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State Farm Estimatics Exam 2024 Questions with 100% Correct Answers | Verified | Latest Update

REVISED STATE FARM INSURANCE LICENSE EXAM Abandonment Condition - CORRECT 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 - CORRECT ANSWER -A loss that occurs at a specific time and place Actual Cash Value (ACV) - CORRECT ANSWER -Today's replacement cost minus depreciation. Depreciation from wear and tear, or obsolescence. admit...

REVISED STATE FARM INSURANCE LICENSE EXAM Abandonment Condition - CORRECT 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 - CORRECT ANSWER -A loss that occurs at a specific time and place Actual Cash Value (ACV) - CORRECT ANSWER -Today's replacement cost minus depreciation. Depreciation from wear and tear, or obsolescence. admit...

REVISED STATE FARM INSURANCE LICENSE EXAM Abandonment Condition - CORRECT 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 - CORRECT ANSWER -A loss that occurs at a specific time and place Actual Cash Value (ACV) - CORRECT ANSWER -Today's replacement cost minus depreciation. Depreciation from wear and tear, or obsolescence. admit...

Select the false statement listed below: In the HO-3 policy, the ALE payments will be made only for: Select the single best answer: A. The shortest time necessary to repair or replace the damaged property, but not to exceed 24 months. B. If the insured does not rebuild, the time necessary for the insured to relocate in permanent living quarters, but not to exceed 24 months. C. ALE payments can run beyond the expiration of the policy. D. ALE payments are limited to incurred costs for the...

Abandonment - The abdication of insured property into the hands of another, or into the possession of no one in particular. Absolute Liability - A type of liability that occurs due to extremely dangerous operations, such as the use of explosives or working at extreme heights. Accident - An unplanned, unforeseen event which occurs suddenly and at a specific place. Actual Cash Value (ACV) - The required amount to pay damages or for property loss, which is calculated based on the property...

Absolute Assignment - Policy assignment when assignee receives full control over the policy and full rights to its benefits. Accelerated benefits rider - Life insurance rider that allow for early payment of some portion of policy's face amount, should the insured suffer from terminal illness/injury. adhesion - Contract must be accepted by the insured exactly as it is written by the insurer. Terms of contract cannot be negotiated. Contract is offered on a take it or leave it basis. admi...

Insurance producer - An individual or an entity authorized in writing by a lawfully qualified insurance compnay to transact, negotiate or effect contracts of insurance of behalf of that insurance company. Resident Producer - Any person that lives in kansas and is licensed to transact insurance business for at least one insurer. A Non-resident producer - A producer that lives in some other state;they are licensed in their owen home stae and has written permission from the kansas insurance c...

With short term disability insurance there are no policy riders or coordination of benefits is this an accurate statement yes or no - long term disability insurance allows customers to continue coverage through a variety of riders - based on state abailibitlity either the hospital income, supplemental health insurance and or supplemental health insurance plus prodducts may be abilable this type of protection both on and off the job true or false - customers seeking a medicare supplem...