Chapter 6 - Homeowner's Policy

Question 1

Homeowners Eligibility

Answer 1

1 – 4 Residential Units
2 Roomers/Boarders per family Primarily used for residence (Incidental business use is okay)

Question 2

Homeowner’s - Tenant’s Form?

Answer 2

HO-4

Question 3

Homeowner’s Broad Form?

Answer 3

HO-2

Question 4

Homeowners- Special Form

Answer 4

HO-3

Question 5

Coverage A (Section I) - Homeowners

Answer 5

Dwelling / Structure

Question 6

Coverage B (Section I) - Homeowners

Answer 6

Other Structures / Detached

Question 7

Coverage C (Section I) - Homeowners

Answer 7

Personal Property / Contents / Crap

Question 8

Coverage D (Section I) - Homeowners

Answer 8

Loss of Use
(Hint: Dollars)

Question 9

Coverage E (Section II) - Homeowners

Answer 9

Personal Liability

Question 10

Which Homeowners form?
Named Perils and Actual Cash Value for Coverages A, B, C.

Answer 10

HO-2

Question 11

Homeowners, which form? Named perils for Coverage C only.
Coverage D applies. No other coverages apply

Answer 11

HO-4

Question 12

Homeowners, which Form?
Named Perils and Actual Cash Value for Coverages A, B, C, but Coverage D is only 10% of Coverage A.

Answer 12

HO-8

Question 13

Homeowners, which Form?
Open Perils and Replacement Cost for Coverages A and B, Named Perils and Actual Cash Value for Coverage C.

Answer 13

HO - 3

Question 14

Homeowners, which Form?
Open Perils – covers everything but what is listed as excluded.

Answer 14

HO-5

Question 15

Homeowners, which Forms? Replacement Cost

Answer 15

HO-2, HO-3, HO-5, HO-6

Question 16

Homeowners, which Coverage?
Limit of Liability – must be at least 80% of replacement value or penalized.

Answer 16

Coverage A

Question 17

Homeowners, which coverage?
10% of Coverage A

Answer 17

Coverage B

Question 18

Homeowners, which forms?
Coverage C is 50% of Coverage A

Answer 18

HO-2, HO-3, HO-5, HO- 8

Question 19

Homeowners, which Coverage and which Forms? 30% of Coverage A

Answer 19

Coverage D – HO-2, HO-3, HO-5

Question 20

Homeowners, which Form?
Coverage D is 30% of Coverage C

Answer 20

HO-4

Question 21

Homeowners - Which Form is the Modified Coverage Form?

Answer 21

HO-8

Question 22

Homeowners- Which Form is the Units-Owners/Condominium Form

Answer 22

HO-6

Question 23

Homeowners- Coverage D is 50% of Coverage C on which Form?

Answer 23

HO-6

Question 24

Homeowners- Which form is Coverage D 10% of Coverage A?

Answer 24

HO-8

Question 25

Homeowners- Section I = ________ Coverages

Answer 25

Property Coverages

Question 26

Homeowners- Section II = ________ Coverages

Answer 26

Liability Coverages

Question 27

Special Limits amount for Securities, deeds, bullion, coins, medals
Watercrafts, trailers
Jewelry, watches, furs, precious stones Portable electronic equipment Property away from residence premises used primarily for business purpose.

Answer 27

$1,500

Question 28

Special Limits amount for Money, bank notes, coins, medals

Answer 28

$200

Question 29

Homeowners- Special Limit amounts for Firearms, Silverware, Goldware, Pewter ware, Platinum, Property on the residence premises used primarily for business purposes.

Answer 29

$2500

Question 30

Homeowners- Special Limit amounts for Accessories for electronics that are located in or on a motor vehicle.

Answer 30

$250

Question 31

Homeowners- Clause that repairs or replaces any part to restore the pair or set to its pre-loss value, or the insurer may pay the difference between the actual cash value of the pair or set before and after the loss

Answer 31

Pair and Set Clause

Question 32

Fine Arts are scheduled for their _______ value

Answer 32

Agreed

Question 33

_______ Liability covers a sailing vessel less than 26 feet in length and an outboard motorboat that is 25 horsepower or less and an outboard motorboat that is more than 25 horsepower as long as it is not owned by the insured.

Answer 33

Watercraft Liability

Question 34

Homeowners- Name the Endorsement: False arrest, detention, or imprisonment Malicious prosecution, Wrongful eviction from, wrongful entry into, or invasion of the right of private occupancy of a room, dwelling, or premises, committed by or on behalf of its owner, landlord, or lessor, Oral or written publication of material that violates a person’s right of privacy, slanders or libels a person or organization, or disparages a person’s or organization’s products or services.

Answer 34

Personal Injury Endorsement

Question 35

Homeowners- Comprehensive Form?

Answer 35

HO-5

Question 36

Homeowners- Medical Payments to Others is what Coverage?

Answer 36

Coverage F