Property and Casualty State Farm exam with precise || || || || || || || ||
detailed answers ||
Warranties (GI) - ✔✔Statements made in an application for insurance or material
|| || || || || || || || || || || ||
stipulations in the policy that are guaranteed as true in all respects.
|| || || || || || || || || || ||
Waiver (GI) - ✔✔The voluntary abandonment of a known or legal right or advantage.
|| || || || || || || || || || || || ||
Agent (IL) - ✔✔An insurance licensed producer appointed by an insurer to represent that
|| || || || || || || || || || || || || ||
company to present policies on its behalf.
|| || || || || ||
Agent Residence (IL) - ✔✔Resident Agent - producer who resides and is licensed in this
|| || || || || || || || || || || || || || ||
state.
Non Resident Agent - producer who resides and is licensed in any other state.
|| || || || || || || || || || || || ||
Assigned Risk Plan (IL) - ✔✔A state required plan where all insurers must participate,
|| || || || || || || || || || || || || ||
providing auto insurance for those persons not able to obtain insurance through normal
|| || || || || || || || || || || || ||
channels.
Burglary (IL) - ✔✔The taking of property from inside the premises by a person unlawfully
|| || || || || || || || || || || || || || ||
entering or leaving the premises as evidenced by visible signs of forcible entry or exit.
|| || || || || || || || || || || || || ||
Construction (frame) (PI) - ✔✔A structure with walls and interior structural components
|| || || || || || || || || || || ||
made of wood or other combustible materials.
|| || || || || ||
Personal Auto Policy || ||
Raising Factors ||
,(Most Common) (CI) - ✔✔Liability - age, sex, marital status, driving record, vehicle use,
|| || || || || || || || || || || || || ||
annual mileage, territory of garage, and liability limits selected.
|| || || || || || || ||
Physical Damage - all of the above, plus, year, make and model of the insured vehicle,
|| || || || || || || || || || || || || || || ||
deductible selected. ||
Personal Auto Policy || ||
Parts A-F ||
(CI) - ✔✔A - Liability Coverage
|| || || || ||
B - Medical Payments Coverage
|| || || ||
C - Uninsured and underinsured motorists coverage
|| || || || || ||
D - Coverage for damage to your auto
|| || || || || || ||
E - Duties after an accident or loss
|| || || || || || ||
F - General Provisions
|| || ||
Workers Compensation ||
Benefits
(CI) - ✔✔- Medical benefits
|| || || ||
- Disability income benefits
|| || ||
- Rehabilitation benefits
|| ||
- Death and survivor benefits (funeral expenses)
|| || || || || ||
Workers Compensation ||
Types of Laws || ||
(CI) - ✔✔Compulsory - Employers required to provide Workers' Compensation benefits to
|| || || || || || || || || || || ||
employees or demonstrate the ability to provide. || || || || || ||
Elective - Employers have choice to accept or reject Workers' Compensation laws.
|| || || || || || || || || || ||
Monopolistic - Workers Compensation insurance only available through state fund. || || || || || || || || ||
,Competitive - Workers' Compensation insurance available through private insurers.
|| || || || || || || ||
Personal Articles Floater (PI) - ✔✔Used to insure 'individual' personal property on an
|| || || || || || || || || || || || ||
itemized or scheduled basis.
|| || || ||
Coverage is worldwide. || ||
Personal Articles Floater || ||
(Examples)
(PI) - ✔✔- Personal jewelry floater
|| || || || ||
- Personal effects floater (items worn by travelers)
|| || || || || || ||
- Fine arts floater (paintings, manuscripts, antiques)
|| || || || || ||
- Camera floater
|| ||
- Musical instrument Floater
|| || ||
Personal Watercraft Insurance
|| ||
(PI) - ✔✔Boatowners Policy- similar to HO, covers boats that can be towed, property &
|| || || || || || || || || || || || || || ||
liability.
