State Farm Fire Independent Policy Exam update with verified and complete solution

State Farm Fire Independent Policy Exam update with verified and complete solution
Question : Select the false statement listed below: In the HO3 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 shorte
E. ALE payments will not exceed 20% of Coverage A limits.
Correct answer: A. The shortest time necessary to repair or
replace the damaged property, but not to exceed 24 months.
Question : 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
Correct answer: B. Detached garage used to operate a
lawnmower repair shop

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