State Farm Insurance License Exam Correct 100%

Abandonment Condition - ANSWER A 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 - ANSWER A loss that occurs at a specific time and place Actual Cash Value (ACV) - ANSWER Today's replacement cost minus depreciation. Depreciation from wear and tear, or obsolescence. admitted insurer; authorized insurer - ANSWER Company that meets a state insurance department's standards and is allowed to do business in that state. Adverse Selection - ANSWER the tendency of insureds with a greater than average chance of loss to purchase insurance Annual Transit Policy - ANSWER Nonfiled commercial inland marine transportation form that insures a property owner's incoming or outgoing shipments of goods during a year Appraisal Clause - ANSWER A survey of property to determine