Exam (elaborations)
STATE FARM EXAM QUESTIONS WITH CORRECT ANSWERS
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STATE FARM EXAM QUESTIONS WITH CORRECT ANSWERS
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STATE FARM EXAM QUESTIONS WITHCORRECT ANSWERS
ACV - Answers -TODAYS REPLACEMENT COST MINUS DEPRECIATION
REPLACEMENT COST - Answers -WITHOUT SUBTRACTING DEPRECIATION
FUNCTIONAL REPLACEMENT COST - Answers -SOMETIMES CALLED REPAIR
COST
AGREED VALUE - Answers -AGREED VALUE BEFORE LOSS OCCURS
THREE COMMON METHODS USED IN PROPERTY INSURANCE TO MINIMIZE
CLAIMS - Answers -EXCLUSIONS, DEDUCTIBLES, COINSURANCE
EXCLUSIONS - Answers -EVENTS AND PROPERTIES THAT ARE NOT COVERED
DEDUCTIBLES - Answers -RETAIN RISK. MINIMIZES THE USAGE OF THE POLICY
AND HELPS ELIMINATE SMALL CLAIMS
COINSURANCE - Answers -REWARD POLICYOWNERS WHO BUY ADEQUATE
AMOUNTS OF COVERAGE AND PUNISHING THOSE WHO DO NOT.
COINSURANCE - Answers -DID/SHOULD TIMES LOSS MINUS DEDUCTIBLE
HOMEOWNERS - Answers -WILL COVER YOUR PERSONAL PROPERTY
ANYWHERE IN THE WORLD.
COMMERCIAL PROPERTY - Answers -COVERS BUSINESS PERSONAL PROPERTY
ON PREMISES OR WITHIN 100 FEET OF PREMISES
MORTGAGE HOLDERS - Answers -THE BANK
STANDARD MORTGAGE CLAUSE - Answers -APPEARS IN PROPERTY POLICIES
TO PROTECT THE MORTGAGEE- THE BANK
STANDARD MORTGAGE CLAUSE - Answers -PRIOR TO CANCELLING MOST
JURISDICTIONS REQUIRE 10 DAYS NOTICE FOR NONPAYMENT OF PREMIUM
AND 30 DAYS NOTICE FOR ANY OTHER REASON
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