Lesson 6 - Package Policies & Property Coverages

Question 1

Homeowners Policy

Answer 1

Package policy that provides property & liability coverage

Question 2

Homeowners combine what into a single policy form

Answer 2

Property
Personal Liability
Crime Coverage

Question 3

What is the limit of liability for Coverage B/Other Structures?

Answer 3

10% of Coverage A amount

Question 4

What is the limit of liability for Coverage C/Unscheduled Personal Property?

Answer 4

50% of Coverage A amount

Question 5

If dwelling is uninhabitable following covered loss, insurer provides what

Answer 5

Additional Living Expense

Question 6

Provides property & liability coverage on a specified peril basis & provides 30% of Coverage A amount

Answer 6

HO-2 (Broad Form)

Question 7

Named peril contract, replacement cost coverage, provides $1,000 of coverage for additions/alterations, & limit of liability is 50% of Coverage C amount under Coverage D

Answer 7

HO-6 (Condominium Unit Owners Form)

Question 8

Named peril policy, tenants form that provides coverage for personal property and provides 30% of Coverage C amount under Coverage D

Answer 8

HO-4 (Contents Broad Form)

Question 9

All risk/Open perils contract, provides coverage for real property, provides 30% of Coverage A amount under Coverage D

Answer 9

HO-3 (Special Form)

Question 10

All risk/Open perils contract providing property &liability coverage, provides open-peril protection on Coverage C, provides 30% of Coverage A amount under Coverage D

Answer 10

HO-5 (Comprehensive Form)

Question 11

Called market value/actual cash value policy, deletes replacement cost provision, provides max of $1,000 of coverage for loss of theft, and includes all property & liability coverage sections

Answer 11

HO-8 (Modified Form)

Question 12

Exclusions related to Section 1 coverages

Answer 12

Loss/Damage to flood
Earthquake
War/Nuclear hazards