STATE FARM FIRE INDEPENDENT POLICY
LATEST EXAM 2023-2024 REAL EXAM 100
QUESTIONS AND CORRECT ANSWERS
|AGRADE
Jennifer Marco has a HO-3 policy, with a Coverage B limit of $75,000, a $500
deductible, and 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. – ANSWER- A.
Coverage for personal property applies for perils listed under Section I – Losses
Insured, Coverage B – Personal Property and Section I – Additional Coverages.
Under an HO-3 policy, 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 – ANSWER- B. Fire Department Service Charges
In the HO-3 policy, Coverage C consists of three coverages:
Additional Living Expense
Fair Rental Value
Property Removed<\/p>\n\n\n\n
True or False – ANSWER- False its Additional Living expense, Fair rental value
and prohibited use
The steps in applying the 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 – ANSWER- True
The definition of an insured 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 – ANSWER- Spouse
Joe Smith has a HO-3 policy. He is a carpenter and has collected 100 2″X4″ studs
and 30 2″X6″ rafters from various job sites. Joe has no specific plans to use the
lumber. The lumber is covered under Coverage A.
True or False – ANSWER- False
Under an HO-3 policy, which of the following would be a Coverage B item?
Select the single best answer:
A. Satellite dish bolted to the eave of the house
B. Free standing gas range
C. Built-in microwave oven
D. Automatic garage door opener
E. Water softener system – ANSWER- Free Standing gas range
Under an HO-3 policy, which of the following would not be a Coverage A item?<\/p>\n\n\n\n
Select the single best answer:
A. Automatic lawn sprinkler system
B. Wall to wall carpet attached to the dwelling
C. A new (in the box), built-in microwave oven the insured intends to install in his
fishing cabin.
D. A shed, on a foundation, rented to a neighbor to store the neighbor’s boat
E. Materials and supplies to build bookshelves in the basement of the residence
premises and stored in the garage – ANSWER- E. Materials and supplies to build
bookshelves in the basement of the residence premises and stored in the garage
An HO-3 homeowners policy with a $250 deductible is in force and the policy
limits (Coverage A and Coverage B) are adequate to cover this damage. During a
severe windstorm, rain blows through open windows and causes the following
damage:
Hardwood floor in the dining room $1,700
Water stains on the drywall $ 220
Water stains on the area rug $125
Antique vase (broken by force of wind) $375
How much should you pay on this loss? All repairs have been made.
Select the single best answer:
A. $ 0
B. $1,920
C. $2,420
D. $2,170
E. $2,045 – ANSWER- 2170
If a picture falls from a wall and damages an expensive statue, under the HO-3
coverage for the statue would:
Select the single best answer:
A. Apply under the falling object peril
B. Not apply, not an insured peril
C. Apply under the collapse peril
D. Not apply since it should have been insured under a personal articles policy
E. None of the above – ANSWER- not apply, not an insured peril
<\/p>\n","protected":false},"excerpt":{"rendered":"
STATE FARM FIRE INDEPENDENT POLICYLATEST EXAM 2023-2024 REAL EXAM 100QUESTIONS AND CORRECT ANSWERS|AGRADEJennifer 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 istrue concerning her personal property?Select the single best answer:A. Coverage for personal property applies for […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[25],"tags":[],"class_list":["post-113223","post","type-post","status-publish","format-standard","hentry","category-exams-certification"],"_links":{"self":[{"href":"https:\/\/www.learnexams.com\/blog\/wp-json\/wp\/v2\/posts\/113223","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.learnexams.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.learnexams.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.learnexams.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.learnexams.com\/blog\/wp-json\/wp\/v2\/comments?post=113223"}],"version-history":[{"count":0,"href":"https:\/\/www.learnexams.com\/blog\/wp-json\/wp\/v2\/posts\/113223\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.learnexams.com\/blog\/wp-json\/wp\/v2\/media?parent=113223"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.learnexams.com\/blog\/wp-json\/wp\/v2\/categories?post=113223"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.learnexams.com\/blog\/wp-json\/wp\/v2\/tags?post=113223"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}