Outboard Motorboat Policy - inland marine form, covers outboard motors and boats, direct
|| || || || || || || || || || || || ||
property loss only. || ||
Yacht Policy - ocean marine form, larger vessels, property & liability.
|| || || || || || || || || ||
Truckers Coverage Form || ||
(CI) - ✔✔For those firms or persons that are in the business of transporting goods or
|| || || || || || || || || || || || || || || ||
commodities for another || ||
Section I- Covered Autos
|| || ||
Section II - Liability Cov
|| || || ||
, Section III- Trailer Interchange Coverage - covers trailer that ind does not own but has in
|| || || || || || || || || || || || || || || ||
his possession along with a written Trailer Interchange Agreement
|| || || || || || || ||
Section IV - Physical Damage Coverage
|| || || || ||
Section V- Truckers Conditions
|| || ||
Section VI- Definitions || ||
Ocean Marine Insurance
|| ||
(PI) - ✔✔Protect against losses to property while being chipped by ocean, or inland
|| || || || || || || || || || || || || ||
waterways.
Unregulated in regard to forms and rates || || || || || ||
Ocean Marine Policy || ||
(PI) - ✔✔- Hull Insurance - ship itself
|| || || || || || ||
- Cargo Insurance - goods being shipped
|| || || || || ||
- Freight Insurance - freight charges and import duties
|| || || || || || || ||
-General Average - loss is apportioned or shared among all
|| || || || || || || || ||
- Particular Average - loss affects only a particular interest
|| || || || || || || || ||
- Collision/Running down clause - collision with another vessel
|| || || || || || || ||
- Inchmaree Clause - burst boiler, broken propeller, crew navigation errors
|| || || || || || || || || ||
Ocean Marine Policy || ||
(PI) - ✔✔Written "full value" ad will become void if certain implied warranties are violated:
|| || || || || || || || || || || || || ||
Legality-legal goods ||
Seaworthiness - seaworthy ship/competent crew || || || ||
No Deviation in Voyage - sail the course filed with the insurer.
|| || || || || || || || || || ||
detailed answers ||
Warranties (GI) - ✔✔Statements made in an application for insurance or material
|| || || || || || || || || || || ||
stipulations in the policy that are guaranteed as true in all respects.
|| || || || || || || || || || ||
Waiver (GI) - ✔✔The voluntary abandonment of a known or legal right or advantage.
|| || || || || || || || || || || || ||
Agent (IL) - ✔✔An insurance licensed producer appointed by an insurer to represent that
|| || || || || || || || || || || || || ||
company to present policies on its behalf.
|| || || || || ||
Agent Residence (IL) - ✔✔Resident Agent - producer who resides and is licensed in this
|| || || || || || || || || || || || || || ||
state.
Non Resident Agent - producer who resides and is licensed in any other state.
|| || || || || || || || || || || || ||
Assigned Risk Plan (IL) - ✔✔A state required plan where all insurers must participate,
|| || || || || || || || || || || || || ||
providing auto insurance for those persons not able to obtain insurance through normal
|| || || || || || || || || || || || ||
channels.
Burglary (IL) - ✔✔The taking of property from inside the premises by a person unlawfully
|| || || || || || || || || || || || || || ||
entering or leaving the premises as evidenced by visible signs of forcible entry or exit.
|| || || || || || || || || || || || || ||
Construction (frame) (PI) - ✔✔A structure with walls and interior structural components
|| || || || || || || || || || || ||
made of wood or other combustible materials.
|| || || || || ||
Personal Auto Policy || ||
Raising Factors ||
,(Most Common) (CI) - ✔✔Liability - age, sex, marital status, driving record, vehicle use,
|| || || || || || || || || || || || || ||
annual mileage, territory of garage, and liability limits selected.
