Chapter 24 - Property Insurance

Question 1

A _________ is a Special Form Policy and is the most widely-used homeowner’s policy. This policy covers the owner’s property for all risks of physical loss, except those that are specifically excluded, such as flood or earthquake.

Answer 1

Homeowners-3

Question 2

___________ protects a home against the same perils as the HO-3 policy. However, it adds coverage for the owner’s personal possessions for all risks of physical loss, except those risks that are specifically excluded.

Answer 2

Homeowners-5

Question 3

A ________ policy would pay a homeowner for the full cost of the repair or replacement without deduction for depreciation

Answer 3

replacement cost policy

Question 4

_______________ is a pool of all insurance companies writing fire insurance in New York State. It offers fire and extended coverage, as well as coverage for vandalism, malicious mischief, and sprinkler leakage to consumers who are unable to purchase this type of insurance from individual insurance companies.

Answer 4

New York Property Insurance Underwriting Association

Question 5

_______ coverage protects business organizations against liability claims for bodily injury, property damage, personal injury and advertising injury.

Answer 5

Commercial General Liability (CGL)