23 Flashcards
Which policy is sold much less than other policies.
HO-1
If Joe insures his home for 60% of its replacement value and suffers a $20,000 loss, how much will the insurance pay?
$15,000
If an HO-6 policy covers the contents of a condominium, how are the condo building and common areas covered?
The condo association must carry policies to cover those areas.
For consumers who are unable to purchase insurance from individual insurance companies, the New York Property Insurance Underwriting Association (NYPIUA) offers policies for
fire coverage.
_____________ coverage is more expensive than ___________ coverage.
Replacement cost, actual cash value
Which of the following would NOT result in an insurance premium discount?
Lower deductible
Which policy is the most widely used homeowner’s policy?
HO-3
The cost of homeowners’ and tenants’ insurance premiums
vary widely from company to company depending on factors such as location and the age of the building.
Which policy is written for renters?
HO-4
How is actual cash value determined?
By determining replacement cost minus depreciation.
Flood insurance can only be purchased
through federal insurance programs.
Under current New York State law, an insurance company may cancel a homeowner’s or tenant’s policy by issuing a cancellation notice within how many days after it is in effect?
60 days
Which of these policies is the most common for a residential property?
HO-3
Which policy covers condominiums?
HO-6
Which policy is specifically for older homes whose replacement value exceeds the market value?
HO-8
