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Exam (elaborations)

STATE FARM QUESTIONS WITH VERIFIED ANSWERS

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  • Course
  • STATE FARM
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  • STATE FARM

STATE FARM QUESTIONS WITH VERIFIED ANSWERS...

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  • August 23, 2024
  • 13
  • 2024/2025
  • Exam (elaborations)
  • Unknown
  • STATE FARM
  • STATE FARM
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Boostertips
2024-2025 STATE FARM QUESTIONS WITH VERIFIED
ANSWERS


Who owns their renewals? ANSWER: Independents

Insurance may not cover the following events: Gambling, investing, market value
of homes


What underlying coverages are normally necessary for an umbrella? ANSWER:
auto and personal.


ANSWER: Conditions that preclude policy assignments. Transfer of Rights and
Duties


Expectant interest is ANSWER Not insured.


Flood, power outage, and earth movement are - ANSWER Excluded on DP and
HO.


What are the three main rating factors for personal automobiles? - ANSWER 1)
Safe driving record. 2) yearly kilometres driven 3) Years of Driving Experience


Failure Plan does not encourage - ANSWER Competition.


Loss exposures that result in a monetary damage claim owing to another person's
injury or property damage. - ANSWER Liability Loss Exposure


The individuals whose property is being insured are the ANSWER Insured.


The individual seeking damage is the ANSWER Claimant.

, When the insurance cancels, the premium is repaid - ANSWER pro-rata.


Representation can qualify as an ANSWER Implied Warranty.


What is the Fire Department's service charge, cause for repairs, and debris disposal
on a HO? - ANSWER: Additional charges.


ANSWER Coverage D in an HO includes fair rental coverage.


How is the combined ratio calculated? - ANSWER Add Loss + Expense Ratio


Not obtaining collision coverage for your car is an example of risk--ANSWER
Retention


Not buying a motorboat is an example of - ANSWER Avoidance/ Elimination.


Installing a sprinkler system in your home exemplifies risk reduction.


Purchasing homeowner's policies is an area of risk. - ANSWER Transfer


Source of investment capital, payouts for losses, and decrease in financial
uncertainty are discussed - ANSWER Benefits of Insurance.


Unintentional or intended concealment authorizes the insured or insurer to-
ANSWER Rescind.


Personal auto policy medical pay, net limiters are - ANSWER per person.

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