STATE FARM HOMEOWNER POLICY FP
7955 DEDUCTIBLE EXAMINATION TEST
2026 FULL QUESTIONS AND SOLUTIONS
GRADED A+
●● Damage to Property of Others.
Answer: The company will pay, at replacement cost, up to $1,000 per
occurrence for damage to the property of others caused by an insured,
without assigning liability or fault; will not pay if the damage is
intentional by insured 13 years or older
●● Non-Renewal.
Answer: The insurer can decide not to renew a policy and must give the
insured at least 30 days' notice of the decision.
●● Cancellation.
Answer: The insured may cancel at any time for any reason; the
insurance company can cancel only for valid reasons such as non-
payment of premium.
●● Short-Rate Refund.
Answer: When the insured cancels the policy, the unearned premium is
returned on a short-rate basis, meaning the insurance company keeps a
portion to cover expenses.
7955 DEDUCTIBLE EXAMINATION TEST
2026 FULL QUESTIONS AND SOLUTIONS
GRADED A+
●● Damage to Property of Others.
Answer: The company will pay, at replacement cost, up to $1,000 per
occurrence for damage to the property of others caused by an insured,
without assigning liability or fault; will not pay if the damage is
intentional by insured 13 years or older
●● Non-Renewal.
Answer: The insurer can decide not to renew a policy and must give the
insured at least 30 days' notice of the decision.
●● Cancellation.
Answer: The insured may cancel at any time for any reason; the
insurance company can cancel only for valid reasons such as non-
payment of premium.
●● Short-Rate Refund.
Answer: When the insured cancels the policy, the unearned premium is
returned on a short-rate basis, meaning the insurance company keeps a
portion to cover expenses.
