State farm property exam Study guides, Class notes & Summaries

Tennessee National Portion REAL ESTATE EXAM Latest 2024 Graded A+ A corporation is - Answer ️️ -a legal entity that can buy and sell real estate as set out in its charter. Ownership in severalty is - Answer ️️ -property owned by one individual or corporation. A house is owned by three joint tenants, and one of the owners, as permitted by state law, sells that interest to a new owner. The result is a - Answer ️️ -tenancy in common between the new owner and the remaining joint t...

State Farm Property Exam | Questions and Answers Graded A+ Latest 2024/2025 preferred, standard, substandard, or decline - CORRECT ANSWER The four ways risks are classified. primary insurance amount (PIA) - CORRECT ANSWER Amount equal to covered workers full Social Security retirement benefit or disability benefit. probationary period - CORRECT ANSWER A period of time between the issuance of a policy and the date coverage begins. proof of loss - CORRECT ANSWER A mandatory NAIC provis...

State Farm Property Exam | Questions and Answers Graded A+ Latest 2024/2025 which of the following refers to being restored to the financial condition you were in before a loss? - CORRECT ANSWER indemnification mark incurred 8000$ damage to his car in an accident. he received 8000$ from his insurance company and 4000$ from the other driver. by receiving a profit from the loss, Mark is in violation of.. - CORRECT ANSWER principle of indemnity the transfer of risk from one party to an...

State Farm Property Exam | Questions and Answers Graded A+ Latest 2024/2025 preferred, standard, substandard, or decline - CORRECT ANSWER The four ways risks are classified. primary insurance amount (PIA) - CORRECT ANSWER Amount equal to covered workers full Social Security retirement benefit or disability benefit. probationary period - CORRECT ANSWER A period of time between the issuance of a policy and the date coverage begins. proof of loss - CORRECT ANSWER A mandatory NAIC provis...

MCQ 1. Indicate the correct option. Which one of the following things can be regarded as a res nullius? (1) a domesticated tiger living in his owner‟s house (2) an impala roaming in the bushes (3) a Persian cat lying on the neighbor‟s patio (4) a springbok kept on a private game farm for hunting purposes ANSWER: Option 2 is correct. A res nullius is a thing which does not belong to anyone. All creatures that are wild by nature either in their natural state or when they have...

State Farm Property xam | Questions and Answers Graded A+ Latest 2024 What are considered parts of the policy structure - CORRECT ANSWER conditions, exclusions, insuring clause A homeowner sells his house to a friend. the friend wants to keep the homeowners current policy in effect. under the assignment provision which of the following is most likely? - CORRECT ANSWER the homeowner will need to get written consent from the insurer before the policy can be reassigned What is consider...

State Farm Property xam | Questions and Answers Graded A+ Latest 2024 What are considered parts of the policy structure - CORRECT ANSWER conditions, exclusions, insuring clause A homeowner sells his house to a friend. the friend wants to keep the homeowners current policy in effect. under the assignment provision which of the following is most likely? - CORRECT ANSWER the homeowner will need to get written consent from the insurer before the policy can be reassigned What is consider...

State Farm Property xam | Questions and Answers Graded A+ Latest 2024/2025 control of property - CORRECT ANSWER protects against negligent acts of noninsureds other insurance - CORRECT ANSWER concerns property that is insured by more than one policy legal action against an insurer - CORRECT ANSWER says when an insured my sue the insurer subrogation - CORRECT ANSWER insurer can sue third parties for damages to the insured liberalization - CORRECT ANSWER when an insurer increases its...