State farm property exam Study guides, Class notes & Summaries

In property insurance actual cash value is defined as which of the following - correct answer Replacement cost at the time of the loss, less depreciation Peril is most easily defined as - correct answer the cause of loss insured against What is a leading factor in the determination of actual cash value - correct answer replacement cost Replacement cost is defined as - correct answer full replacement of property at its current cost, new and without reduction for depreciation P...

State Farm Property Exam Questions and Answers (2024 / 2025) (Verified Answers)

2. take all reasonable means to save and protect the property from loss 3. give the insurance company immediate notice of loss 4. give the insurance company proof of loss within 60 days of the loss 5. separate the damaged property from the undamaged property and allow the insurance company to inspect the undamaged property as well as the insured's books and records 6. the insured cannot sue the insurance company unless all of these requirements have been satisfied and then he/she must s...

PVL2601 EXAM ANSWERS MAY/JUNE 2023 QUESTIONS ASKED: Time left 1:03:40 Question 49 Not yet answered Marked out of 2.00 Not flaggedFlag question Question text In which one of the following cases did the court prohibit a retirement annuity fund from making payments to a maintenance debtor unless the Maintenance Court or the maintenance debtor's former wife consented to such payment? a. Gerber v Gerber and Pocock b. Magewu v Zozo c. Mngadi v Beacon Sweets and Chocolates Provid...

State Farm Property Exam Questions and Answers In property insurance actual cash value is defined as which of the following Replacement cost at the time of the loss, less depreciation Peril is most easily defined as the cause of loss insured against What is a leading factor in the determination of actual cash value replacement cost Replacement cost is defined as full replacement of property at its current cost, new and without reduction for depreciation Property insuran...

Which of the following best defines the term risk? a. Causes a loss b. Brings loss about c. Increases chances of a loss d. Uncertainty of loss correct answers d. Uncertainty of loss An owner-occupied home has a replacement cost of $500,000 and an actual cash value of $400,000. To assure that the replacement cost provision in the policy applies, what is the minimum the home must be insured for? a. 75% of the RC b. $320,000 c. 75% of the ACV d. $400,000 correct answers d. $400,000 ...

STATE FARM PROPERTY AND CASUALTY EXAM QUESTIONS AND ANSWERS duties of the insured - ANS 1. pay the premium 2. take all reasonable means to save and protect the property from loss 3. give the insurance company immediate notice of loss 4. give the insurance company proof of loss within 60 days of the loss 5. separate the damaged property from the undamaged property and allow the insurance company to inspect the undamaged property as well as the insured's books and records 6. the i...

State Farm Property Exam Questions with 100% Correct Answers Depreciation reduction in value, particularly due to wear and tear Exposure susceptibility to risk Implied Warranty A legal term meaning that a product is suitable for its intended purpose and that it fits an ordinary buyers expectations Insurance Policy a contract between a policyowner (and/or insured) and an insurance company which agrees to pay the insured or the beneficiary for loss caused by specific events ...

State Farm Property Exam Questions with 100% Correct Answers Depreciation reduction in value, particularly due to wear and tear Exposure susceptibility to risk Implied Warranty A legal term meaning that a product is suitable for its intended purpose and that it fits an ordinary buyers expectations Insurance Policy a contract between a policyowner (and/or insured) and an insurance company which agrees to pay the insured or the beneficiary for loss caused by specific events ...

STATE FARM PROPERTY EXAM 40 questions and verified answers 2023. State Farm Property 1. In property insurance actual cash value is defined as which of the following: Replacement cost at the time of the loss, less depreciation 2. Peril is most easily defined as: the cause of loss insured against 3. What is a leading factor in the determination of actual cash value: replacement cost 4. Replacement cost is defined as: full replacement of property at its current cost, new and without reducti...