State Farm Property Exam 2023 With 100% Correct Answers

What is stated amount coverage {Ans: 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 rights with the insured having first right of refusal of the salvage.}Before an insurer will pay any loss under a policy, what is usually required from the insured? {Ans: proof of loss}A person who is not named as an insured on the dec page of a policy but is protected by the policy is known as the {Ans: additional insured}Which of the following is NOT an element of negligence breach, unbroken chain, libel, duty {Ans: libel}What is consideration? {Ans: something of value that is transferred between the two parties to form a legal contract}What is a leading factor in the determination of actual cash value {Ans: replacement cost}