in this set (41)
In property insurance Replacement cost at the time of the loss, less
actual cash value is depreciation
defined as which of the
following
Peril is most easily defined the cause of loss insured against
as
What is a leading factor in replacement cost
the determination of
actual cash value
Replacement cost is full replacement of property at its current cost, new
defined as and without reduction for depreciation
Property insurance that Specific coverage
provides 100k coverage
for a building and 50k
coverage for personal
property at a single
location is called
Which of the following is replacement cost
used in the formula for
calculating the actual cash
value of a property
, What is the purpose of the Encourage the insured to insure the property closer
coinsurance clause found to its full value
in property insurance
policies?
An insured has a liability per occurrence
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?
When the amount of stated amount
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
In stated amt coverage the value of the insured
property is determined at the time the policy is
written.
What is stated amount in the event of a loss, that amount is paid without
coverage 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 Absolute
would a person who owns
a swimming pool have?
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