Farm Insurance Review Questions
About this set
Created by:
mjrjolt on September 9, 2009
Subjects:
Description:
Objective: To understand the various coverages and clauses under the farm insurance program; know what is covered for the dwelling and other structures pertaining to the residence covered under the farm program; know the loss settlement provisions as to how a claim is settled when replacement cost c (see more)
Log in to favorite or report as inappropriate.
Order by
10 terms
Terms | Definitions |
|---|---|
 The basic coverages provided by the farm coverage form includes all of the following EXCEPT: A. Dwelling; B. Outbuildings pertaining to the dwelling; C. Dwelling contents; D. Livestock and farm machinery | D. This property can be covered by scheduling the property under coverage E. |
| Farm liability coverages include each of the following EXCEPT: A. Professional liability; B. Bodily injury and property damage; C. Personal injury and advertising injury; D. Medical payments to others. | A. Farm liability is not designed to cover professional liability. It is designed to cover the exposures relating to farming. |
| One major difference in the basic farm form and the broad is: A. Provides broader farm liability; B. Offers broader coverage for livestock; C. Contains a broader theft peril; D. Has a lower property deductible | B. The broad form covers the accidental electrocution, attacks on covered livestock by wild animals, accidental drowning of covered livestock, accidents involving loading and unloading of livestock and accidental shooting of livestock. |
| The special limit that applies to damage to outdoor radio and TV antennas and satellite dishes under the 2003 forms is _______. A. $500; B. $1000; C. $250; D. $750 | B. The special limit under the 2003 forms is $1000. The older forms provided a limit of $250. |
| If the insured carries 80% to value on the farm dwelling, in case of a partial loss of $50,000, how will the loss be paid? A. On an actual cash value basis; B. On a replacement cost basis before repairs are made; C. On a replacement cost basis after the repairs are made; D. The policy will pay 80% of the $50,000 loss. | C. The policy will pay the full $50,000 (disregarding any deductibles) after the repairs have been made on a replacement cost basis. The policy will not pay replacement cost until the repairs have been made. |
| A farmer is riding his farm tractor and strikes a private passenger auto. What coverage should the farmer have to cover his or her liability? A. Auto liability; B. Farm liability; C. General liability; D. Commercial auto liability | B. The farm liability coverge provides liability coverage for operating a farm tractor. |
| Which of the following cannot be covered under a livestock floater? A. Swine; B. Sheep; C. Poultry; D. Mules | C. Poultry cannot be covered under a livestock policy. |
| Which of the following is not a coverage that can be added to the farm insurance policy? A. Livestock; B. Barns; C. Mobile equipment; D. Crop coverage | D. Crop insurance cannot be written under a farm insurance policy. |
| What is the definition of "custom farming"? A. Personal product farming; B. Farming for others; C. Specialized farming; D. Specialized crop farming | B. Custom farming is farming for others for a fee. |
| What is the threshold of receipts requiring the "custom farming" endorsement? A. $10,000; B. $8,000; C. $5,000; D. $1,000 | C. The threshold for receipts is $5,000. |
First Time Here?
Welcome to Quizlet, a fun, free place to study. Try these flashcards, find others to study, or make your own.