State Farm|| 200 Questions|| Correct Answers!!

Abandonment - ANSWER The abdication of insured property into the hands of another, or into the possession of no one in particular. Absolute Liability - ANSWER A type of liability that occurs due to extremely dangerous operations, such as the use of explosives or working at extreme heights. Accident - ANSWER An unplanned, unforeseen event which occurs suddenly and at a specific place. Actual Cash Value (ACV) - ANSWER The required amount to pay damages or for property loss, which is calculated based on the property's current replacement value minus depreciation. Additional Coverage - ANSWER A provision in an insurance policy that allows for more coverage for specific loss expense without increase in premium. Additional Insureds - ANSWER Individuals or business that are not named as insured on the declaration page, but are protected by the policy, usually in regard to a specific interest.