{"id":112373,"date":"2023-08-15T16:45:00","date_gmt":"2023-08-15T16:45:00","guid":{"rendered":"https:\/\/learnexams.com\/blog\/?p=112373"},"modified":"2023-08-15T16:45:04","modified_gmt":"2023-08-15T16:45:04","slug":"state-farm-property-2023-2024-actual-exam-200-questions-and-correct-detailed-answers-verified-answers-agradebrand-new","status":"publish","type":"post","link":"https:\/\/www.learnexams.com\/blog\/2023\/08\/15\/state-farm-property-2023-2024-actual-exam-200-questions-and-correct-detailed-answers-verified-answers-agradebrand-new\/","title":{"rendered":"STATE FARM PROPERTY 2023-2024 ACTUAL EXAM 200 QUESTIONS AND CORRECT DETAILED ANSWERS (VERIFIED ANSWERS) |AGRADE||BRAND NEW!"},"content":{"rendered":"\n<p>STATE FARM PROPERTY 2023-2024 ACTUAL EXAM<br>200 QUESTIONS AND CORRECT DETAILED ANSWERS<br>(VERIFIED ANSWERS) |AGRADE||BRAND NEW!<br>The extra expense coverage form provides? &#8211; ANSWER- Coverage that will permit<br>the insured to continue in business without interruption following a property<br>damage loss.<br>How long does a producer have after writing a fire insurance policy to have a<br>building inspected? &#8211; ANSWER- 90 Days<br>The Federal Fair Credit Reporting Act &#8211; ANSWER- Regulates consumer reports<br>Type of insurance used to cover goods for one specific trip? &#8211; ANSWER- Trip<br>transit<br>In a Dwelling policy, this would be considered covered &#8211; ANSWER- Rented to a<br>neighbor for use as a private garage<br>In Dwelling policies, automatic increase in insurance is &#8211; ANSWER- Coverage by<br>endorsement<br>Events in which a person has both the chance of winning or losing are classified as<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>ANSWER- Speculative risk<br>When an insured makes truthful statements on the application for insurance and<br>pays the required premium, it is known as which of the following? &#8211; ANSWERConsideration<br>On DP-3 (Dwelling Property Special Form Policy), the coverage provided for<br>personal property is. &#8211; ANSWER- The same as provided on the DP-2 Broad Form<br>This is a FALSE statement regarding fire department service charge additional<br>coverage under the businessowners policy. &#8211; ANSWER- The coverage limits pay<br>in place of the limit of insurance shown in the declarations.<\/li>\n<\/ul>\n\n\n\n<p>What is NOT found in an insurance policy? &#8211; ANSWER- Insuring agreement<br>A policy condition that stipulates how the amount of damaged or lost property will<br>be determined if the insured and the principal do not agree on the value of a<br>property loss is known as? &#8211; ANSWER- Appraisal<br>Losses caused by vandalism and malicious mischief are excluded under a<br>homeowners policy if the dwelling had been vacant for more than? &#8211; ANSWER- 60<br>days<br>What is the limit for the forgery or alteration coverage in the businessowners<br>policy? &#8211; ANSWER- $2,500<br>Other structures are covered for what amount under the Coverage B &#8211; Other<br>Structures of a homeowner&#8217;s policy? &#8211; ANSWER- 10% of Coverage A<br>Under business policy section I, if an insurer wants to renew a policy for<br>nonpayment of premium, how many days before the expiration date must the<br>insurer notify the mortgageholder? &#8211; ANSWER- 10 Days<br>According to the loss payment condition in HO policies, losses must be paid within<br>how many days of the insurer receiving proof of loss? &#8211; ANSWER- 60 Days<br>How many years of a loss may an insured bring a lawsuit against an insurer,<br>according to the dwelling policy? &#8211; ANSWER- 2 Years<br>How long is a waiting period upon purchase of flood coverage through NFIP? &#8211;<br>ANSWER- 30 Days<br>Which of Dwelling coverage forms would pay replacement cost for the Dwelling?<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>ANSWER- DP-2 and DP-3<br>In which of the following types of property valuation will the policy pay the full<br>value as specified on the policy schedule, regardless of the insured property&#8217;s<br>appreciation or depreciation. &#8211; ANSWER- Agreed Value<br>Which is true concerning the builders rick coverage form is correct? &#8211; ANSWERIt may be written on a reporting form for the completed value of the structure<\/li>\n<\/ul>\n\n\n\n<p>In property insurance actual cash value is defined as which of the following &#8211;<br>ANSWER- Replacement cost at the time of the loss, less depreciation<br>Peril is most easily defined as &#8211; ANSWER- the cause of loss insured against<br>What is a leading factor in the determination of actual cash value &#8211; ANSWERreplacement cost<br>Replacement cost is defined as &#8211; ANSWER- full replacement of property at its<br>current cost, new and without reduction for depreciation<br>Property insurance that provides 100k coverage for a building and 50k coverage<br>for personal property at a single location is called &#8211; ANSWER- Specific coverage<br>Which of the following is used in the formula for calculating the actual cash value<br>of a property &#8211; ANSWER- replacement cost<br>What is the purpose of the coinsurance clause found in property insurance<br>policies? &#8211; ANSWER- Encourage the insured to insure the property closer to its<br>full value<br>An insured has a liability policy that sets the amount at 50k for all claims that arise<br>from a single incident. which type of limit of liability does this insured&#8217;s policy<br>have? &#8211; ANSWER- per occurrence<br>When the amount of insurance written in a property policy is not subject to any<br>coinsurance provision and that amount is paid in the event of a covered loss, the<br>coverage is said to be written as &#8211; ANSWER- stated amount<br>What is stated amount coverage &#8211; ANSWER- In stated amt coverage the value of<br>the insured property is determined at the time the policy is written.<br>in the event of a loss, that amount is paid without regard to any coinsurance<br>provision.<br>However, if the loss is less than the total, the insurer has salvage rights with the<br>insured having first right of refusal of the salvage.<br>What type of liability would a person who owns a swimming pool have? &#8211;<br>ANSWER- Absolute<br><\/p>\n","protected":false},"excerpt":{"rendered":"<p>STATE FARM PROPERTY 2023-2024 ACTUAL EXAM200 QUESTIONS AND CORRECT DETAILED ANSWERS(VERIFIED ANSWERS) |AGRADE||BRAND NEW!The extra expense coverage form provides? &#8211; ANSWER- Coverage that will permitthe insured to continue in business without interruption following a propertydamage loss.How long does a producer have after writing a fire insurance policy to have abuilding inspected? &#8211; ANSWER- 90 DaysThe [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[25],"tags":[],"class_list":["post-112373","post","type-post","status-publish","format-standard","hentry","category-exams-certification"],"_links":{"self":[{"href":"https:\/\/www.learnexams.com\/blog\/wp-json\/wp\/v2\/posts\/112373","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.learnexams.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.learnexams.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.learnexams.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.learnexams.com\/blog\/wp-json\/wp\/v2\/comments?post=112373"}],"version-history":[{"count":0,"href":"https:\/\/www.learnexams.com\/blog\/wp-json\/wp\/v2\/posts\/112373\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.learnexams.com\/blog\/wp-json\/wp\/v2\/media?parent=112373"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.learnexams.com\/blog\/wp-json\/wp\/v2\/categories?post=112373"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.learnexams.com\/blog\/wp-json\/wp\/v2\/tags?post=112373"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}