Chapter 5 Homeowners Policy Flashcards
HO-2 is known as what
Broad form
Ho-3 is known as what
Special form
HO-4 is known as what
contents broad form - also known as the renter’s or tenant homeowners policy.
HO-5 is knnow as what
comprehensive form -
HO-6 is known as what
Unit - owners form
HO-8 is known as what
Modified Coverage Form
Residence Employee means:
An employee of, or leased under an agreement to, an insured, whose duties are related to the maintenance or use of the residence premises
Residence Premises means:
The 1-family dwelling where the named insured resides.
The 2-, 3-, or 4-family dwelling in which the named insured resides in at least one of the family units.
That part of any other building where the insured resides.
Business means:
A trade, profession, or occupation engaged in on a full-time, part-time, or occasional basis.
how are the perils covered on the HO-2 broad form
under HO 2 a,b,and c, the perils are on a named peril basis.
what three types of coverage are provided under coverage d
- Additional Living Expense
- Fair Rental Value
- Civil Authority Prohibits Use
what endorsment will take a property under coverage c from ACV replacement to RC
Personal Property Replacement Cost Endorsement
what two forms allow for the insured residence to not be owner occupied
HO-4 contents broad form and HO-6 the unit owners form.
designed for tenants of a residential unit and provides no
coverage for buildings and other structures. 5.1
HO-4 contents broad form
HO–2, –3, –4, –6, and –8 forms are valued on what basis
ACV and on a named peril basis
