State Farm Property Test Latest 2025/2026 COMPLETE FREQUENTLY MOST TESTED QUESTIONS WITH COMPLETE SOLUTION /GET IT 100% ACCURATE!(Graded A+) State Farm Property Test Latest 2025/2026 COMPLETE FREQUENTLY MOST TESTED QUESTIONS WITH COMPLETE SOLUTION /GET IT 100% ACCURATE!(Graded A+) State Farm Proper...
State Farm Property Test
Questions and Answers
Updated Latest (Verified Answers)
1. In property insurance actual cash value is defined as which of the follow- ing
g g g g g g g g g g g g g
Answer Replacement cost at the time of the loss, less depreciation
g g g g g g g g g g
2. Peril is most easily as
g g g gg
Answer the cause of loss insured against
g g g g g g
3. What is a leading factor in the determination of actual cash value
g g g g g g g g g g g
Answer replace- ment cost g g g
4. Replacement cost is defined as g g g g
Answer full replacement of property at its current cost, new and without reduction for
g g g g g g g g g g g g g g
depreciation
5. Property insurance that provides 100k coverage for a building and 50k covera
g g g g g g g g g g g
ge for personal property at a single location is called
g g g g g g g g g
Answer Specific coverage g g
6. Which of the following is used in the formula for calculating the actual cash valu
g g g g g g g g g g g g g g
e of a property
g g g
1g/g8
, Answer replacement cost g g
7. What is the purpose of the coinsurance clause found in property insurance poli
g g g g g g g g g g g g
cies?
Answer Encourage the insured to insure the property closer to its full value
g g g g g g g g g g g g
8. An insured has a liability policy that sets the amount at 50k for all claims that aris
g g g g g g g g g g g g g g g g
e from a single incident. which type of limit of liability does this insured's policy h
g g g g g g g g g g g g g g g
ave?
Answer per occurrence g g
9. When the amount of insurance written in a property policy is not subject to any
g g g g g g g g g g g g g g g
coinsurance provision and that amount is paid in the event of a covered loss, the
g g g g g g g g g g g g g g g
coverage is said to be written as g g g g g g
Answer stated amount g g
10. What is stated amount coverage g g g g
Answer In stated amt coverage the value of the insured property is determined at t
g g g g g g g g g g g g g g
he time the policy is written.
g g g g g
in the event of a loss, that amount is paid without regard to any coinsurance provision.
g g g g g g g g g g g g g g g
However, if the loss is less than the total, the insurer has salvage rights with the insured h
g g g g g g g g g g g g g g g g g
ving first right of refusal of the salvage.
g g g g g g g
2g/g8
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