Homeowners Policy

Question 1

HO # of dwellings

Answer 1

1-4

Question 2

What type of insurance contract is a HO?

Answer 2

multiple-line: both property and liability coverage

Question 3

Each family unit of an HO may be occupied by:

Answer 3

No more than two (2) families or one family and two (2) roomers or boarders

Question 4

HO Deductible

Answer 4

$250

Question 5

Who is “Insured” under HO

Answer 5

a. The named insured and spouse that lives in the same household;

b. Any resident relative of the named insured and/or spouse;

c. Students enrolled in school full-time which were residents of the named insured’s household before moving to attend school, provided the students are under the age of twenty-four (24);

d. Any person under the age of twenty-one (21) living in the household who is in the care of the insured;

e. For liability purposes, coverage extends to any person employed by the insured at the residence named in the Declarations such as a maid or nanny.

Question 6

HO Coverage A

Answer 6

insures the residence premises (dwelling) and any attached structures

Question 7

HO Coverage B

Answer 7

covers unattached structures separated by clear space from the dwelling

*10% of the limit of liability that applies to Coverage A

Question 8

HO Coverage C

Answer 8

Personal Property covers normal household or personal property that belongs to the insured residents of the dwelling.

*50% of the Coverage A limit.

**Limit for Property at Other Residences is 10% of the limit of liability for Coverage C, or $1,000, whichever is greater.

Question 9

HO Broad Perils (4)

Answer 9

1. WCSHAVER
2. VMM
3. Theft
4. BIGAFFECT

Question 10

HO Coverage D

Answer 10

Loss of Use

Question 11

How much will the policy pay for tree removal?

Answer 11

$500

Question 12

How much will a HO pay for fire dpt?

Answer 12

$500

Question 13

HO policy pays for property removed from the premises due to a covered endangering covered peril for __ days

Answer 13

30

Question 14

HO limit for credit cards

Answer 14

$500

Question 15

Loss Assessment Amount ($)

Answer 15

$1000

Question 16

Glass breakage is not covered after __ days vacant

Answer 16

60

Question 17

Landlord’s Furnishing amount

Answer 17

$2500

Question 18

Grave Markers amount

Answer 18

$5000

Question 19

HO with Broad Forms (3)

Answer 19

1. HO2
2. HO4
3. HO6

Question 20

Open perlis A/B Broad on C

Answer 20

HO3

Question 21

Open perlis A/B/C

Answer 21

HO5

Question 22

HO coverage of Fire,Lighting,WC SHAVER, WMM, Theft, Volcanic Action

Answer 22

HO8

Question 23

HO2

Answer 23

Broad

Question 24

HO3

Answer 24

Special

Question 25

HO4

Answer 25

Renters

Question 26

HO5

Answer 26

Comprehensive

Question 27

HO6

Answer 27

Condo

Question 28

HO8

Answer 28

Modified

Question 29

HO EXCLUDED PERILS (9)

Answer 29

1. Ordinance or Law
2. Earth Movement
3. Water Damage
4. Power Failure
5. Neglect
6. War
7. Nuclear Hazard
8. Intentional Loss
9. Governmental Action

Question 30

Send a proof of loss within __ days after the insurer’s request.

Answer 30

60

Question 31

The minimum coinsurance amount

Answer 31

80%

Question 32

The coinsurance penalty equation

Answer 32

DID INSURE/ SHOULD INSURE X DAMAGES

Question 33

Mysterious Disappearance

Answer 33

HO5 covers theft, misplacing or losing of

Question 34

Part D for HO4

Answer 34

20% of C

Question 35

Part D for HO6

Answer 35

40% of C

Question 36

Part D for HO8

Answer 36

10% of A

Question 37

Lib Limits on Money/ Bank Notes/ Gold & Silver

Answer 37

$200

Question 38

Lib Limits on Securities/ Accounts/ Deeds

Answer 38

$1500

Question 39

Lib Limits Watercraft

Answer 39

$1500

Question 40

Lib Limits Trailer

Answer 40

$1500

Question 41

Lib Limits Jewelry

Answer 41

$1500

Question 42

Lib Limit Theft on Firearms

Answer 42

10% of C max-$10,000

Question 43

Lib Limit Theft of silverware

Answer 43

25% of C max-$10,000