*7 TB - Homeowners Insurance Flashcards
The type of coverage on contents provided by HO-3 is:
Open Perils
Named Perils
Basic Forms
Comprehensive
Named Perils!!!
The HO-3 form provides BROAD PERIL coverage on the contents and OPEN on structures
All of the following are covered under Coverage A of a Homeowner Policy, except:
Attached Garage
Construction Materials used in building an addition to the dwelling
Detached garage
A central air conditioning
Detached garage!!!
(A detached garage is under coverage B
Under the Homeowner Policy, theft coverage does not cover theft of property:
Committed by the insured
From a dwelling under construction
From the residence of the insureds tenant
None of the above are covered
None of the above are covered!!!
An apartment dweller would be in the market for a:
HO-2
HO-3
HO-4
HO-6
HO-4
(The tenant does not own the structure so contents coverage, additional living expense and liability coverage would be needed)
The personal liability coverage for Mr. Jones Homeowner Policy would cover Jones if:
His dog bit his neighbor on the nose
His 14 year old son burned down the house
He negligently bumped into his son while running to work
All of the above
His dog bit his neighbor on the nose!!!
(Section II is basically third party coverage, it protects the insured for their legal liability that is causing bodily injury / property damage claims. The dog bit the neighbor and therefore the insured would be protected for such claims, including defense costs)
Coverage F of the homeowners policy applies to:
The named insured
Resident relatives
Tenants of the insured
Social Invitees
Social invitees
Coverage E of the Homeowners Policy involves:
Premises Liability
Personal Activities
Acts of residence employees
All of the above
All of the above!
Which of the following homeowners forms provides the least amount of peril coverage?
HO-5
HO-3
HO-2
HO-8
HO-8
Coverage D - Loss of Use provided which of the following percentages of Coverage A under the HO-2?
10
30
40
50
30
Under Coverage C of the Homeowner Policy, which of the following categories of property receive limited dollar coverage?
Boats
Trailers
Furs
All of the above
All of the above!!!
The Homeowners Policy excludes which of the following types of personal property?
The insureds dog
The insured motor bike
Silverware scheduled under the policy
All of the above
All of the above
Under the HO-3, what percentage of the amount of insurance written for Coverage A applies to Coverage C for a one or two family dwelling?
10
25
50
100
50
Contents are covered for 50% of Coverage A for one or two family dwellings
Under Coverage B - Other Structures of the Homeowner Policy, which of the following structures are not covered?
Structures used for Business Purposes
Structures rented to a non-tenant for other than private garage
Attached Garages
All of the above
All of the above
If the insurer cancels a Homeowners Policy, unearned premium is returned to the insured on what basis?
Short rate
Pro rata
Discount
Experience
Pro rata!!
If the insured cancels a Homeowner Policy, unearned premium is returned to the insured on what basis?
Short rate
Pro rata
Discount
Experience
Short Rate!
All of the following are exclusions under the Homeowner Policy, except:
Intentional loss
Flood
Earth movement
Volcanic eruption
Volcanic eruption
Volcanic Eruption would be thing that would be covered
A Homeowner Policy may be cancelled by the insured:
A. For any reason
B. At any time
C. Both A and B
D. Neither A not B
Both A and B
Homeowner Medical Payment Coverage does not apply to Bodily injury to which of the following?
The insured’s seven-year old son who fell down the front stairs
An appliance repairman working on the insured premises.
An insured boarded who trips in her apartment over a rug
All of the above
All of the above
Watercraft excluded from coverage under Section II of the Homeowner Policy includes all of the following, except:
Inboard owned by the insured
Outboard owned by the insured of 25 horsepower
30 foot sailboat rented to the insured
Inboard - outboard of 80 HP owned by the insured
Outboard owned by the insured of 25 horsepower
Under the Damage to Property of Others coverage of a Homeowners Policy, section II, property damage caused intentionally by an insured is:
13 years old
18 years old
21 years old
Any of the above
Any of the above!!!
Under Section II - Additional Coverage of the Homeowner Policy, the insurer agrees to pay:
The cost of a legal defense
Premiums on bonds connected with liability suits
Investigations cost
All of the above
All of the above!!!
A condominium owner-occupant would be in the market for a:
HO-2
HO-3
HO-4
HO-6
HO - 6
This is specifically designed for condo’s
A Homeowner policy can be purchased by:
A person buying a home under the installment plan
An individual who owns a home under the course of construction
The owner of a seasonal dwelling who is insured under a Homeowners policy for her primary dwelling
All of the above
All of the above
A homeowner has fire that totally destroys a $200 typewriter before the fire is extinguished. If the fire coverage on a contents contains a $259 deductible, the insured will receive:
$200
$50
$250
$0
$0
The limit of liability of any property insurance contract in a given loss is the:
ACV settlement
RC settlement
Policy Limits
Market Value
Policy Limits
