State Farm Policy Exam Questions with
Correct Answers
What are Special Limits of Liability? - Answer-These limits do not increase the
Coverage B limit. The special limit for each of the following categories is the total limit
for each loss for all property in that category:
money, coins and medals, including any of
these that are a part of a collection, and bank notes; - Answer-$200
property used or intended for use in a business, including merchandise held as samples
or for sale or for delivery after sale - Answer-$1,000 - This coverage is limited to $250
on
such property away from the residence premises.
securities, checks, cashier's checks, traveler's
checks, money orders and other negotiable
instruments - Answer-$1,000
watercraft of all types and outboard motors,
including their trailers, - Answer-$1,000
trailers not used with watercraft; - Answer-$1,000
stamps, trading cards and comic books,
including any of these that are a part of a collection; - Answer-$2500
loss by theft of firearms - Answer-$2500
Silverware & goldware - Answer-$2500
electronic data processing system equipment
and the recording or storage media - Answer-$5000
loss by theft of any rug, carpet (except
wall-to-wall carpet), tapestry, wall-hanging or other
similar article. - Answer-$5000 on any one item ; $10,000 in aggregate
Credit Card, Bank Fund Transfer Card, Forgery and
Counterfeit Money. - Answer-We will pay up to $1,000 for: the legal obligation of an
insured to pay because of the theft or unauthorized use - loss to an insured caused by
forgery or alteration of any check or negotiable instrument - loss to an insured through
acceptance in good faith of counterfeit United States or Canadian paper currency. No
deductible applies to this coverage.
Correct Answers
What are Special Limits of Liability? - Answer-These limits do not increase the
Coverage B limit. The special limit for each of the following categories is the total limit
for each loss for all property in that category:
money, coins and medals, including any of
these that are a part of a collection, and bank notes; - Answer-$200
property used or intended for use in a business, including merchandise held as samples
or for sale or for delivery after sale - Answer-$1,000 - This coverage is limited to $250
on
such property away from the residence premises.
securities, checks, cashier's checks, traveler's
checks, money orders and other negotiable
instruments - Answer-$1,000
watercraft of all types and outboard motors,
including their trailers, - Answer-$1,000
trailers not used with watercraft; - Answer-$1,000
stamps, trading cards and comic books,
including any of these that are a part of a collection; - Answer-$2500
loss by theft of firearms - Answer-$2500
Silverware & goldware - Answer-$2500
electronic data processing system equipment
and the recording or storage media - Answer-$5000
loss by theft of any rug, carpet (except
wall-to-wall carpet), tapestry, wall-hanging or other
similar article. - Answer-$5000 on any one item ; $10,000 in aggregate
Credit Card, Bank Fund Transfer Card, Forgery and
Counterfeit Money. - Answer-We will pay up to $1,000 for: the legal obligation of an
insured to pay because of the theft or unauthorized use - loss to an insured caused by
forgery or alteration of any check or negotiable instrument - loss to an insured through
acceptance in good faith of counterfeit United States or Canadian paper currency. No
deductible applies to this coverage.
