Farm Fire Independent Policy Exam 2024/questions With Correct Detailed And Verified Answers/a+ Grade

The steps in applying the deductible on a HO-3 homeowners policy are: 1.)The deductible is first applied to the covered loss. 2.)Any coverage or special limits are then applied to the covered loss. 3.)The amount payable to the insured will be the greater of the amounts arrived at in steps 1 and 2. True or False {Ans: True}The insured has an HO-3 policy. Lightning during a thunderstorm struck the insured's maple tree, killing it and knocking a large portion onto the roof of the insured dwelling. Which of the following expenses would not be covered? Select the single best answer: A. $150.00 to remove the tree from the roof. B. $400.00 to cut the tree up and haul it to the municipal landfill. C. $500.00 to repair the roof. D. $500.00 to replace the tree. E. All the above items would be covered. {Ans: E}Which of the following statements can apply to Debris Removal Coverage in the HO-3 policy? Select the single best answer: A. Pay up to $500 in the aggregate for each loss to cover the reasonable expenses incurred in the removal of tree debris from the residence premises when the tree has caused a loss