State farm auto policies - Study guides, Class notes & Summaries

Accumulated Depreciation - The total decrease in an item's value over a period of time. Formula:(Annual Depreciation x Number ofyears used) 1-J Acreage Reporting Date - The deadline for providing the insurer with an acreage report, which is used to determine the amount of coverage needed and the premium charged for a particular crop. 3-E Actual Cash Value (ACV) - A valuation method used by insurers to reflect an item's current market value right before being damaged or destroyed. Formula...

State Farm Auto Policies A: Liability Ans- Protection againsy lawsuits if I am at fault in an auto accident Liability 100/300. (100?) Ans- $100,000 of lawsuit protection in at fault accident if ONE claimant is suing Ex.) I hit Mikey and he is suing me for $120,000 for his neck injury. I am covered for $100,000, still have to pay $20,00 out of pocket. Liability 100/300. (300?) Ans- $300,000 of lawsuit protection per accident if MORE THAN ONE claimant is suing. Ex.) I hit Mikey with Desi...

State Farm License Homeowner And Auto Policies Exam With 100% Correct And Verified Answers 2024

Personal Lines Insurance Practice Exam Questions and Answers Latest | 100% Correct. Bobby, age 16, borrows his parents' car without their permission and gets into an accident. Which of the following statements about coverage under the parents' personal auto policy is CORRECT? A) Bobby is covered by his parents' policy because he is included in the definition of named insured. B) Bobby is not covered for this accident because he used the car without permission. C) Bobby is not covered ...

The process an insurer uses to evaluate applications and determine if a policy should be issued and on what terms, conditions, and rate is known as? - Underwriting The Director is conducting an examination of a foreign company transacting business in South Carolina. Who is responsible for the cost of the examination? - Foreign company Driver A has a personal auto policy with Part C: UM/UIM limits of 100/300. He is injured by Driver B who has Part A: Bodily Injury Liability Limits of 50/100. It...

What are the parts and sections in HP policy? Section I: Property Coverages Coverage A - Dwelling Coverage B - Other structures Coverage C - Personal Property Coverage D - Loss of Use Deductible: at least $250 Section II: Liability Coverages Coverage E - Personal Liability Coverage F - Medical Payment to Others No Deduc

Florida 6-20 All Lines Adjuster Test| 276 questions| 50 Pages| With Complete Solutions Florida 6-20 All Lines Adjuster Test| 276 questions| 50 Pages| With Complete Solutions A public adjuster represents the interest of: A. The insurer B. The Insured C. The employer D. The interest of the general public - Correct Answer -B. The insured Which of the following is the type of report that indicates the initial results of a claim investigation? A. Field Report B. Interim Report C. Full Re...

State Farm Property Exam Questions with 100% Correct Answers How long is the waiting period after the application has been accepted before flood coverage goes into effect? the waiting period is 30 days as required by the Nation flood insurance program which of the following Is covered under the camera and musical instruments dealers floater a customers camera left at a camera shop for repairs when an umbrella policy is broader than underlying insurance and it pays a loss that is not...

Florida Claims Adjuster Exam, 6-20 All Lines Adjuster- Florida- Review Already Passed Peril Something that causes a loss. Hazard Something that increases the probability that a loss will occur. Warranty A policy condition, either based on information in the insureds application or inserted by the insurer. It is a guarantee of a fact. Misrepresentation An untrue statement by the insured, made in an application for insurance but which does not become a part of the policy. Concealment The fail...