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STATE FARM Property & Casualty LICENSING 2024 Exam Review Questions and Answers 100% Pass, Exams of Credit and Risk Management

Wisconsin Lutheran College (WLC)Credit and Risk Management

STATE FARM Property & Casualty LICENSING 2024 Exam Review Questions and Answers 100% Pass

Typology: Exams

2024/2025

Available from 09/21/2024

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STATE FARM Property & Casualty
LICENSING 2024 Exam Review
Questions and Answers 100% Pass
RISK - Answer>> UNCERTAINTY OF LOSS
INSURANCE - Answer>> TRANSFER OF RISK FROM THE
INSURED TO THE INSURER
PURE RISK - Answer>> NO CHANCE OF GAIN; INSURABLE
SPECULATIVE RISK - Answer>> A CHANCE OF LOSS OR
GAIN; NOT INSURABLE
HAZARD - Answer>> SOMETHING THAT INCREASES THE
RISK
PRINCIPLE OF INDEMNITY - Answer>> STATES THAT THE
PURPOSE OF THE POLICY IS TO RESTORE THE INSURED
FINANCIALLY TO WHERE THEY WERE PRIOR TO THE LOSS
INSURABLE INTEREST - Answer>> MUST EXIST ON A
CAUALTY POLICY AT TIME OF LOSS IN ORDER FOR THE
POLICY TO PROVIDE COVERAGE
LAW OF LARGE NUMBERS - Answer>> USED TO PREDICT
THE LIKELIHOOD OF LOSS
ACTUAL CASH VALUE (ACV) - Answer>> REPLACEMENT
COST MINUS DEPRECIATION
NEGLIGENCE - Answer>> TORT, OR A CIVIL WRONG;
GROUNDS FOR A LAWSUIT;
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Download STATE FARM Property & Casualty LICENSING 2024 Exam Review Questions and Answers 100% Pass and more Exams Credit and Risk Management in PDF only on Docsity!

STATE FARM Property & Casualty

LICENSING 2024 Exam Review

Questions and Answers 100% Pass

RISK - Answer>> UNCERTAINTY OF LOSS INSURANCE - Answer>> TRANSFER OF RISK FROM THE INSURED TO THE INSURER PURE RISK - Answer>> NO CHANCE OF GAIN; INSURABLE SPECULATIVE RISK - Answer>> A CHANCE OF LOSS OR GAIN; NOT INSURABLE HAZARD - Answer>> SOMETHING THAT INCREASES THE RISK PRINCIPLE OF INDEMNITY - Answer>> STATES THAT THE PURPOSE OF THE POLICY IS TO RESTORE THE INSURED FINANCIALLY TO WHERE THEY WERE PRIOR TO THE LOSS INSURABLE INTEREST - Answer>> MUST EXIST ON A CAUALTY POLICY AT TIME OF LOSS IN ORDER FOR THE POLICY TO PROVIDE COVERAGE LAW OF LARGE NUMBERS - Answer>> USED TO PREDICT THE LIKELIHOOD OF LOSS ACTUAL CASH VALUE (ACV) - Answer>> REPLACEMENT COST MINUS DEPRECIATION NEGLIGENCE - Answer>> TORT, OR A CIVIL WRONG; GROUNDS FOR A LAWSUIT;

THE FAILURE TO ACT AS A REASONABLE PERSON WOULD

IN THE SAME CIRCUMSTANCES

OCCURENCE - Answer>> HAPPENS OVER A PERIOD OF TIME BINDER - Answer>> MAY BE ORAL OR WRITTEN; PROVIDES COVERAGE UNTIL THE POLICY IS ISSUED; INCLUDES ALL COVERAGES PROVIDED BY THE POLICY WARRANTY - Answer>> LITERAL TRUTH REPRESENTATION - Answer>> SUBSTANTIAL TRUTH; IN INSURANCE; STATEMENTS OF THE APPLICANT/POLICYOWNER ARE REPRESENTATIONS- TRUE TO THE BEST OF THEIR KNOWLEDGE. CONCEALMENT - Answer>> OMISSION OF A MATERIAL FACT DOES THE INSURER HAVE THE RIGHT TO SUE A NEGLIGENT THIRD PARTY FOR DAMAGES PAID TO AN INSURED UNDER THE CONCEPT OF SUBROGATION? - Answer>> YES WHAT IS D-I-C-E? - Answer>> ACRONYM STANDING FOR THE 4 PARTS OF A POLICY; DECLARATIONS, INSURING AGREEMENT, CONDITIONS, EXLUSIONS WHAT IS LISTED ON THE DECLARATIONS PAGE? - Answer>> NAMED INSURED,

PRO-RATA DOES NOT MEAN EQUAL, IT IS

PROPORTIONATE.

WHAT IS THE FAIR CREDIT REPORTING ACT? - Answer>> PROTECTS CONSUMERS AGAINST THE CIRCULATION OF INACCURATE OR OBSOLETE PERSONAL OR FINANCIAL INFORMATION. What is the Gramm-Leach-Bliley Act? - Answer>> REQUIRES THAT A CUSTOMER BE GIVEN OUT A PRIVACY NOTICE AT THE TIME THE CUSTOMER RELATIONSHIP IS ESTABLISHED AND THEREAFTER ANNUALLY. WHAT DOES THE TERRORISM RISK INSURANCE ACT (TRIA) APPLY TO? - Answer>> COMMERCIAL POLICIES ONLY WHAT IS THE MAIN DIFFERENCE BETWEEN THE VARIOUS DWELLING POLICY FORMS? - Answer>> THE PROPERTY PERILS INSURED AGAINST DO DWELLING POLICIES COVER PERSONAL LIABILITY? - Answer>> NO; ALTHOUGH IT CAN BE ADDED THROUGH AN ENDORSEMENT KNOWN AS PERSONAL LIABILITY SUPPLEMENT FOR AN ADDITIONAL PREMIUM CHARGE. WHAT ARE THE GENERAL EXCLUSIONS OF DWELLING POLICIES? - Answer>> DAMAGE DUE TO WAR, NUCLEAR HAZARD, AND FLOOD BUT NOT WIND. TRUE OR FALSE; ON A DWELLING POLICY, OTHER STRUCTURES COVERAGE WILL APPLY TO A STRUCTURE RENTED OUT AS A PRIVATE GARAGE. - Answer>> TRUE

DO DP POLICIES COVER BREAKAGE OF GLASSS AFTER 60

DAYS OF VACANCY? - Answer>> NO DO DP POLICIES COVER FREEZING OF PLUMBING? - Answer>> IF THE HEATING IS LEFT ON, YES. IF THE HEATING WAS LEFT OFF, THEN NO.