FI 341 Chapter 20: HOI Part 1

Question 1

HO-2 (Broad Form)

Answer 1

Covers dwelling, other structures, and personal property. Has named perils.

Question 2

HO-3 (Special Form)

Answer 2

Covers dwelling and other structures on a risk-of-direct-physical loss (all risks) basis. Personal property covered on named perils basis.

Question 3

HO-4 (Contents Broad Form)

Answer 3

Tenant’s personal property; named perils basis

Question 4

HO-5 (Comprehensive Form)

Answer 4

“All-risks” coverage on dwelling, other structures, AND personal property

Question 5

HO-6 (Unit Owners Form)

Answer 5

Personal property on a named perils basis; A minimum of $5000 of insurance covers improvements and additions on the condominium unit

Question 6

HO-8 (Modified Coverage Form)

Answer 6

For older homes; Dwelling and other structures covered for amount required to repair or replace using common construction materials and methods