STATE FARM HOMEOWNER POLICY
FP-7955 DEDUCIBLE ACTUAL EXAM
PAPER 2026 QUESTIONS WITH
ANSWERS GRADED A+
◍ Collision Coverage.
Answer: pays to fix or replace a car thats been demanded in collision with
another object or rolls over
◍ how collision works.
Answer: in a covered accident, extends beyond your own vehicle to include
temporary substitute cars, newly acquired cars, and cars your using, but
aren't owned by anyone in your householdlimited to the actual cash value of
the vehicle, and requires a deductible, which is the amount you will need to
pay before receiving benefits. Higher deductibles lower your premium but
increase the amount you must pay out of your own pocket is a loss occurs.
Ask yourself how much you would be willing to pay on short notice in order
to save on your premium, or talk to your agent.
◍ What are the two main sections included in a standard Homeowners policy?.
Answer: Section I - Property Coverages and Section II - Liability Coverages
◍ What is the primary eligibility requirement for most Homeowners forms?.
Answer: The named insured must be the owner-occupant of the insured
dwelling
◍ Comprehensive Coverage.
Answer: pays to repair or replace a covered vehicle thats stolen or damaged
by something other than collision or rolling over. Damage caused by fire,
wind, hail, flood, theft, vandalism and hitting an animal is covered
,◍ Which Homeowners form is specifically designed for tenants?.
Answer: Contents Broad Form (HO-4)
◍ Which Homeowners form is designed for owners of condominium or
cooperative units?.
Answer: Unit-Owners Form (HO-6)
◍ how comprehensive coverage works.
Answer: in a covered accident, extends beyond your own vehicle to include
temporary substitute cars, newly acquired cars, and cars your using but
aren't owned by anyone in your household. Limited to the actual cash value
of the vehicle, and may or may not have a deductible, which is the amount
you'll need to pay before receiving benefits
◍ What is the maximum number of residential units allowed in an eligible
Homeowners dwelling?.
Answer: 1 to 4 residential units
◍ liability insurance.
Answer: required by 49 of 50 statesthe insurance that pays the other parties
when they are hurt or their property is damaged in an accident and the
insured is considered "at-fault" often good idea to purchase more than the
state minimum
◍ liability example.
Answer: lets say you were distracted while backing out of a parking space
and didn't see the car behind you. You hit the car, slightly injuring the driver
and her passenger. After the impact, one of the two cars rolls into a nearby
fence. In this case, you'd be considered "at-fault" insurance would pa for
bodily injury to others. These damages include medical expenses, pain and
suffering, and lost wages. Would also pay to repair the damage to the other
car and for damage to the fence.
◍ two kinds of liability insurance.
Answer: -bodily injury-property damage
,◍ bodily injury liability.
Answer: pays damage due to bodily injury to other when you are responsible
for the accident. Medical expenses, pain, and suffering, and lost wages are
some examples of bodily injury damages. If you are sued it also pays for
defense and court cases
◍ property damage liability.
Answer: pays for damage done to another party's property and for the loss of
the use of that property
◍ car rental expenses.
Answer: if your car is in the repair shop because of damage thats covered
your comprehensive or collision insurance, car rental reimbursement will
help pay the cost to rent a car you can use to get to work, to school, or for
the other day-to-day activities. If you rent from a company within our
network we'll pay them directly. If not you'll need to pay the rental fees to
start with, but we will reimburse you
◍ travel expenses.
Answer: coverage pays for meals, lodging and transportation if your vehicle
is disabled in an incident covered by your comprehensive or collision
insurance more than 50 miles from your home
◍ how car rental expense works.
Answer: pays up to the amount you specify in your policy, when you or a
relative who lives with you rents a car while your car isn't drivable because
of damage that would be payable under your comprehensive or collision
coverage
◍ how travel expense works.
Answer: pays for meals, lodging, and transportation home or to your
destination, up to 500 for all covered individuals, if your car isn't drivable
because of damage done more than 50 miles from home thats covered by
your comprehensive or collision insurance. A return trip to pick up your car
is also covered.
, ◍ rental car expense.
Answer: repayment of deductible expense, pays up to $500 for the
deductible if you have an accident in a rental car
◍ uninsured motor vehicle coverage/ uninsured motorist insurance.
Answer: helps pay your medical expenses, lost wages and related damages if
your in an accident caused by a driver who doesn't have liability insurance
◍ how motorist insurance works.
Answer: legally required to have liability insurance in nearly every state in
the US but if they do not and you are in an accident cause by someone
whose uninsured they may not have the money to pay your damages so your
insurance company will help pay for your medical expenses, pain and
suffering, and lost wages.
◍ Are residential farm dwellings eligible for a standard Homeowners policy?.
Answer: No, they require separate insurance
◍ medical payments coverage.
Answer: helps pay medical and funeral expenses when a covered person, the
policy holder, passengers or a member of the policy holders family is hurt in
an auto accident no matter who is responsible
◍ medical payments coverage examples.
Answer: - your hurt when you accidentally hit another car while driving
through a parking lot -your spouse is injured when she's hit by a car while
walking across the street-your child is hurt when she's in an accident while a
passenger in her friends car -one of your passengers complains of neck pain
after the car your driving rear ended another vehicle
◍ What is Coverage A in Section I?.
Answer: Dwelling
◍ if your considering medical payments coverage.
Answer: keep in mind that unlike health insurance there are no deductibles
or co-payments. It starts paying with the first dollar of incurred expenses,
and pays regardless of whose responsible for the accident.
