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State Farm Certification 2024 Exam Review Questions and Answers, Exams of Credit and Risk Management

Wisconsin Lutheran College (WLC)Credit and Risk Management

A comprehensive review of the state farm certification 2024 exam, covering a wide range of topics related to claims adjusting, including special limits of liability, coverage for personal property, additional living expenses, debris removal, and various policy options. Detailed questions and answers to help candidates prepare for the exam, ensuring they have a thorough understanding of the key concepts and requirements. With its focus on providing a complete review of the exam content, this document can serve as a valuable resource for individuals seeking to obtain their state farm claims adjuster certification in 2024.

Typology: Exams

2024/2025

Available from 09/21/2024

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State Farm Certification 2024 Exam
Review Questions and Answers 100%
Pass
State farm certification - claims adjuster
Special Limits of Liability for
1. money - Answer>> $200 for money or coins
whats covered under dwelling - Answer>> 1.structures attached
to dwelling
2.materials/supplies on or adjacent to residence premises for
construction use or alteration of the premises.
3.foundation, footings, floor slabs supporting dwelling
-wall to wall carpeting
other structures separated by clear space are.... such as -
Answer>> covered.
Structures connected to the dwelling by only
a fence, utility line, or similar connection are considered
to be other structures.
We do not cover other structures: - Answer>> 1.not
permanently attached to or otherwise forming a
part of the realty;
2.used in whole or in part for business purposes; or
3.rented or held for rental to a person not a tenant of
the dwelling, unless used solely as a private garage.
land, costs to replace/stabilize or store lands are ____ covered -
Answer>> not
Cov A
pf3
pf4
pf5
pf8

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Download State Farm Certification 2024 Exam Review Questions and Answers and more Exams Credit and Risk Management in PDF only on Docsity!

State Farm Certification 2024 Exam

Review Questions and Answers 100%

Pass

State farm certification - claims adjuster

Special Limits of Liability for

  1. money - Answer>> $200 for money or coins whats covered under dwelling - Answer>> 1.structures attached to dwelling 2.materials/supplies on or adjacent to residence premises for construction use or alteration of the premises. 3.foundation, footings, floor slabs supporting dwelling -wall to wall carpeting other structures separated by clear space are.... such as - Answer>> covered. Structures connected to the dwelling by only a fence, utility line, or similar connection are considered to be other structures. We do not cover other structures: - Answer>> 1.not permanently attached to or otherwise forming a part of the realty; 2.used in whole or in part for business purposes; or 3.rented or held for rental to a person not a tenant of the dwelling, unless used solely as a private garage. land, costs to replace/stabilize or store lands are ____ covered - Answer>> not Cov A

1.At your request, we will cover personal property owned by others while____ 2.we will also cover personal property owned by a guest or a residence employee, while_____ - Answer>> the property is on the part of the residence premises occupied exclusively by an insured. 2.the property is in any other residence occupied by an insured. Cov B We cover personal property usually situated at an in- sured's residence, other than the residence premises, for up to ___or ____of the Coverage ____ limit, whichever is greater. - Answer>> $1,000 or 10%, B limit. Additional Living Expense is for up to (time) - Answer>> for up to 24 months. Our payment is limited to incurred costs for the shortest of: (a) the time required to repair or replace the premises; (b) the time required for your household to settle elsewhere; or (c) 24 months. Fair Rental Value. up to - Answer>> 12 months Prohibited Use coverage - Answer>> Insured, we will cover any resulting Additional Living Expense and Fair Rental for a period not exceeding two weeks while use is prohibited. Debris Removal terms - Answer>> When the amount payable for the property damage plus the debris removal exceeds the limit for the damaged property, an additional 5% of that limit is available for

Refrigerated Products are covered due to - Answer>> Power failure or mechanical failure Arson Reward. - Answer>> $ If one or more volcanic eruptions that occur within a 72-hour period they shall be considered - Answer>> one volcanic eruption. Locks- We will pay the reasonable expenses you incur to re-key locks on exterior doors of the dwelling located on the residence premises: - Answer>> when the keys to those locks are a part of a covered theft loss. No deductible applies to this coverage. Coverage B insures - Answer>> 1.Fire 2.windstorm/hail 3.Explosion 4.Riot 5.Aircraft 6.Vehicles 7.Smoke 8.Vandalism 9.Theft 10.Falling objects 11.Weight of ice/snow 12.Sudden and accidental discharge of overflow (cant be caused by freezing, coverage not applied to system or appliances from which water escaped)

  1. Sudden and accidental tearing asunder, cracking, burning, bulging. 14.freezing unless premises vacant
  2. sudden and accidental damage to electrical appliances, devices, fixtures (up to 1000)
  1. breakage of glass Loss settlement for replacements or repairs are - Answer>> acv first and then RV Loss settlement for fences will be at - Answer>> actual cash value
  2. Property intended for business in and off premises - Answer>> $1,000 on property used or intended for use in a business while on premises AND ONLY $250 OUT OF PREMISES This coverage is limited to $250 on such property away from the residence premises. 3.securities, checks etc - Answer>> $1000 securities, checks etc 4.watercraft, trailers. etc - Answer>> $1000 for watercraft, trailers. etc
  3. trailers not used with watercraft - Answer>> $1000 trailers not used with watercraft
  4. on stamps, trading cards and comic books, including any of these that are a part of a collection; - Answer>> $2,500 on stamps, trading cards and comic books, including any of these that are a part of a collection; 7.for loss by theft of firearms - Answer>> $2,500 for loss by theft of firearms; 8.for loss by theft of silverware and goldware - Answer>> $2,500 for loss by theft of silverware and goldware;

Provision FA - Answer>> Firearms Firearms are covered for accidental direct physical loss or damage. The limits for this option are shown in the Declarations. The first amount is the limit for any one article; the second amount is the aggregate limit for each loss.

  • we will pay for losses caused by wild bears ordeel not covered: loss, mechanical breakdown, wear and tear, dampness Option ID - Answer>> - Increased Dwelling Limit. ONLY FOR COVERAGE A - DWELLING If the amount used for repairs/replacement exceeds limit of liability then:
  1. the Option ID limit of liability shown in the Declarations to repair or replace the dwelling; or
  2. 10% of the Option ID limit of liability to repair or replace building structures covered under COVERAGE A - DWELLING, Other Structures. increase of value must be notified within 90 days Option IO - Answer>> COVERAGE A - DWELLING, Other Structures, item 2.b. is deleted. COVERAGE B - PERSONAL PROPERTY is extended to include equipment, supplies, and furnishings usual and incidental to this business occupancy. *does not include electronic data processing 1st limit applies to Option JF - Answer>> - Jewelry and Furs. Jewelry, watches, fur garments and garments trimmed with fur, precious and semi- precious stones, gold other than goldware, silver other than

silverware, and platinum are covered for accidental direct physical loss or damage. The limits for this option are shown in the Declarations Option OL - Building Ordinance or Law. - Answer>> This is an additional amount of insurance and applies to building structures on the residence premises. (cov A) -Pay to demolish and clear the site of undamaged portions -payment is give after the repair is done Option SG - Answer>> - Silverware and Goldware Theft. The COVERAGE B - PERSONAL PROPERTY, Special Limits of Liability, item i., for theft of silverware and goldware is increased to be the amount shown in the Declarations for this option.