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PUBLIC ADJUSTER JOE PRACTICE > HOME OWNER'S INSURANCE > Flashcards

HOME OWNER'S INSURANCE Flashcards

1
Q

Name Home policies HO 1-8

A

HO-1 BASIC
HO-2 BASIC PLUS
HO-3 BASIC PLUS, PLUS MOST COMON
HO-4 RENTERS
HO-5 BEST (OPEN PERILS DWELLING/PERSONAL PROPERTY
HO-6 CONDOMINIUM
HO-7 MOBILE HOME
HO-8 ANTIQUE HOMES

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2
Q

HOME OWNER’S CAUSE OF LOSS
Name open perils

A

HO 3-5-7 Dwelling/Other structures OPEN PERIL
HO5 PERSONAL PROPERTY OPEN PERIL

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3
Q

Home owner’s section 1

A

Dwelling and other Structures

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4
Q

Home owner’s section 2

A

Liability. identical in all forms

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5
Q

HO-8 theft

A

$1000

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6
Q

WHAT is a covered peril on all Homeowners policies?

A

Volcanic eruption

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7
Q

6 COVERAGES OF HOMEOWNER POLICY

A

Coverage A -Dwelling coverage
Coverage B - Other Structures
Coverage C - Personal Property
Coverage D -Loss of Use
Coverage E - Additional living expense

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8
Q

what is covered the HO-6 form?

A

It covers the walls, floors, and ceilings of dwelling unit.

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9
Q

Open peril meaning

A

covers damage to your home caused by any event, except those your home insurance policy specifically excludes

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10
Q

All HO forms except HO-4 and HO-6 the primary amount of insurance is

A

coverage A

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11
Q

HO-4 and HO-6 coverage is

A

coverage C

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12
Q

coverage A provides what kind a replacement? and under what conditions?

A

RCV with 80% of the co-insurance clause

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13
Q

Coverage B is what percentage of what coverage

A

10% of coverage A for 2 unit condo. 5% of 3-4 unit condo

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14
Q

full limit of coverage C applies to personal property where?

A

anywhere in the world

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15
Q

HO-8 coverage C. explain details

A

only on premises. outside 10% of coverage C of $1000 whatever is greater

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16
Q

HO-2, HO-3, HO-5 explain coverage C from where?

A

a percentage of coverage A

17
Q

HO-2, HO-3, HO-5 list percentages of coverage C

A

1-2 units 50% of A. 3 units 30% and 4 units 25%

18
Q

Coverage D - Loss of Use on the Homeowners forms provides coverage for “Civil Authority Prohibits Use” for:

19
Q

NOT a typical deductible amount found in Section I of a standard Homeowners policy?

20
Q

Coverage B - Other Structures
Amounts coverage and from where?

A

10% of the Coverage A limit for a one or two-family dwelling.
5% of the Coverage A limit for a three or four-family dwelling.

21
Q

Coverage C - Personal Property
Amounts and from where?

A

50% of the Coverage A limit for a one or two-family dwelling.
30% of the Coverage A limit for a three-family dwelling.
25% of the Coverage A limit for a four-family dwelling.

22
Q

Coverage D -Loss of Use
Amounts coverage and from where?

A

30% of the Coverage A limit under an HO-2, HO-3, and HO-5.
10% of the Coverage A limit under the HO-8 form.

23
Q

Debris removal. trees. what percentage of where? what’s the most and for one tree

A

5% of A $1000 is the max $500 per tree

24
Q

Tree removal from HO4 and HO6

25
Q

ordinance and law home owners insurance? all included except?

A

HO1 and HO8

26
Q

what is excluded from collapse on homeowner’s insurance

A

earthquake and sinkhole collapse

27
Q

grave makers home owner’s insurance. how much?

28
Q

exclusions homeowner’s insurance?

A

earth movement, water, war

29
Q

landlord furnishings
Amounts paid?

30
Q

how many days for insured to report loss and how many days from insurance to respond back?

A

60 days and 30 days

31
Q

home owner’s type of settlements A&B - C -

A

A&B RCV - C ACV -

32
Q

The limit of liability for the additional coverage under the standardized Homeowners forms for “Credit Card, Electronic Fund Transfer Card or Access Device, Forgery and Counterfeit Money” is:

33
Q

WHAT would not be excluded under any of the Homeowners forms?

A

Explosion of a hot water heater

34
Q

Homeowners policies provide personal liability coverage that follows an insured anywhere in the world under what coverage? Letter?

35
Q

A standardized Homeowners policy is best described as:

A

A package policy that provides both property and liability insurance

36
Q

Loss settlement for personal property that is covered under Coverage C of a standard unendorsed ISO Homeowners policy is on a(n):

37
Q

An insured has received actual cash value payment from the adjuster for a covered loss. At the time he is satisfied with the payment. He later changes his mind and wants the full replacement value. How many days does he have to submit the receipts to get the replacement cost payment under a HO-3 form?

38
Q

Under an HO-6 form, the additional coverage for damage to trees, shrubs and other plants is provided at:

A

10% of the Coverage C limit, or a maximum of $500 for any one tree, shrub, or other plant.

PUBLIC ADJUSTER JOE PRACTICE (6 decks)

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