STATE FARM : TYPES OF PROPERTY POLICIES EXAM QUESTIONS WITH
COMPLETE SOLUTIONS VERIFIED 2024/2025
An insured's accounts receivable records have been damaged. The loss may be
covered with
The accounts receivable coverage form
How much is covered for deris removal for HO policy additional coverages?
All reasonable costs
Which situation would not be covered by the basic causes o loss form under a
commercial property policy?
The restaurant is damaged when flood waters arise and seep into the restaurant
Which of the following examples of losses paid under an HO3 also would be paid
under an HO2 homeowners policy?
Damage to the dwelling caused by ash or dust from a volcanic eruption
Which inland marine form would provide the best protection for a dry cleaning
company against loss or damage to their customer's property while in the care,
custody, and control of the dry cleaners?
Bailee's customer policy
All of the following are essential elements of a commercial package policy
EXCEPT v
valuations and or settlement provisions
which would be considered a single accident in equipment breakdown coverage
all accidents at single locations at same time by same cause
Which of the following endorsements under an equipment breakdown policy is
used for calculating the amount to be paid on a lost business claim after a direct
loss
business income - report of values
, According to the common policy conditions for a commercial package policy, if
the insured dies, the policy rights and duties
automatically transfer to a legal representative
The type of insurance used to over goods for one specific trip is called
trip transit, this policy covers a single shipment of good for a specific trip
Under the dwelling policy form, what is the maximum time limit during which
multiple volcanic activities would be considered part of one occurence?
72 hours
The endorsement that can be attached to an equipment breakdown policy to
provide coverage for the perishable property for spoilage or damage caused by
contact with refrigerant is called
refrigeration interruption coverage
What is the max amount an insurer will pay under the equipment dealers pollution
cleanup and removal extension of an inland marine policy
10k for all expenses incurred during a 12 month period
Who would participate in a write your own flood insurance program?
Private insurers that wish to write and service national flood insurance policies
Which of the following covers a carrier for liability for loss while it is being
transported in a truck?
Motor truck cargo policy - truckers form
The NFIP emergency program
goes into effect after the community has received a flood hazard boundary map and
ends when the normal program begins and it also provides limited amounts of coverage
at subsidized rates
What is the min amount of coverage that should be carried on a HO2 on home
that was purchased four years ago at 75k which today has a replacement cost of
100k?
80k
A homeowner at the time of a loss must be insured for atleast 80% of replacement cost
in order to collect the full replacement cost of a partial loss
COMPLETE SOLUTIONS VERIFIED 2024/2025
An insured's accounts receivable records have been damaged. The loss may be
covered with
The accounts receivable coverage form
How much is covered for deris removal for HO policy additional coverages?
All reasonable costs
Which situation would not be covered by the basic causes o loss form under a
commercial property policy?
The restaurant is damaged when flood waters arise and seep into the restaurant
Which of the following examples of losses paid under an HO3 also would be paid
under an HO2 homeowners policy?
Damage to the dwelling caused by ash or dust from a volcanic eruption
Which inland marine form would provide the best protection for a dry cleaning
company against loss or damage to their customer's property while in the care,
custody, and control of the dry cleaners?
Bailee's customer policy
All of the following are essential elements of a commercial package policy
EXCEPT v
valuations and or settlement provisions
which would be considered a single accident in equipment breakdown coverage
all accidents at single locations at same time by same cause
Which of the following endorsements under an equipment breakdown policy is
used for calculating the amount to be paid on a lost business claim after a direct
loss
business income - report of values
, According to the common policy conditions for a commercial package policy, if
the insured dies, the policy rights and duties
automatically transfer to a legal representative
The type of insurance used to over goods for one specific trip is called
trip transit, this policy covers a single shipment of good for a specific trip
Under the dwelling policy form, what is the maximum time limit during which
multiple volcanic activities would be considered part of one occurence?
72 hours
The endorsement that can be attached to an equipment breakdown policy to
provide coverage for the perishable property for spoilage or damage caused by
contact with refrigerant is called
refrigeration interruption coverage
What is the max amount an insurer will pay under the equipment dealers pollution
cleanup and removal extension of an inland marine policy
10k for all expenses incurred during a 12 month period
Who would participate in a write your own flood insurance program?
Private insurers that wish to write and service national flood insurance policies
Which of the following covers a carrier for liability for loss while it is being
transported in a truck?
Motor truck cargo policy - truckers form
The NFIP emergency program
goes into effect after the community has received a flood hazard boundary map and
ends when the normal program begins and it also provides limited amounts of coverage
at subsidized rates
What is the min amount of coverage that should be carried on a HO2 on home
that was purchased four years ago at 75k which today has a replacement cost of
100k?
80k
A homeowner at the time of a loss must be insured for atleast 80% of replacement cost
in order to collect the full replacement cost of a partial loss
