Chapter 6 - Homeowner's Policy Flashcards
Homeowners Eligibility
1 – 4 Residential Units
2 Roomers/Boarders per family Primarily used for residence (Incidental business use is okay)
Homeowner’s - Tenant’s Form?
HO-4
Homeowner’s Broad Form?
HO-2
Homeowners- Special Form
HO-3
Coverage A (Section I) - Homeowners
Dwelling / Structure
Coverage B (Section I) - Homeowners
Other Structures / Detached
Coverage C (Section I) - Homeowners
Personal Property / Contents / Crap
Coverage D (Section I) - Homeowners
Loss of Use
(Hint: Dollars)
Coverage E (Section II) - Homeowners
Personal Liability
Which Homeowners form?
Named Perils and Actual Cash Value for Coverages A, B, C.
HO-2
Homeowners, which form? Named perils for Coverage C only.
Coverage D applies. No other coverages apply
HO-4
Homeowners, which Form?
Named Perils and Actual Cash Value for Coverages A, B, C, but Coverage D is only 10% of Coverage A.
HO-8
Homeowners, which Form?
Open Perils and Replacement Cost for Coverages A and B, Named Perils and Actual Cash Value for Coverage C.
HO - 3
Homeowners, which Form?
Open Perils – covers everything but what is listed as excluded.
HO-5
Homeowners, which Forms? Replacement Cost
HO-2, HO-3, HO-5, HO-6
Homeowners, which Coverage?
Limit of Liability – must be at least 80% of replacement value or penalized.
Coverage A
Homeowners, which coverage?
10% of Coverage A
Coverage B
Homeowners, which forms?
Coverage C is 50% of Coverage A
HO-2, HO-3, HO-5, HO- 8
Homeowners, which Coverage and which Forms? 30% of Coverage A
Coverage D – HO-2, HO-3, HO-5
Homeowners, which Form?
Coverage D is 30% of Coverage C
HO-4
Homeowners - Which Form is the Modified Coverage Form?
HO-8
Homeowners- Which Form is the Units-Owners/Condominium Form
HO-6
Homeowners- Coverage D is 50% of Coverage C on which Form?
HO-6
Homeowners- Which form is Coverage D 10% of Coverage A?
HO-8
Homeowners- Section I = ________ Coverages
Property Coverages
Homeowners- Section II = ________ Coverages
Liability Coverages
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.
$1,500
Special Limits amount for Money, bank notes, coins, medals
$200
Homeowners- Special Limit amounts for Firearms, Silverware, Goldware, Pewter ware, Platinum, Property on the residence premises used primarily for business purposes.
$2500
Homeowners- Special Limit amounts for Accessories for electronics that are located in or on a motor vehicle.
$250
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
Pair and Set Clause
Fine Arts are scheduled for their _______ value
Agreed
_______ 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.
Watercraft Liability
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.
Personal Injury Endorsement
Homeowners- Comprehensive Form?
HO-5
Homeowners- Medical Payments to Others is what Coverage?
Coverage F
