Package deal for State Farm 2023 Questions With 100% Correct Answers.

Duties of the insured - ANSWER - 1. pay the premium 2. take all reasonable means to save and protect the property from loss 3. give the insurance company immediate notice of loss 4. give the insurance company proof of loss within 60 days of the loss 5. separate the damaged property from the u...

Abandonment Condition - ANSWER - A condition often contained in property insurance policies that states that the insured cannot abandon damaged property to the insurer and demand to be reimbursed for its full value. Accident - ANSWER - A loss that occurs at a specific time and place Actual Cas...

A. Composition shingle weights range from 120 lb. to 480 lb. per square. B. Composition shingles are made of fiberglass or asphalt saturated roofing material embedded with mineral granules. C. Wood roofing is generally divided into two categories, wood shingles and wood shakes. D. Rigid roofing m...

Abandonment - ANSWER - The abdication of insured property into the hands of another, or into the possession of no one in particular. Absolute Liability - ANSWER - A type of liability that occurs due to extremely dangerous operations, such as the use of explosives or working at extreme heights. ...

Which of the following best defines the term risk? a. Causes a loss b. Brings loss about c. Increases chances of a loss d. Uncertainty of loss - ANSWER - d. Uncertainty of loss An owner-occupied home has a replacement cost of $500,000 and an actual cash value of $400,000. To assure that the...

Absolute Assignment - ANSWER - Policy assignment when assignee receives full control over the policy and full rights to its benefits. Accelerated benefits rider - ANSWER - Life insurance rider that allow for early payment of some portion of policy's face amount, should the insured suffer from te...

Absolute Assignment - ANSWER - Policy assignment when assignee receives full control over the policy and full rights to its benefits. Accelerated benefits rider - ANSWER - Life insurance rider that allow for early payment of some portion of policy's face amount, should the insured suffer from te...

Who owns thier renewals - ANSWER Independents Events that may NOT be recovered by insurance are - ANSWER Gambling, investing, market value of home What underlying coverages typically are required for an umbrella - ANSWER Auto and Personal Conditions that prohibit assignments of the policy -...

Competitive Bids - ANSWER - The competitive bid process requires that two or more repairers submit competitive estimates or "bids" for a specific repair job. The amount of the low, complete bid is generally considered to be the "competitive" price and is used as the basis for settlement. In al...

Insurance producer - ANSWER - An individual or an entity authorized in writing by a lawfully qualified insurance compnay to transact, negotiate or effect contracts of insurance of behalf of that insurance company. Resident Producer - ANSWER - Any person that lives in kansas and is licensed to tra...

made only for: Select the single best answer: A. The shortest time necessary to repair or replace the damaged property, but not to exceed 24 months. B. If the insured does not rebuild, the time necessary for the insured to relocate in permanent living quarters, but not to exceed 24 months. C...

Which must have an appointment? Consultant/producer/insured - ANSWER - Producer Define Pure Risk - ANSWER - Chance of loss with no possibility of gain The Law of Large Numbers says? - ANSWER - Losses become more predictable as the number of insureds increases A broker represents? - ANSWER -...

The waiting period is 30 days as required by the Nation flood insurance program - ANSWER -- How long is the waiting period after the application has been accepted before flood coverage goes into effect? a customers camera left at a camera shop for repairs - ANSWER -- which of the following Is cov...

What transfers the risk of loss from an individual or business entity to an insurance company - ANSWER - Insurance The uncertainty of a risk or loss occurring - ANSWER - risk A risk that can only result in a loss or no change with no opportunity for financial gain - ANSWER - pure risk A ...