Exam 2 - Homewowner's Policy Section 2

Question 1

Personal Liability

Answer 1

Coverage to the insured (pay BI and PD + defense cost caused by oneself)

Question 1

What kind of scenario will a personal liability need to be exercised?

Answer 1

When problems of the insured’s premises activities, or animals

Question 2

Medical Payment Coverage

Answer 2

This coverage will help the insured if accidents happen to guests on their property

Question 3

Motor Vehicles Exclusions

Answer 3

Liability coverage and Med Coverage under HO exclude coverage for cars

Question 4

Motor Vehicle Exceptions

Answer 4

Dead storage, service of premise, handicap, recreational, non own recreational, golf cart

Question 5

Watercraft Exceptions

Answer 5

Sailboats <25 ft, watercraft 25hp or less, 50 hp and not owned

Question 6

Watercraft Endorsement

Answer 6

Coverage to help cover all watercrafts

Question 7

Is a jet ski covered?

Answer 7

NO

Question 8

Is sunfish boat covered?

Answer 8

YES

Question 9

other exclusions…

Answer 9

aircraft, assault/battery

Question 10

Coverage for rental

Answer 10

If they rent for 7 days or less and One room of the homes is for residential use (foreign student) is covered ONLY

Question 11

renting through a rental agency or Airbnb is covered or not covered?

Answer 11

Not covered

Question 12

Business activities that are excluded for coverage…

Answer 12

trade, profession, occupation full time or part time

Question 13

Business Activities that are covered

Answer 13

<2000 compensation, 21 yrs with part time job, volunteer activities, home day care w/ no pay

Question 14

Home Business Endorsement

Answer 14

ensure broader coverage for home-based business operations.

Question 15

3 Additional Liability Coverages

Answer 15

Voluntary PD, $1000 loss assessment, Fire legal Liability

Question 16

Homeowners Liability Endorsements

Answer 16

Personal Injury, Watercraft Coverage

Question 17

Is liability given to volunteers?

Answer 17

Yes

Question 18

What kind of specific coverage is given to volunteers?

Answer 18

BI, PD

Question 19

D&O Liability is covered or no?

Answer 19

No

Question 20

D&O insurance

Answer 20

type of insurance that protects the personal assets of a company’s senior leadership from lawsuits and other legal claims