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Examfx > Homeowners Policy > Flashcards

Homeowners Policy Flashcards

1
Q

What HO form covers a historic home with replacement cost more than the market value?

A

HO-8 (modified homeowners)

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2
Q

In homeowners policies, what determines the amount an insurer will pay under Coverage D?

A

The amount of coverage on a dwelling

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3
Q

How many owner-occupied residences per covered home are allowed be Homeowners policies?

A

An HO policy may insure a property that has 1-4 family owner-occupied residences.

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4
Q

When would theft of property of guests and residence employees be covered under the HO-8 form?

A

Only while on the insured premises

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5
Q

In homeowners policies, which coverage provides protection against an indirect or consequential loss?

A

Coverage D - Loss of use

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6
Q

What coverage forms are available in Homeowners policies?

A

HO-2, HO-3, HO-4, HO-5, HO-6, and HO-8

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7
Q

When is an appraisal needed and how can it be requested?

A

If an insured and an insurer disagree about the value of a property loss, either party can make a written demand for an appraisal.

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8
Q

What type of coverage is included in Homeowners policies, but is not available in Dwelling policies?

A

Liability coverage

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9
Q

Under Coverage C of an HO-3 policy, what is the amount of insurance provided for personal property?

A

At least 50% of the Coverage A limit (this applies to all policies except for HO-4 and HO-6

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10
Q

What is mysterious disappearance?

A

Misplacement or loss of property without knowledge as to the location, time and cause of the loss?

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11
Q

What does form HO-5 cover?

A

The dwelling and other structures, as well as contents and personal property

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12
Q

What are some of the exclusions from coverage in all of the H
Homeowners forms?

A

Land, structures used for business purposes, animals/birds/fish, aircraft, rented property, electronic data, and motor vehicles

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13
Q

In order for forms HO-2, HO-3, and HO-5 to provide coverage, a dwelling mu#t be insured for at least what percentage of replacement cost?

A

80%

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14
Q

What are the limits of theft coverage on an HO-8 policy?

A

The actual cash value of what was stolen; however, additional limits may apply to certain classes of property.

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15
Q

What are the 2 liability coverages included in Homeowners policy forms?

A

Coverage E - Personal Liability, and

Coverage F - Medical Payments to Others

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16
Q

Why does the HO-4 form not provide dwelling coverage?

A

HO-4 is written for a tenant residing in a rented dwelling; the tenant does not own the dwelling

17
Q

What homeowners policy form is known as a special form?

A

HO-3

18
Q

Which is the most limited HO coverage?

A

HO-8 (modified homeowners)

19
Q

Losses caused by

Vandalism and malicious mischief are excluded from coverage if a dwelling has been vacant for how many days?

A

60 days

20
Q

How are the dwelling and other structures covered in an HO-3 policy form?

A

On an open-peril bais

21
Q

What homeowners form is known as contents broad form?

A

HO-4 contents broad form

22
Q

How is the coverage usually written for HO-8 forms?

A

For the market value of the property

23
Q

What HO form covers condominium unit owners?

A

HO-6 (condominium unit owners)

24
Q

What type of coverage is included in Section II of Homeowners insurance?

A

Personal liability coverage

25
Q

In general, what do Homeowners policies cover?

A

Dwellings used primarily as private residences

26
Q

What HO form insures a tenant living in an apartment?

A

HO-4 (tenant broad form)

27
Q

What are additional coverages available in Homeowners policies without additional premiums? (name several)

A

Debris removal, lawns/plants/shrubs/, and trees, removal, reasonable repairs, and fire department service charge

28
Q

An insured with a Homeowners policy has removed property from the insured location to protect it from loss that could be caused by a covered peril. The removal coverage applies for how many days?

A

30 days

29
Q

What are the major coverages included in Homeowners policy?

A

Coverage A - Dwelling
Coverage B - Other structures
Coverage C- Personal Property
Coverage D - Loss of use

30
Q

When replacement coverage costs is not reasonable, what type of HO coverage is applicable?

A

The HO-8 modified homeowners form is intended for use when replacement cost coverage is not practice.

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