State Farm Property Complete Questions & Answers!!

In property insurance actual cash value is defined as which of the following - ANSWER Replacement cost at the time of the loss, less depreciation Peril is most easily defined as - ANSWER the cause of loss insured against What is a leading factor in the determination of actual cash value - ANSWER replacement cost Replacement cost is defined as - ANSWER full replacement of property at its current cost, new and without reduction for depreciation Property insurance that provides 100k coverage for a building and 50k coverage for personal property at a single location is called - ANSWER Specific coverage Which of the following is used in the formula for calculating the actual cash value of a property - ANSWER replacement cost What is the purpose of the coinsurance clause found in property insurance policies? - ANSWER Encourage the insured to insure the property closer to its full value An insured has a liability policy that sets the amount