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Cylas' State Farm Test Questions And Answers With Verified Solutions Already Passed!!!
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Cylas' State Farm Test Questions And Answers With Verified Solutions Already Passed!!!
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Cylas' State Farm Test Questions AndAnswers With Verified Solutions Already
Passed!!!
HO-1 - ANSWER✔✔A simple policy that protects against only the basic set of
perils. We have Basic form coverage on the buildings and Basic form coverage on
the Personal Property.
HO-2 - ANSWER✔✔Broad form coverage on both buildings and Personal
Property.
HO-3 - ANSWER✔✔Special coverage on buildings, but only Broad coverage on
Personal Property.
HO-4 - ANSWER✔✔Commonly called renter's insurance. This form provides no
coverage for structures - that's the landlord's responsibility. The Personal Property
has Broad form coverage.
HO-5 - ANSWER✔✔This policy is called the comprehensive form because it
provides the strongest - and most expensive - coverage, provides Special form
coverage for both structures and Personal Property.
HO-6 - ANSWER✔✔This policy is for condominium or cooperative owners. It
consists largely of Personal Property coverage, but also includes a minimal amount
($5,000) of coverage for structural damage. The reasoning here is pretty
straightforward. Condo owners typically do not own the individual units in which
they live. Instead, they own a share of the entire operation. Consequently, they are
not responsible for insuring any specific part of the building. The building is
insured by the condo owners association. All condo dwellers really need is
coverage on their Personal Property.
, HO-8 - ANSWER✔✔Sometimes called the "older home policy." This version is
essentially an HO-1 policy except that it insures the structure for Actual Cash
Value (ACV) rather than replacement cost, provides Basic form property coverage
for both structures and Personal Property.
Coverage A- Dwelling - ANSWER✔✔This protects the home itself
Coverage B- Other Structures - ANSWER✔✔The most common "other structure"
(sometimes referred to as an appurtenant structure) is the detached garage, but also
included under Coverage B are fences, swimming pools, sheds, greenhouses, and
any additional structures on the premises that are not attached to the house and are
set apart by a clear space.
Coverage C- Personal Property - ANSWER✔✔Everybody has stuff - tennis
rackets, radios, books, clothes, and all those other things that make moving to a
new home such a joy.
Bodily Injury - ANSWER✔✔Bodily Injury will pay for the other guy's Bodily
Injuries, including pain and suffering, broken bones, and even funeral expenses if
our Insured is found liable for the accident.
Property Damage - ANSWER✔✔Property Damage pays for the property damaged
when the Insured causes an accident. This includes the other guy's car, the tree, the
municipality's bridge, and whatever else is damaged in the accident.
Single Limit - ANSWER✔✔This is the simplest way to put a cap on the policy.
The Insured may opt for a liability limit of, say, $60,000 If the Insured becomes
responsible (to a third party) for either Bodily Injury or Property Damage beneath
this threshold amount, the Insurer will pay the bill.
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