State Farm Fire Exam Questions With Verified Answers

Who owns thier renewals - Answer Independents Events that may NOT be recovered by insurance are - Answer Gambling, investing, market value of home What underlying coverages typically are required for an umbrella - Answer Auto and Personal Conditions that prohibit assignments of the policy - Answer Transfer of rights and duties Expectant interest are - Answer Not insured Flood, power failure and earth movement are - Answer Excluded on DP & HO What are the 3 principle rating factors for personal auto - Answer 1) safe driving record 2) annual miles driving 3) years of driving experience Fail Plan doesn't not encourage - Answer Competition Loss exposures that results in a claim for monetary damage due to injury to another or damage to another's property? - Answer Liability Loss Exposure The persons whose property is being insured is the - Answer Insured The person seeking for damage is the - Answer Claimant When the insurer cancels, the premium is refunded - Answer Pro-Rata Representation can qualify as an - Answer Implied Warranty Fire Dep. service charge, reason repairs and debris removal are considered what on an HO? - Answer Additional Charges In an HO coverage for fair rental is included in - Answer Coverage D How is combined ratio computed? - Answer Adding Loss + Expense Ratio Not purchasing collision coverage for your car is an example of risk - Answer Retention Not purchasing a motorboat is an example of - Answer Avoidance/ elimination Installing sprinkler system in your home is an example of risk - Answer Reduction Purchasing homeowners policy is an expanse of risk - Answer Transfer