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state farm property exam questions and answers (mamas test) A+ GRADED 100% VERIFIED 2025 a commercial property special form covers property in transit up to - ANSW..5k$17.99
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state farm property exam questions and answers (mamas test) A+ GRADED 100% VERIFIED 2025 a commercial property special form covers property in transit up to - ANSW..5k
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Course
State farm certification
Institution
State Farm Certification
state farm property exam questions and answers (mamas
test) A+ GRADED 100% VERIFIED 2025
a commercial property special form covers property in transit up to -
ANSW..5k
state farm property exam questions and answers (mamas
test) A+ GRADED 100% VERIFIED 2025
a commercial property special form covers property in transit up to -
✔✔ANSW✔✔..5k
A homeowner sells his house to a friend. the friend wants to keep the
homeowners current policy in effect. under the assignment provision
which of the following is most likely? - ✔✔ANSW✔✔..the homeowner
will need to get written consent from the insurer before the policy
can be reassigned
A person who is not named as an insured on the dec page of a policy
but is protected by the policy is known as the -
✔✔ANSW✔✔..additional insured
All of the following are conditions commonly found in the insurance
policy EXCEPT - ✔✔ANSW✔✔..insuring agreement
An insured has a liability policy that sets the amount at 50k for all
claims that arise from a single incident. which type of limit of liability
does this insured's policy have? - ✔✔ANSW✔✔..per occurrence
An insurer neglects to pay for legitimate claim that is covered under
the terms of the policy. Which of the following insurance principles
has the insurer violated - ✔✔ANSW✔✔..consideration
Before an insurer will pay any loss under a policy, what is usually
required from the insured? - ✔✔ANSW✔✔..proof of loss
If a property is covered by comp a for 20k and comp b covers the
same property for 40k, how much will comp a pay on a 24k loss? -
✔✔ANSW✔✔..8000
, pro rata liability applies
each policy pays a percentage of the loss based on the percentage
of coverage that policy provides.
comp a carries 1/3 of the total coverage (20k + 40k = 60k)
Therefore 1/3 of the 24k loss is 8,000
If more than one person has an insurable interest in the property
covered under a dwelling policy - ✔✔ANSW✔✔..The insurer will be
liable for only the insured's interest in the damaged property
In forming an insurance contract, when does acceptance usually
occur? - ✔✔ANSW✔✔..when an insurer's underwriter approves
coverage
In property insurance actual cash value is defined as which of the
following - ✔✔ANSW✔✔..Replacement cost at the time of the loss,
less depreciation
In return for premium, an insurance company - ✔✔ANSW✔✔..be fair
in underwriting and pay covered losses
In the event of a loss covered by the policy, if the insurer requests a
signed sworn proof of loss, the named insured is required to submit
it within - ✔✔ANSW✔✔..a specified time
Insurable interest in the property covered in a policy must be proven
- ✔✔ANSW✔✔..at the time of loss
Johanna purchased a national flood insurance policy 10 days after
her community entered an emergency program. when would her
coverage be effective? - ✔✔ANSW✔✔..1201 am the day after the
application and premium payment are mailed
Peril is most easily defined as - ✔✔ANSW✔✔..the cause of loss
insured against
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