State Farm Fire Independent Policy Exam
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Select the false statement listed E. ALE payments will not exceed 20% of Coverage A limits.
below: In the HO-3 policy, the
ALE payments will be made only
for:
Select the single best answer:
A. The shortest time necessary
to repair or replace the
damaged property, but not to
exceed 24 months.
B. If the insured does not
rebuild, the time necessary for
the insured to relocate in
permanent living quarters, but
not to exceed 24 months.
C. ALE payments can run
beyond the expiration of the
policy.
D. ALE payments are limited to
incurred costs for the shortest of
three time frames as dictated by
the policy.
E. ALE payments will not exceed
20% of Coverage A limits.
,The insured has a HO-3 policy in B. Detached garage used to operate a lawnmower repair shop
force. All of the losses are
covered except:
Select the single best answer:
A. Shed rented to a tenant, to
store furniture
B. Detached garage used to
operate a lawnmower repair
shop
C. Garage rented to the
neighbor to store an antique
automobile
D. Basement used as an office
for insured's bookkeeping
business
E. Garage (attached) rented to
tenant to store fishing boat
Jennifer Marco has a HO-3 A. Coverage for personal property applies for perils listed under
policy, with a Coverage B limit of Section I - Losses Insured, Coverage B - Personal Property and
$75,000, a $500 deductible, and Section I - Additional Coverages.
no Option AI, ID, FA or JF. Which
of the following statements is
true concerning her personal
property?
Select the single best answer:
A. Coverage for personal
property applies for perils listed
under Section I - Losses Insured,
Coverage B - Personal Property
and Section I - Additional
Coverages.
B. Coverage B applies only for
items Jennifer owns, while
anywhere in the world.
C. The limit of liability for theft
loss to jewelry and furs is $1000
or 10% of the Coverage B limit,
whichever is greater.
D. The limit of liability for
tornado losses to firearms is
$2,500.
, Under an HO-3 policy, B. Fire Department Service Charges
deductibles apply to which of
the following type(s) of losses.
Select the single best answer:
A. Credit Card, Bank Fund
Transfer Card, Forgery and
Counterfeit Money
B. Fire Department Service
Charges
C. Rekey locks after keys are
stolen
D. Debris Removal Charges
In the HO-3 policy, Coverage C False its Additional Living expense, Fair rental value and
consists of three coverages: prohibited use
Additional Living Expense
Fair Rental Value
Property Removed
True or False
The steps in applying the True
deductible on a HO-3
homeowners policy are:
1.)The deductible is first applied
to the covered loss.
2.)Any coverage or special limits
are then applied to the covered
loss.
3.)The amount payable to the
insured will be the greater of the
amounts arrived at in steps 1 and
2.
True or False
See an expert-written answer!
The definition of an insured Spouse
includes all of the following
except:
Select the single best answer:
A. Person(s) listed on the
Declaration Page
B. Spouse, if a resident of the
household
C. Relatives, if residents of the
household
D. Any person under the age of
21 in the care of the named
insured, resident spouse, or a
resident relative
E. Spouse
Save
Students also studied
Flashcard sets Study guides
mamas test mamas test United Healthcare -
98 terms 98 terms 15 terms
Crystal_Payne72 Preview royalvibes88 Preview Brian_Kamau9
Select the false statement listed E. ALE payments will not exceed 20% of Coverage A limits.
below: In the HO-3 policy, the
ALE payments will be made only
for:
Select the single best answer:
A. The shortest time necessary
to repair or replace the
damaged property, but not to
exceed 24 months.
B. If the insured does not
rebuild, the time necessary for
the insured to relocate in
permanent living quarters, but
not to exceed 24 months.
C. ALE payments can run
beyond the expiration of the
policy.
D. ALE payments are limited to
incurred costs for the shortest of
three time frames as dictated by
the policy.
E. ALE payments will not exceed
20% of Coverage A limits.
,The insured has a HO-3 policy in B. Detached garage used to operate a lawnmower repair shop
force. All of the losses are
covered except:
Select the single best answer:
A. Shed rented to a tenant, to
store furniture
B. Detached garage used to
operate a lawnmower repair
shop
C. Garage rented to the
neighbor to store an antique
automobile
D. Basement used as an office
for insured's bookkeeping
business
E. Garage (attached) rented to
tenant to store fishing boat
Jennifer Marco has a HO-3 A. Coverage for personal property applies for perils listed under
policy, with a Coverage B limit of Section I - Losses Insured, Coverage B - Personal Property and
$75,000, a $500 deductible, and Section I - Additional Coverages.
no Option AI, ID, FA or JF. Which
of the following statements is
true concerning her personal
property?
Select the single best answer:
A. Coverage for personal
property applies for perils listed
under Section I - Losses Insured,
Coverage B - Personal Property
and Section I - Additional
Coverages.
B. Coverage B applies only for
items Jennifer owns, while
anywhere in the world.
C. The limit of liability for theft
loss to jewelry and furs is $1000
or 10% of the Coverage B limit,
whichever is greater.
D. The limit of liability for
tornado losses to firearms is
$2,500.
, Under an HO-3 policy, B. Fire Department Service Charges
deductibles apply to which of
the following type(s) of losses.
Select the single best answer:
A. Credit Card, Bank Fund
Transfer Card, Forgery and
Counterfeit Money
B. Fire Department Service
Charges
C. Rekey locks after keys are
stolen
D. Debris Removal Charges
In the HO-3 policy, Coverage C False its Additional Living expense, Fair rental value and
consists of three coverages: prohibited use
Additional Living Expense
Fair Rental Value
Property Removed
True or False
The steps in applying the True
deductible on a HO-3
homeowners policy are:
1.)The deductible is first applied
to the covered loss.
2.)Any coverage or special limits
are then applied to the covered
loss.
3.)The amount payable to the
insured will be the greater of the
amounts arrived at in steps 1 and
2.
True or False
See an expert-written answer!
The definition of an insured Spouse
includes all of the following
except:
Select the single best answer:
A. Person(s) listed on the
Declaration Page
B. Spouse, if a resident of the
household
C. Relatives, if residents of the
household
D. Any person under the age of
21 in the care of the named
insured, resident spouse, or a
resident relative
E. Spouse
