STATE FARM INSURANCE LICESNSE EXAM QUESTION
AND ANSWERS NEW UPDATE 2024 (SPRING) VERIFIED
ANSWERS
Abandonment Condition (ANS) 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 (ANS) A loss that occurs at a specific time and place
• Actual Cash Value (ACV) (ANS) Today's replacement cost
minusdepreciation. Depreciation from wear and tear, or
obsolescence.
• admitted insurer; authorized insurer (ANS Company that meets
a state insurance department's standards and is allowed to do
businessin that state.
• Adverse Selection (ANS the tendency of insureds with a
greaterthan average chance of loss to purchase insurance
, • Annual Transit Policy (ANS Nonfiled commercial inland
marinetransportation form that insures a property owner's
incoming or outgoing shipments of goods during a year
• Appraisal Clause (ANS A survey of property to determine
the insurable value of the property or the value of the loss
sustained.
• Appraisal Condition (ANS) Policy condition that outlines a
procedure for when the insured and insurer disagree on the
amountof a loss
• Assignment (ANS) The legal transfer of one's interest in
aninsurance policy to another person.
• Aviation Hull Insurance (ANS) Provides coverage for
physicaldamage to an aircraft.
• Bailee's Customers Policy (ANS) Nonfiled 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 (ANS) Buildings of lesser value that are
onthe same premises as the main building insured under a
property policy; they are usually covered by the policy.
• Assignment Condition (ANS) Condition in insurance policies
that specifies that the policy cannot be transferred to another
unless thecompany consents to the transfer in writing.
• Bailee (ANS) A person or organization that has
temporarypossession of someone else's personal
property.
• Basic Perils in Homeowners Policy (ANS) There are 14
perils.Fire, lightening, riot, explosion, vehicles, volcanic
eruption, civil commotion, smoke, hail, aircraft, windstorm,
vandalism, maliciousmischief, theft.
• Basic Property Policy Structure (DICEE)
D - Declarations
I - Insuring
agreementC -
Conditions
E - Exclusions
AND ANSWERS NEW UPDATE 2024 (SPRING) VERIFIED
ANSWERS
Abandonment Condition (ANS) 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 (ANS) A loss that occurs at a specific time and place
• Actual Cash Value (ACV) (ANS) Today's replacement cost
minusdepreciation. Depreciation from wear and tear, or
obsolescence.
• admitted insurer; authorized insurer (ANS Company that meets
a state insurance department's standards and is allowed to do
businessin that state.
• Adverse Selection (ANS the tendency of insureds with a
greaterthan average chance of loss to purchase insurance
, • Annual Transit Policy (ANS Nonfiled commercial inland
marinetransportation form that insures a property owner's
incoming or outgoing shipments of goods during a year
• Appraisal Clause (ANS A survey of property to determine
the insurable value of the property or the value of the loss
sustained.
• Appraisal Condition (ANS) Policy condition that outlines a
procedure for when the insured and insurer disagree on the
amountof a loss
• Assignment (ANS) The legal transfer of one's interest in
aninsurance policy to another person.
• Aviation Hull Insurance (ANS) Provides coverage for
physicaldamage to an aircraft.
• Bailee's Customers Policy (ANS) Nonfiled 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 (ANS) Buildings of lesser value that are
onthe same premises as the main building insured under a
property policy; they are usually covered by the policy.
• Assignment Condition (ANS) Condition in insurance policies
that specifies that the policy cannot be transferred to another
unless thecompany consents to the transfer in writing.
• Bailee (ANS) A person or organization that has
temporarypossession of someone else's personal
property.
• Basic Perils in Homeowners Policy (ANS) There are 14
perils.Fire, lightening, riot, explosion, vehicles, volcanic
eruption, civil commotion, smoke, hail, aircraft, windstorm,
vandalism, maliciousmischief, theft.
• Basic Property Policy Structure (DICEE)
D - Declarations
I - Insuring
agreementC -
Conditions
E - Exclusions