FP-7955 DEDUCIBLE ACTUAL EXAM
PAPER 2026 QUESTIONS WITH
ANSWERS GRADED A+
◍ Collision Coverage.
Answer: pays to fix or replace a car thats been demanded in collision with
another object or rolls over
◍ how collision works.
Answer: in a covered accident, extends beyond your own vehicle to include
temporary substitute cars, newly acquired cars, and cars your using, but
aren't owned by anyone in your householdlimited to the actual cash value of
the vehicle, and requires a deductible, which is the amount you will need to
pay before receiving benefits. Higher deductibles lower your premium but
increase the amount you must pay out of your own pocket is a loss occurs.
Ask yourself how much you would be willing to pay on short notice in order
to save on your premium, or talk to your agent.
◍ What are the two main sections included in a standard Homeowners policy?.
Answer: Section I - Property Coverages and Section II - Liability Coverages
◍ What is the primary eligibility requirement for most Homeowners forms?.
Answer: The named insured must be the owner-occupant of the insured
dwelling
◍ Comprehensive Coverage.
Answer: pays to repair or replace a covered vehicle thats stolen or damaged
by something other than collision or rolling over. Damage caused by fire,
wind, hail, flood, theft, vandalism and hitting an animal is covered
,◍ Which Homeowners form is specifically designed for tenants?.
Answer: Contents Broad Form (HO-4)
◍ Which Homeowners form is designed for owners of condominium or
cooperative units?.
Answer: Unit-Owners Form (HO-6)
◍ how comprehensive coverage works.
Answer: in a covered accident, extends beyond your own vehicle to include
temporary substitute cars, newly acquired cars, and cars your using but
aren't owned by anyone in your household. Limited to the actual cash value
of the vehicle, and may or may not have a deductible, which is the amount
you'll need to pay before receiving benefits
◍ What is the maximum number of residential units allowed in an eligible
Homeowners dwelling?.
Answer: 1 to 4 residential units
◍ liability insurance.
Answer: required by 49 of 50 statesthe insurance that pays the other parties
when they are hurt or their property is damaged in an accident and the
insured is considered "at-fault" often good idea to purchase more than the
state minimum
◍ liability example.
Answer: lets say you were distracted while backing out of a parking space
and didn't see the car behind you. You hit the car, slightly injuring the driver
and her passenger. After the impact, one of the two cars rolls into a nearby
fence. In this case, you'd be considered "at-fault" insurance would pa for
bodily injury to others. These damages include medical expenses, pain and
suffering, and lost wages. Would also pay to repair the damage to the other
car and for damage to the fence.
◍ two kinds of liability insurance.
Answer: -bodily injury-property damage
,◍ bodily injury liability.
Answer: pays damage due to bodily injury to other when you are responsible
for the accident. Medical expenses, pain, and suffering, and lost wages are
some examples of bodily injury damages. If you are sued it also pays for
defense and court cases
◍ property damage liability.
Answer: pays for damage done to another party's property and for the loss of
the use of that property
◍ car rental expenses.
Answer: if your car is in the repair shop because of damage thats covered
your comprehensive or collision insurance, car rental reimbursement will
help pay the cost to rent a car you can use to get to work, to school, or for
the other day-to-day activities. If you rent from a company within our
network we'll pay them directly. If not you'll need to pay the rental fees to
start with, but we will reimburse you
◍ travel expenses.
Answer: coverage pays for meals, lodging and transportation if your vehicle
is disabled in an incident covered by your comprehensive or collision
insurance more than 50 miles from your home
◍ how car rental expense works.
Answer: pays up to the amount you specify in your policy, when you or a
relative who lives with you rents a car while your car isn't drivable because
of damage that would be payable under your comprehensive or collision
coverage
◍ how travel expense works.
Answer: pays for meals, lodging, and transportation home or to your
destination, up to 500 for all covered individuals, if your car isn't drivable
because of damage done more than 50 miles from home thats covered by
your comprehensive or collision insurance. A return trip to pick up your car
is also covered.
, ◍ rental car expense.
Answer: repayment of deductible expense, pays up to $500 for the
deductible if you have an accident in a rental car
◍ uninsured motor vehicle coverage/ uninsured motorist insurance.
Answer: helps pay your medical expenses, lost wages and related damages if
your in an accident caused by a driver who doesn't have liability insurance
◍ how motorist insurance works.
Answer: legally required to have liability insurance in nearly every state in
the US but if they do not and you are in an accident cause by someone
whose uninsured they may not have the money to pay your damages so your
insurance company will help pay for your medical expenses, pain and
suffering, and lost wages.
◍ Are residential farm dwellings eligible for a standard Homeowners policy?.
Answer: No, they require separate insurance
◍ medical payments coverage.
Answer: helps pay medical and funeral expenses when a covered person, the
policy holder, passengers or a member of the policy holders family is hurt in
an auto accident no matter who is responsible
◍ medical payments coverage examples.
Answer: - your hurt when you accidentally hit another car while driving
through a parking lot -your spouse is injured when she's hit by a car while
walking across the street-your child is hurt when she's in an accident while a
passenger in her friends car -one of your passengers complains of neck pain
after the car your driving rear ended another vehicle
◍ What is Coverage A in Section I?.
Answer: Dwelling
◍ if your considering medical payments coverage.
Answer: keep in mind that unlike health insurance there are no deductibles
or co-payments. It starts paying with the first dollar of incurred expenses,
and pays regardless of whose responsible for the accident.
