Education > EXAM > State Farm Fire Independent Policy Exam 2023-2024 Questions & Answers (Solved) (All)

State Farm Fire Independent Policy Exam 2023-2024 Questions & Answers (Solved)

Document Content and Description Below

1. Select the false statement listed below: In the HO-3 policy, the ALE pay-ments will be made only for: Select the single best answer: A.The shortest time necessary to repair or replace the damage... d property,but not to exceed 24 months. B. If the insured does not rebuild, the time necessary for the insured torelocate 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 timeframes as dictated by the policy. E. ALE payments will not exceed 20% of Coverage A limits. Answer: E. ALE paymentswill not exceed 20% of Coverage A limits. 2. The insured has a HO-3 policy in 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 Answer: B.Detached garageused to operate a lawnmower repair shop 3.Jennifer Marco has a HO-3 policy, with a Coverage B limit of $75,000, a $500deductible, and no Option AI, ID, FA or JF.Which of the following statements is true concerning her personal property [Show More]

Last updated: 1 year ago

Preview 1 out of 25 pages

Buy Now

Instant download

We Accept: