State farm Exam Bundle (Graded A+)

Agent - Answers-Ben Meyer- From SLP Who are you? - Answers-Talk about school and hobbies. I have a strong work ethic, highly trusted, determined, and dedicated. What are your greatest strengths? - Answers-My work ethic. When I am at work I am working hard. Not only does it make the day go fast...

All of the following describe insurable interest EXCEPT: A .Insurable Interest must exist at the time of the loss. B .Insurance Interest must exist for insurance to respond C. Show a similarity between insurance and wagering. D .The insured would suffer an economic loss. - Answers-Show a simila...

Select the false statement listed below: In the HO-3 policy, the ALE payments will be 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...

State Farm is currently ranked ___ on the fortune 500 - Answers-41 bigger than - Answers-Google, pepsiCo, Coca Cola, Caterpillar, Intel, Walt Disney, Fed Ex More profitable than (combined) - Answers-Costco, Wells Fargo, Walgreens, Best Buy, Mass Mutual, Nationwide We show our commitment to ...

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

A - Answers-Liability 25/50/50 25 Bodily Injury 50 Property Damage C - Answers-medical payments (you and each of your passengers) per person D - Answers-Comprehensive- fire, theft, tornado, vandalism,. Non collision G - Answers-Collision- hitting another car... EX. building H - Answers-E...

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 heights. A...

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

- Answers- Gaming - Answers-Gaming is a manipulation the solicitation and submission of applications to obtain compensation and or agent incentives. This type of activity is not in the best interest of the company of its policyholders and is strictly prohibited. Tie in sales - Answers-A practi...

Which statement describes a peril? - Answers-a tornado damaged the insured's home a flood is an example of - Answers-A peril Tiffany leaves her car unlocked when she goes shopping. - Answers-Morale Insurance company incorporated in Wisconsin and conducting business in Wisconsin is known as...

Commissions: - Answers-1. Can earn variable comp between 8% - 11% but 10% is avg commission 2. $18,000 signing bonus and up to $10,000 if you have to relocate 3. Scorecard bonus allows them to earn 3x their commissions if they hit quotas on Fire, Auto, Life, Health, Bank, and Financial Products ...

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

Liability A - Answers-pays damages to bodily injury and property damage which you are responsible for. if sued it pays your defense and court costs. Liability B - Answers-only pays for property damage of others, also pays for defense and court costs no fault coverage p - Answers-pays 80% medic...

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.

Accident Free Discount - Answers-AFD applies to Mutual policyholders who have been insured with State Farm for at least 3 years without a chargeable accident. AFd follows the policy, not the driver and may increase over time if the policy remains in force and there continues to be no chargeable acci...

Special Limits of Liability for 1. money - Answers-$200 for money or coins whats covered under dwelling - Atures attached to dwelling ials/supplies on or adjacent to residence premises for construction use or alteration of the premises. ation, footings, floor slabs supporting dwelling -wall...

word track 1 - Answers-hello this is Teena Decay from John Allen's State Farm office. Did you hear the news? Our (auto/fire) rate decrease has been approved. Premiums will going down (10/20%). If you are interested in discussing additional discounts available, just give us a call.--------------Spea...

Abandonment Condition - Answers-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. Absolute Liability - Answers-Type of liability imposed by law on those participati...

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

Exposure A - Answers-Exposure - Accident Only Exposure B - Answers-Employee, Infrequent operator Exposure E - Answers-Exposure Exposure N - Answers-Employee, frequent operator Exposure S - Answers-No exposure, insured elsewhere Exposure Z - Answers-No exposure BAL D - Answers-Balan...

App - Answers-Application SFPP - Answers-State Farm Payment Plan Auto - Answers-Personal Auto Insurance Division Fire - Answers-Personal Lines Fire Division Life - Answers-Life Company Operations Center Health - Answers-Health Company Operations Center PT - Answers-Policy Transacti...

