State Farm Property 2023 Questions and Answers

State Farm Property 2023 Questions and Answers 1.In property insurance actual cash value is defined as which of the follow- ing>> 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>> replace- ment cost 4.Replacement cost is defined as>> full replacement of property at its current cost, new and without reduction for depreciation 5.Property insurance that provides 100k coverage for a building and 50k coverage for personal property at a single location is called>> Specific coverage 6.Which of the following is used in the formula for calculating the actual 1 / 2

cash value of a property>> replacement cost 7.What is the purpose of the coinsurance clause found in property insurance policies>> Encourage the insured to insure the property closer to its full value 8.An insured has a liability policy that sets the amount at 50k for all claims that arise from a single incident. which type of limit of liability does this insured's policy have>> per occurrence 9.When the amount of insurance written in a property policy is not subject to any coinsurance provision and that amount is paid in the event of a covered loss, the coverage is said to be written as>> stated amount 10.What is stated amount coverage>> In stated amt coverage the value of the insured property is determined at the time the policy is written.in the event of a loss, that amount is paid without regard to any coinsurance provision.However, if the loss is less than the total, the insurer has salvage