|| || || || || || || ||
Physical Damage - all of the above, plus, year, make and model of the insured vehicle,
|| || || || || || || || || || || || || || || ||
deductible selected. ||
Personal Auto Policy || ||
Parts A-F ||
(CI) - ✔✔A - Liability Coverage
|| || || || ||
B - Medical Payments Coverage
|| || || ||
C - Uninsured and underinsured motorists coverage
|| || || || || ||
D - Coverage for damage to your auto
|| || || || || || ||
E - Duties after an accident or loss
|| || || || || || ||
F - General Provisions
|| || ||
Workers Compensation ||
Benefits
(CI) - ✔✔- Medical benefits
|| || || ||
- Disability income benefits
|| || ||
- Rehabilitation benefits
|| ||
- Death and survivor benefits (funeral expenses)
|| || || || || ||
Workers Compensation ||
Types of Laws || ||
(CI) - ✔✔Compulsory - Employers required to provide Workers' Compensation benefits to
|| || || || || || || || || || || ||
employees or demonstrate the ability to provide. || || || || || ||
Elective - Employers have choice to accept or reject Workers' Compensation laws.
|| || || || || || || || || || ||
Monopolistic - Workers Compensation insurance only available through state fund. || || || || || || || || ||
,Competitive - Workers' Compensation insurance available through private insurers.
|| || || || || || || ||
Personal Articles Floater (PI) - ✔✔Used to insure 'individual' personal property on an
|| || || || || || || || || || || || ||
itemized or scheduled basis.
|| || || ||
Coverage is worldwide. || ||
Personal Articles Floater || ||
(Examples)
(PI) - ✔✔- Personal jewelry floater
|| || || || ||
- Personal effects floater (items worn by travelers)
|| || || || || || ||
- Fine arts floater (paintings, manuscripts, antiques)
|| || || || || ||
- Camera floater
|| ||
- Musical instrument Floater
|| || ||
Personal Watercraft Insurance
|| ||
(PI) - ✔✔Boatowners Policy- similar to HO, covers boats that can be towed, property &
|| || || || || || || || || || || || || || ||
liability.
Outboard Motorboat Policy - inland marine form, covers outboard motors and boats, direct
|| || || || || || || || || || || || ||
property loss only. || ||
Yacht Policy - ocean marine form, larger vessels, property & liability.
|| || || || || || || || || ||
Truckers Coverage Form || ||
(CI) - ✔✔For those firms or persons that are in the business of transporting goods or
|| || || || || || || || || || || || || || || ||
commodities for another || ||
Section I- Covered Autos
|| || ||
Section II - Liability Cov
|| || || ||
, Section III- Trailer Interchange Coverage - covers trailer that ind does not own but has in
|| || || || || || || || || || || || || || || ||
his possession along with a written Trailer Interchange Agreement
|| || || || || || || ||
Section IV - Physical Damage Coverage
|| || || || ||
Section V- Truckers Conditions
|| || ||
Section VI- Definitions || ||
Ocean Marine Insurance
|| ||
(PI) - ✔✔Protect against losses to property while being chipped by ocean, or inland
|| || || || || || || || || || || || || ||
waterways.
Unregulated in regard to forms and rates || || || || || ||
Ocean Marine Policy || ||
(PI) - ✔✔- Hull Insurance - ship itself
|| || || || || || ||
- Cargo Insurance - goods being shipped
|| || || || || ||
- Freight Insurance - freight charges and import duties
|| || || || || || || ||
-General Average - loss is apportioned or shared among all
|| || || || || || || || ||
- Particular Average - loss affects only a particular interest
|| || || || || || || || ||
- Collision/Running down clause - collision with another vessel
|| || || || || || || ||
- Inchmaree Clause - burst boiler, broken propeller, crew navigation errors
|| || || || || || || || || ||
Ocean Marine Policy || ||
(PI) - ✔✔Written "full value" ad will become void if certain implied warranties are violated:
|| || || || || || || || || || || || || ||
Legality-legal goods ||
Seaworthiness - seaworthy ship/competent crew || || || ||
No Deviation in Voyage - sail the course filed with the insurer.
|| || || || || || || || || || ||