False (#1) - Answers-True or false (#1) When exiting the highway, you should start slowing down before entering the exit lane or ramp One-third of the way down - Answers-When you should start slowing down so you can enter the exit lane or ramp False (#2) - Answers-True or false (#2) If you n...

The car in front of you is not paying attention and sat through a red light - Answers-An example of when to tap your horn Make eye contact, use signal and/or politely gesture that you'd like to change lanes - Answers-The best way to show another driver you want to make a lane change in a busy fr...

A football field - Answers-Reading a text message while driving at 55 mph is the equivalent of crossing one of these while blindfolded Not - Answers-Using a hands free device is __________ substantially safer 5 Ways to Avoid Distraction While Driving - Answers-1. Turn your phone off, and store...

An arrow - Answers-What do most fuel indicators include to point to the side of the car that the gas cap is on? Vehicle owner manual - Answers-a resource for all of a vehicle's features Electronic stability control - Answers-a system found on recent vehicles which helps the driver stay in con...

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

How long has State Farm been in business? - Answers-100 years How many agents does State Farm have across the US? - Answers-19,000 Who has the largest State Farm agency? How long have they been in business? How much do they manage in GWP? Is it all organic? - Answers-Al Clark, 45 years, 40mm G...

In property insurance actual cash value is defined as which of the following - Answers-Replacement cost at the time of the loss, less depreciation Peril is most easily defined as - Answers-the cause of loss insured against What is a leading factor in the determination of actual cash value - An...

duties of the insured - Answers-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 un...

first sentence, part one - Answers-Over 795 Million People in the world do not have enough food to live a healthy lifestyle. That is about 1 in every 9 people. second sentence, part one - Answers-In McLean County alone, there are over 21400 people who are food insecure - almost 13% of our populat...

What are Special Limits of Liability? - Answers-These limits do not increase the Coverage B limit. The special limit for each of the following categories is the total limit for each loss for all property in that category: money, coins and medals, including any of these that are a part of a colle...

Financial responsibility law - Answers-Every state requires that each person be able to prove he is financially prepared if involved in an accident. Suppose your state requires minimum liability limits of 25/50/10. What is the name of that law? The loss is covered under an unendorsed policy. - An...

Domestic - Answers-If an insurance company is organized in Detroit, where it maintains its home office, the company is classified in Michigan as what kind of company? Upon cancellation, the insurer keeps all earned premium plus overhead expenses incurred. - Answers-Which one of the following best...

Liability is what coverage letter what? - Answers-A Property Damage Liability is coverage letter what? - Answers-B Medical Payments is coverage letter what? - Answers-C Comprehensive is coverage letter what, and what it is also commonly referred to as? - Answers-D, and Other-Than-Collision ...

RISK - Answers-UNCERTAINTY OF LOSS INSURANCE - Answers-TRANSFER OF RISK FROM THE INSURED TO THE INSURER PURE RISK - Answers-NO CHANCE OF GAIN; INSURABLE SPECULATIVE RISK - Answers-A CHANCE OF LOSS OR GAIN; NOT INSURABLE HAZARD - Answers-SOMETHING THAT INCREASES THE RISK PRINCIPLE OF I...

Why State Farm? - Answers--State Farm is number one auto insurer and home insurer. State Farm cares about the community and always giving back to the community by volunteering. State Farm is diverse and cares about communities. -Employees are from different backgrounds and have different ideas, bu...

Select Service Program - Answers-In some market areas, repairers have been selected to participate in State Farm's Select Service Program. The program is designed to enhance claim service, increase efficiency, and afford customers an opportunity to select qualified repairers to inspect and estimate...

Personal Info Insurance - Answers-Miscellaneous vehicle coverage, covers motorcycles, motorhomes, and mopeds Extended Non-owned Coverage - Answers-Covers non-owned vehicles carrying people, property. Fee applies to named insured Non-owners Coverage - Answers-Personals liability, medical pay...

Abandonment Condition - Answers-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 - Answers-A loss that occurs at a specific time and place Actual Cash ...