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Insurance Exam > Home Owner's > Flashcards

Home Owner's Flashcards

1
Q

HO-2

A

Broad Form

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2
Q

HO-3

A

Special Form

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3
Q

HO-4

A

Contents Broad Form

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4
Q

HO-5

A

Comprehensive Form

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5
Q

HO-6

A

Unit-Owners Form

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6
Q

HO-8

A

Modified Coverage Form

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7
Q

Section I

A

Property Coverage
A- Dwelling and attached. Primary limit is replacement value
B- Other structures. Up to 10% of dwelling
C- Personal property. Up to 50% of dwelling
D- Loss of Use. Up to 30% of dwelling.

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8
Q

Section II

A

Liability
E- $100,000 (CSL) BI & PD
F- Medical payments to others. $1000, no fault

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9
Q

Eligibility HO-2, 3, 5 ,8

A

Owner occupied dwelling with no more than 4 residential units; named insured must live in one of the units

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10
Q

Eligibility HO4

A

Residence or apartment is rented, not owned

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11
Q

Eligibility HO6

A

Condo or cooperative unit may be rented or owned

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12
Q

HO-2 Broad Form Coverage

A

Coverage for dwelling (Coverage A), other structures (B) and personal property (C)

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13
Q

16 Named Perils

A 
Fire or lightning
Windstorm or hail
Explosion
Riot or civil commotion
Aircraft
Vehicles
Smoke
Volcanic eruption
Vandalism or malicious mischief
Theft (limited)
Falling objects
Weight of ice, snow, or sleet
Accidental discharge or overflow of water or steam
Sudden and accidental tearing apart, cracking, burning, or bulging of heating or air conditioning systems (HVAC)
Freezing
Sudden and accidental damage from artificially generated electrical current
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14
Q

HO-3 Special Form Coverage

A

Coverage A & B are insured on open peril basis.

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15
Q

HO-3 Special Form Exclusions

A

Collapse, except as provided by Additional Coverages
Freezing of household appliances or a plumbing, heating, air conditioning, or automatic fire protective system unless the insured has taken reasonable care to maintain heat in the building or shut off the water supply and drained the appliances and systems of water
Freezing, thawing, pressure or weight of water or ice on patios, fences, swimming pools, foundations, piers, docks, retaining wall
Theft in or to a dwelling under construction, including construction-related materials and supplies
Vandalism and malicious mischief, including ensuing loss, if the dwelling has been vacant for more than 60 consecutive days immediately before the loss
Mold, fungus, or wet rot unless resulting from accidental discharge or overflow of water or steam that is hidden from view
Wear and tear, marring, deterioration, mechanical breakdown, latent defect, inherent vice, smog, rust, corrosion, dry rot
Smoke from agricultural smudging or industrial operations
Pollution including discharge, dispersal, seepage, migration, or release of smoke, vapor, fumes, acids, or other chemicals unless such discharge is caused by a Coverage C Peril Insured Against
Settling, cracking, bulging, or expansion of foundation, walls, floors, pavements, patios
Birds, vermin, rodents or insects
Animals owned or kept by an insured

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16
Q

HO-4 Contents Broad Form Coverage

A

Known as renter’s or tenant homeowners policy. No coverage for dwelling or other structures, only personal property under Coverage C against loss from 16 named perils. ACV basis.

17
Q

HO-5 Comprehensive Form Coverage

A

Broadest coverage. Coverage A B & C provide insurance on open perils basis.

18
Q

HO-6 Unit-Owners Form Coverage

A

Named perils coverage to the owner of a condo or coop unit under Coverage A & C. Coverage B does not appear in this form, if owner wishes to insure other structures, the value of other structures may be included in the Coverage A limit. Insures building and building items for which insured is responsible AND insures personal property of insured while anywhere in the world.

