STATE FARM PROPERTY AND CASUALTY
2024 Exam Review Questions and Answers
100% Pass
duties of the insured - Answer>> 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 insured cannot sue the insurance company unless all of
these requirements have been satisfied and then he/she must sue
within 12 months of the loss
duties of the insurance company - Answer>> 1. must indemnify
the insured within 60 days of proof of loss
2. may either pay the appraised ACV of the loss or repair or
replace the damaged property
3. if the insured and insurance company disagree as the ACV of
the loss and the damaged property cannot be repaired or
replaced, they each can select an appraiser. if the appraisers
disagree, they select an umpire appraiser who will make the final
determination
the subrogation clause - Answer>> states that the insurance
company can require the insured to assign (transfer) to it any
legal rights which the insured has against third parties to the
insurance company at the time of loss
assignment clause - Answer>> 1. transfer of a policy to another
person
