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State Farm Insurance License Exam Questions and Answers (2022/2023) (Verified Answers)
State Farm Insurance License Exam Questions and Answers (2022/2023) (Verified Answers) Abandonment Condition A condition often contained in property insurance policies that states that the insured cannot abandon damaged property to the insurer and demand to be reimbursed for its full value. Accident A loss that occurs at a specific time and place Actual Cash Value (ACV) Today's replacement cost minus depreciation. Depreciation from wear and tear, or obsolescence. admitted insurer; auth...
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State Farm Insurance License Exam Questions and Answers (2022/2023) (Verified Answers) Abandonment Condition A condition often contained in property insurance policies that states that the insured cannot abandon damaged property to the insurer and demand to be reimbursed for its full value. Accident A loss that occurs at a specific time and place Actual Cash Value (ACV) Today's replacement cost minus depreciation. Depreciation from wear and tear, or obsolescence. admitted insurer; auth...