State Farm Insurance License Exam Complete Questions And Answers!
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Course
State Farm Insurance License
Institution
State Farm Insurance License
Abandonment Condition - ANSWERSA 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 - ANSWERSA loss that occurs at a specific time and place
Actual Cash V...
State Farm Insurance License Exam Complete Questions And Answers!
Abandonment Condition - ANSWERSA 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 - ANSWERSA loss that occurs at a specific time and place
Actual Cash Value (ACV) - ANSWERSToday's replacement cost minus depreciation. Depreciation from wear and tear, or obsolescence.
admitted insurer; authorized insurer - ANSWERSCompany that meets a state insurance
department's standards and is allowed to do business in that state.
Adverse Selection - ANSWERSthe tendency of insureds with a greater than average chance of loss to purchase insurance
Annual Transit Policy - ANSWERSNonfiled commercial inland marine transportation form that insures a property owner's incoming or outgoing shipments of goods during a year
Appraisal Clause - ANSWERSA survey of property to determine the insurable value of the property or the value of the loss sustained.
Appraisal Condition - ANSWERSPolicy condition that outlines a procedure for when the insured and insurer disagree on the amount of a loss
Assignment - ANSWERSThe legal transfer of one's interest in an insurance policy to another person.
Aviation Hull Insurance - ANSWERSProvides coverage for physical damage to an aircraft.
Bailee's Customers Policy - ANSWERSNonfiled commercial inland marine form obtained by a bailee to cover loss or damage to customers' property in the bailee's custody without regard to liability.
Appurtenant Structures - ANSWERSBuildings of lesser value that are on the same premises as the main building insured under a property policy; they are usually covered by the policy. Assignment Condition - ANSWERSCondition in insurance policies that specifies that the
policy cannot be transferred to another unless the company consents to the transfer in writing.
Bailee - ANSWERSA person or organization that has temporary possession of someone else's personal property.
Basic Perils in Homeowners Policy - ANSWERSThere are 14 perils. Fire, lightening, riot, explosion, vehicles, volcanic eruption, civil commotion, smoke, hail, aircraft, windstorm, vandalism, malicious mischief, theft.
Basic Property Policy Structure (DICEE) - ANSWERSD - Declarations
I - Insuring agreement
C - Conditions
E - Exclusions
E - Endorsements
Blanket Insurance - ANSWERSType of insurance policy that covers more than one item
of property at a single location or one or more items of property at multiple locations
Builders Risk Coverage Form - ANSWERSCommercial property coverage forms that covers commercial, residential, or farm buildings that are under construction or during remodeling.
Cargo Insurance - ANSWERSType of ocean marine insurance that covers goods while they are in transit over water.
Binder - ANSWERSOral or written statement that provides immediate insurance protection for a specified period; designed to provide temporary coverage until a policy is issued or denied.
BOP - ANSWERSPackage policy designed to provide broad property and liability coverage for small businesses; eligibility requirements are stricter than the CPP.
Business Income Policy - ANSWERSPays for loss of income that the insured sustains due to a direct physical loss from a covered peril that forces the insured to suspend operations until the property can be repaired, rebuilt, or replaced with reasonable speed; available with or without extra expense coverage.
Causes of Loss Form - ANSWERSSeparate form used with the commercial property coverage part of the commercial package policy that lists covered perils and exclusions.
Several different versions provide increasingly broader coverage from basic to broad to special.
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