STATE FARM| PACKAGE DEAL|QUESTIONS AND ANSWERS 100%VERIFIED

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

State Farm 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 t...

State Farm Casualty To be issued a business entity producer license by the commissioner the business entity must have how many partners or officers licensed as producers ANSWER- atleast 1 The occurence form trigger is based on which of the following? ANSWER- the date where injury and damage oc...

State Farm Auto Exam 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...

State Farm Estimatics Exam The formula for determining the area of a trapezoid is: Select the single best answer: A. [(Base1 + Base2) ÷ 2] x Height B. ½ Base x Height C. Base x Height D.

Property- STATE An insurance company may cancel a newly written policy for any reason during a discovery period of how many days? ANSWER- 30 Which of the following statements about the surplus lines market is TRUE? ANSWER- There is no standardization of coverage forms offered in the surplus li...

STATE FARM ACV ans- TODAYS REPLACEMENT COST MINUS DEPRECIATION REPLACEMENT COST ans- WITHOUT SUBTRACTING DEPRECIATION FUNCTIONAL REPLACEMENT COST ans- SOMETIMES CALLED REPAIR COST AGREED VALUE ans- AGREED VALUE BEFORE LOSS OCCURS THREE COMMON METHODS USED IN PROPERTY INSURANCE TO MINI...

State Farm Auto Booklet Who is covered under an Auto Policy? ANS- You, your spouse and any other person using the car with your consent are covered for Your Car, A Temp Substitute Car, A Car that Replaces your car How long will your policy provide coverage for a newly acquired car? ANS- Up t...

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

State Farm Terms and Acronym's App ANSWER- Application SFPP ANSWER- State Farm Payment Plan Auto ANSWER- Personal Auto Insurance Division Fire ANSWER- Personal Lines Fire Division Life ANSWER- Life Company Operations Center Health ANSWER- Health Company Operations Center PT ANS...

State Farm 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 ...

Property/Casualty Illinois for State Exam ISO (Insurance Services Office) ANSWER- ISO creates standardized property and casualty insurance policies that are approved by states and used as a standard policy for insurers. -they can be modified to comply with state regulations -may be modified ...

State Farm Pure risk ANSWER- Financial loss is the only possible outcome, no chance for financial gain (ex: accidents, sickness, fire, disabilities) Speculative Risk ANSWER- Where there is an outcome for either financial gain or none (ex: gambling, stock market, real estate) Morale Hazards ...

State Farm Training Liability ANS- Protects you if you are presumed by someone else because you hurt them No Fault/One way/PLPD ANS- Liability coverage only (no collision or comprehensive) Standard Collision ANS- Regardless of fault insured has to pay a deductible Broad collision ANS- In...