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State Farm Insurance License Exam 1.Abandonment Condition>>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.
2.Accident>>A loss that occurs at a specific time and place 3.Actual Cash Value (ACV)>>Today's replacement cost minus depreciation. De- preciation from wear and tear, or obsolescence.
4.admitted insurer; authorized insurer>>Company that meets a state insurance department's standards and is allowed to do business in that state.
5.Adverse Selection>>the tendency of insureds with a greater than average chance of loss to purchase insurance 1 / 3
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6.Annual Transit Policy>>Nonfiled commercial inland marine transportation form that insures a property owner's incoming or outgoing shipments of goods during a year 7.Appraisal Clause>>A survey of property to determine the insurable value of the property or the value of the loss sustained.
8.Appraisal Condition>>Policy condition that outlines a procedure for when the insured and insurer disagree on the amount of a loss 9.Assignment>>The legal transfer of one's interest in an insurance policy to another person.
10.Aviation Hull Insurance>>Provides coverage for physical damage to an air- craft.
11.Bailee's Customers Policy>>Nonfiled commercial inland marine form obtained by a bailee to cover loss or damage to customers' property in the bailee's custody without regard to liability. 2 / 3
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12.Appurtenant Structures>>Buildings of lesser value that are on the same premises as the main building insured under a property policy; they are usually covered by the policy.
13.Assignment Condition>>Condition in insurance policies that specifies that the policy cannot be transferred to another unless the company consents to the transfer in writing.
14.Bailee>>A person or organization that has temporary possession of someone else's personal property.
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