State Farm Assessment Test New Latest Exam 2023-2024 with 200+ Questions and 100% Correct Answers
What is the standard deductible under the emergency program of the national flood insurance program --------- Correct Answer -------- 2,000
Who of the following would not be considered an insured under business auto liability coverage? --------- Correct Answer -------- the owner of a borrowed auto
Which of the following coverages is included in an unendorsed garage coverage form? - -------- Correct Answer -------- physical damage
All the following are excluded under business auto liability except --------- Correct Answer -------- liability for accidental and unintentional injuries
Which of the following coverages is not eligible for the commercial package policy (CPP)? --------- Correct Answer -------- Commercial aviation coverage
Endorsements that may be used with more than one line of insurance are also known as --------- Correct Answer -------- biline endorsements
all the following are commercial casualty coverage forms except --------- Correct Answer -------- ocean marine
which section of the CPP varies based on the lines of coverage included --------- Correct Answer -------- the coverage parts
the two forms that are always included in the CPR the common policy conditions and --- ------ Correct Answer -------- The common policy declarations
which of the following conditions state that the first named insured is authorized to make changes in the terms of the policy with the consent of the insurance company? --------- Correct Answer -------- Change's condition
Which general form contains information about who is insured, when he is insured, and for what lines? --------- Correct Answer -------- common policy declarations
which of the following statements concerning the commercial package policy is not correct? --------- Correct Answer -------- The CPP can only include property coverage
the name that is listed first in the declarations and who is assigned certain responsibilities is --------- Correct Answer -------- the first named insured 1 / 3
which of the following is not eligible for coverage in a CPP? --------- Correct Answer ------ -- workers compensation
Which of the following perils are covered in the causes of loss basic form --------- Correct Answer -------- Explosion
under the earthquake and volcanic eruption endorsement all earthquake shocks or volcanic eruptions that occur within a certain number of hours constitute a single earthquake or volcanic eruption. What is that period? --------- Correct Answer -------- 168 hours
Loss caused by sprinkler leakage is covered under which commercial property caused this is of loss form --------- Correct Answer -------- all of these
Which of the following commercial property causes of loss form does not cover collapse? --------- Correct Answer -------- basic
The insurance business sustains $25,000 damage in a fire. The fire department that was called to the scene built the insured $1000. The business is insured under the building and personal property coverage form for $500,000 with the $5000 deductible.How much will the insurance company pay for their loss? --------- Correct Answer --------
$21,000
Which of the following properties would not be excluded under the building and personal property coverage form? --------- Correct Answer -------- animals held for sale
The insured buys an office building next door to her insured business. Is the new building covered under her existing building and personal property coverage form? ------ --- Correct Answer -------- yes up to $250,000 coverage is available
Amy rents space in an industrial building for her yoga studio. At her own expense and with the landlord 's permission Amy replaces the studios carpeting with bamboo flooring.If the flooring is damaged by a covered peril, the loss will be paid on? --------- Correct Answer -------- an actual cash value basis
Which statement describes a peril? --------- Correct Answer -------- a tornado damaged the insured's home
a flood is an example of --------- Correct Answer -------- A peril
Tiffany leaves her car unlocked when she goes shopping. --------- Correct Answer -------- Morale
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Insurance company incorporated in Wisconsin and conducting business in Wisconsin is known as a domestic company. What kind of company are they considered if they do business in Minnesota? --------- Correct Answer -------- Foreign
what is a contractor device for transferring risk from a person, business or organization to an insurance company? --------- Correct Answer -------- Insurance
which of the following represents a pure risk? --------- Correct Answer -------- The chance your house may burn down
What is a contractor device for transferring risk from a person, business, or organization to an insurance company? --------- Correct Answer -------- Insurance
which of the following represents a pure risk? --------- Correct Answer -------- the chance at your house may burn down
Suzanne regularly leaves her side door unlocked when she leaves for work period one afternoon a thief entered her apartment and stole all of her jewelry. What was the hazard in this example. --------- Correct Answer -------- the door being unlocked
sometimes an individual or business has an exceptionally large or specialized risk that no authorized insurers can or will cover. In this case the individual or business may call?--------- Correct Answer -------- a non admitted insurance company.
The ABC insurance company is incorporated in Mexico. While doing business in Texas it is --------- Correct Answer -------- a alien insurer
the potential for accidents and other losses is called --------- Correct Answer -------- an exposure
Jennifer and Randy place a bet on the outcome of a basketball game period this is an example of. --------- Correct Answer -------- A speculative Risk
An insurance company licensed to do business in a particular state is called --------- Correct Answer -------- A certificate of authority
a loss that occurs as a consequence of a direct loss is called --------- Correct Answer ---- ---- An Indirect Loss
which of the following is not a type of hazard --------- Correct Answer -------- Pure Hazard
An insurance contract is prepared by one party (the insurance company) with little or no opportunity for the other party (the insured) to bargain. This this characteristic is called - -------- Correct Answer -------- Adhesion
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