19
Q

HO-8 Modified Form Coverage & Exclusions

A 
Typically ACV; often used to insure older homes when replacement and market values of the dwelling are disproportionate. Victorian home. 
Does not cover:
 Falling Objects
Weight of ice, sleet, or snow
Accidental water or steam
Accidental HVAC damage
Freezing
Sudden accidental damage from artificial electricity
20
Q

Coverage Chart - HO-2 Broad

A

Named - Dwelling - RCV

Named- Personal - ACV

21
Q

Coverage Chart HO-3 Special

A

Open - Dwelling - RCV

Named - Personal - ACV

22
Q

Coverage Chart HO-4 Contents Broad

A

Named - Personal - ACV

23
Q

Coverage Chart HO-5 Comprehensive

A

Open - Dwelling - RCV

Open - Personal - ACV

24
Q

Coverage Chart HO-6 Unit-Owners

A

Named - Personal - ACV

25
Q

Coverage Chart HO-8 Modified

A

Named - Dwelling - Repair Cost/ Market Value (whichever is less)
Named - Personal - ACV

26
Q

What percent of coverage should be purchased?

A

80%

27
Q

What are the Additional Coverages?

A 
Debris Removal
Reasonable Repairs
Trees, Shrubs and Plants
Fire Dept Service Charge
Property Removed
Credit Cards, Electronic Fund Transfer Card, Forgery, Counterfeit Money
Loss Assessment
Collapse
Glass/Safety Glazing
Landlord's Furnishings
Ordinance or Law
Grave Markers
28
Q

Section I Exclusions

A 
Ordinance or Law
Earth Movement
Water Damage
Power Failure
Neglect
War
Nuclear Hazard
Intentional Loss
Governmental Action
29
Q

Section I - Selected Property Endorsements

A

Mobile Home Insurance
Other Structures on Residence Premises (Increased Limits)
Water Back Up and Sump Discharge or Overflow
Personal Property Replacement Cost Endorsement
Scheduled Personal Property Endorsement
Earthquake Endorsement
Limited Fungi, Wet or Dry Rot, or Bacteria Coverage
Permitted Incidental Occupancies
Identity Theft Expense

30
Q

Section II Liability Coverage

A

Coverage E & F

31
Q

Coverage E

A

Personal Liability. Covers BI and PD per occurence. Pays up to policy limit. Basic limit of $100,000. Cost of defense does not reduce limit.

32
Q

Coverage F

A

Medical Payments to Others. Basic Limit of $1000 per occurence. No fault. Within 3 years. Off premises: actions of insured or resident employees; animals; resident employees are covered.

33
Q

Home Day Care Endorsement

A

Endorsement extends Section I & II coverages to the home day care “business” described in the schedule provided it is conducted by an insured on the residence premises.
Endorsement typically imposes a policy year aggregate limit for the sum of personal Liability (Coverage E) and Med payments to others (Coverage F) losses.
Endorsement does not cover injury to any employee arising out of the “business” as described.

34
Q

Additional HO Liability Coverages

A

Claims Expense
First Aid to Others
Damage to Property of Others
Loss Assessment Coverage

35
Q

Section II Exclusions Categories

A

Apply to Section II
Apply to both Coverage E & F
Apply to just E
Apply to just F

36
Q

Section II Exclusions

A

Motor Vehicle Liability
Aircraft Liability
Hovercraft Liability

37
Q

Exclusions for E & F

A

Expected/Intended Injury
BI or PD in connection with business conducted
BI or PD arising from failure to render professional services
No coverage if premises isn’t an insured location
Communicable disease
Sexual molestation, Corporal Punishment, Physical or Mental Abuse
If controlled substances are involved
War or nuclear weapon discharge
Any accident with a motorboat unless it’s in storage, rented inboard boat more than 50hp, owned outboard boat more than 25hp, owned or rented sailing vessels 26ft or more in length

38
Q

After Occurrence Information

A

Policy Number
Identity of Insured
Info about time, place, and circumstance of occurrence
Names and Addresses of claimants and witnesses

Insurance Exam (8 decks)

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