STATE FARM EXAM QUESTIONS WITH COMPLETE SOLUTIONS VERIFIED GRADED A+

STATE FARM EXAM QUESTIONS WITH COMPLETE SOLUTIONS
VERIFIED GRADED A+


ACV
TODAYS REPLACEMENT COST MINUS DEPRECIATION
REPLACEMENT COST
WITHOUT SUBTRACTING DEPRECIATION
FUNCTIONAL REPLACEMENT COST
SOMETIMES CALLED REPAIR COST
AGREED VALUE
AGREED VALUE BEFORE LOSS OCCURS
THREE COMMON METHODS USED IN PROPERTY INSURANCE TO MINIMIZE
CLAIMS
EXCLUSIONS, DEDUCTIBLES, COINSURANCE
EXCLUSIONS
EVENTS AND PROPERTIES THAT ARE NOT COVERED
DEDUCTIBLES
RETAIN RISK. MINIMIZES THE USAGE OF THE POLICY AND HELPS ELIMINATE
SMALL CLAIMS
COINSURANCE
REWARD POLICYOWNERS WHO BUY ADEQUATE AMOUNTS OF COVERAGE AND
PUNISHING THOSE WHO DO NOT.
COINSURANCE
DID/SHOULD TIMES LOSS MINUS DEDUCTIBLE
HOMEOWNERS
WILL COVER YOUR PERSONAL PROPERTY ANYWHERE IN THE WORLD.
COMMERCIAL PROPERTY
COVERS BUSINESS PERSONAL PROPERTY ON PREMISES OR WITHIN 100 FEET
OF PREMISES