STATE FARM FIRE INDEPENDENT POLICY LATEST
EXAM 2024-2025 REAL EXAM 100 QUESTIONS
AND CORRECT ANSWERS |AGRADE
Terms in this set (50)
,Select the false statement E. ALE payments will not exceed 20% of Coverage A
listed below: In the HO-3 limits.
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 B. Detached garage used to operate a lawnmower
policy in force. All of the repair shop
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
policy, with a Coverage B listed under Section I - Losses Insured, Coverage B -
limit of $75,000, a $500 Personal Property and Section I - Additional
deductible, and no Option Coverages.
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.
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