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Real Estate > Chapter 12. > Flashcards

Chapter 12. Flashcards

1
Q

Property Insurance

A

Provides protection against most risks to property, such as fire, theft and some weather damage.

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2
Q

Liability Insurance

A

Policy that covers civil liabilities to third parties, arising from bodily injury, property damage, or other wrongs due to the action or inaction of the insured.

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3
Q

Package Policy

A

Insurance policy that combines coverage from two or more types of insurance (such as property and liability) into one policy.

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4
Q

Monoline Policy

A

A policy containing a single coverage part plus the common policy conditions and common declarations.

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5
Q

Actual Cash Value

A

A method of valuing insured property.

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6
Q

Replacement Cost

A

Normal cost of exact duplication of a property as of a certain date.

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7
Q

Deductible

A

The amount of expenses that must be paid out of pocket before an insurer will pay any expenses.

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8
Q

Umbrella Policy

A

Insurance policy that covers amounts above those covered under one or more other primary policies, and which does not pay until the losses exceed a certain sum. Also called excess insurance.

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9
Q

If the Dwelling Coverage on a property is equal to $500,000, what will the Other Structure’s Coverage amount to…?

A

50000

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10
Q

The Dwelling Coverage on a property is equal to $600,000. If the Personal Property Coverage is equal to 75% of the Dwelling Coverage, what is the amount of Personal Property Coverage on the property…?

A

450000

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11
Q

Which of the following coverage is the main coverage in any homeowner’s policy…?

A

Dwelling Coverage

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12
Q

Loss of Use coverage is also known as…?

A

Coverage D

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13
Q

Which of the following is an example of a standard insurance policy with single line coverage…?

A

HO-1

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14
Q

An HO-5 policy is also known as what…?

A

Comprehensive Form Policy

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15
Q
  1. The Market Value Policy is also referred to as…?
A

HO-8 (12.6)

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16
Q

This type of insurance policy covers bodily injury, property damage, physical injury, and advertising injury…?

A

Commercial Policy

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17
Q

Which of the following coverage is the main coverage in any homeowner’s policy…?

A

Dwelling Coverage

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18
Q

An HO-5 policy is also known as what…?

A

Comprehensive Form Policy

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19
Q

This type of insurance policy covers bodily injury, property damage, physical injury, and advertising injury…?

A

Commercial Policy

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20
Q

commercial policy covers bodily injury, personal injury, advertising injury, and…?

A

Property damage

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21
Q

This type of policy typically provides discounts on each line of the policy…?

A

Package Policy

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22
Q

This type of policy is recognized as the most widely used policy for a homeowner…?

A

HO-3

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23
Q

The normal cost of an exact duplication of a property as of a certain date is known as what…?

A

Replacement Cost

24
Q

An HO-4 insurance policy typically covers which of the following…?

A

Cooperative owners

25
Q

Other structure’s coverage’ is also known as…?

A

Coverage B

26
Q

Personal Property Coverage is also known as…?

A

Coverage C

27
Q

An HO-2 policy is also known as what type of policy

A

Broad Form Policy

28
Q

Coverage B’ is also known as…?

A

Other Structure’s Coverage

29
Q

This policy provides protection against most risks to property, such as fire, theft and some weather damage…?

A

Property Insurance

30
Q

This type of policy is recognized as the most widely used policy for a homeowner…?

A

Special Form Policy

31
Q

An umbrella policy is also referred to as what…?

A

Excess Insurance

32
Q

This type of insurance policy is provided to tenants and cooperative owners…?

A

HO-4

33
Q

An HO-6 insurance policy typically covers which of the following…?

A

Condominium owners

34
Q

A commercial policy covers bodily injury, personal injury, property damage and…?

A

Advertising Injury

35
Q

Other Structure’s Coverage is typically equal to what percentage of Dwelling Coverage…?

A

10 (Percent %)

36
Q

If the Dwelling Coverage on a property is equal to $500,000, what will the Other Structure’s Coverage amount to…?

A

50000

37
Q

If Coverage A on a property is equal to $325,000, what will be the amount of Coverage B…?

A

32500

38
Q

What is the main coverage in any homeowner’s policy…?

A

Coverage A

39
Q

Which of the following coverage is the main coverage in any homeowner’s policy…?

A

Dwelling Coverage

40
Q

In this type of policy, the homeowner can select coverage for a single type of event, including fire, wind, or water damage…?

A

HO-1

41
Q

In this type of policy, any event NOT specifically excluded by the owner is included in the policy…?

A

Special Form Policy

42
Q

This type of insurance policy typically covers a tenant…?

A

HO-4

43
Q

This type of insurance policy covers bodily injury, property damage, physical injury, and advertising injury…?

A

Commercial Policy

44
Q

This policy provides protection against most risks to property, such as fire, theft and some weather damage…?

A

Property Insurance

45
Q

Thomas recently purchased a new home. As a requirement by his mortgage lender, he obtained property insurance on the home. Thomas selected a policy in which he specifically excluded earthquake and wind damage from the policy. Every other event is covered in the policy. What type of policy did Thomas select…?

A

Special Form Policy

46
Q

If the Dwelling Coverage on a property is equal to $500,000, what will the Other Structure’s Coverage amount to…?

A

50000

47
Q

Coverage C typically amounts to what percentage of Coverage A…?

A

75 (Percent %)

48
Q

Typically, Coverage B amounts to what percentage of Coverage A…?

A

10 (Percent %)

49
Q

Coverage D is also known as…?

A

Loss of Use Coverage

50
Q

Which of the following is an example of a standard insurance policy with single line coverage…?

A

HO-1

51
Q

A Special Form Policy is also known as…?

A

HO-3

52
Q

Personal Property Coverage typically amounts to what percentage of Dwelling Coverage…?

A
53
Q

A policy containing a single coverage part plus the common policy conditions and common declarations is known as a…?

A

Monoline Policy

54
Q

Personal Liability Coverage is also known as…?

A

Coverage E

55
Q
A

Real Estate (23 decks)

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