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Texas Claims Adjuster Licensing > Texas Homeowner Policy > Flashcards

Texas Homeowner Policy Flashcards

0
Q

What policy can tenants (renters) and condo owners use?

A

Homeowners Policy in adjusted forms

Coverage A will not be included for a Tenants Policy

A modified Coverage A will be included for a Condo Policy

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1
Q

What is the Texas Homeowner Policy?

A

It is a package policy because it has coverages for both property and liability.

To qualify you must own and occupy the premises. You must also intend to reside at the premises within 60 days of the policy effective date

Has the same rule as Texas Dwelling, cannot have more than 50% for a business and cannot be within 500’ of a business.

Cannot be a mobile home

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2
Q

What is the standard deductible for Coverage A for a Texas Homeowners Policy?

A

1% of coverage A

You can select a lower deductible but it will increase the premium.

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3
Q

What is the standard deductible for tenant and condo policies?

A

1% of Coverage C

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4
Q

What are the coverages for a Texas Homeowners Policy?

A 
A-Dwelling
B-Other Structures
C-Personal Property
D-Loss of Use
E-BI & PD
F-Med Pay
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5
Q

What is the HO-8 form of Texas Homeowners Policy?

A

Is meant for historical or Victorian homes

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6
Q

What perils are covered by HO-8 Texas Homeowner Policy?

A 
Fire/lightning
Extended coverage perils
Theft
Vandalism
Volcanic eruption (72 hours)
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7
Q

What are the coverages and valuation for HO-8 under Texas Homeowner Policy?

A
  • A-Dwelling - ACV
  • B-Other Structures - ACV
  • C-Contents - ACV
  • D-Loss of Use - 10% of Coverage A
  • E-BI & PD - 100,000 per occurrence
  • F-Med Pay - 1,000 per person
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8
Q

What are the coverages and valuation for HO-2 under Texas Homeowner Policy?

A
  • A-Dwelling - ACV
  • B-Other Structures - ACV
  • C-Contents - ACV
  • D-Loss of Use - 20% of Coverage A
  • E-BI & PD - 100,000 per occurrence
  • F-Med Pay - 1,000 per person
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9
Q

What are the coverages and valuation for HO-3 under Texas Homeowner Policy?

A
  • A-Dwelling - Replacement
  • B-Other Structures - Replacement
  • C-Contents - ACV
  • D-Loss of Use - 20% of Coverage A
  • E-BI & PD - 100,000 per occurrence
  • F-Med Pay - 1,000 per person
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10
Q

What are the coverages and valuation for HO-5 under Texas Homeowner policy?

A
  • A-Dwelling - Replacement
  • B-Other Structures - Replacement
  • C-Contents - ACV
  • D-Loss of Use - 20% of Coverage A
  • E-BI & PD - 100,000 per occurrence
  • F-Med Pay - 1,000 per person
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11
Q

What are the covered perils under HO-2 for Texas Homeowners Policy?

A 
Fire/lightning
Extended coverage perils
Theft
Vandalism
Volcanic eruption
Falling objects
Weight of ice, sleet, or snow
Accidental water discharge
Electrical current
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12
Q

What are the covered perils for HO-4 for Texas Homeowners policy?

A 
Fire/lightning
Extended coverage perils
Theft
Vandalism
Volcanic eruption
Falling objects
Weight of ice, sleet, or snow
Accidental water discharge
Electrical current
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13
Q

What are the covered perils for HO-6 for Texas Homeowners policy?

A 
Fire/lightning
Extended coverage perils
Theft
Vandalism
Volcanic eruption
Falling objects
Weight of ice, sleet, or snow
Accidental water discharge
Electrical current
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14
Q

What are the covered perils for HO-3 of Texas Homeowner policy?

A

All risks for A-Dwelling and B-Other Structures

HO-2 perils for C-Contents and D-Loss of Use
 Fire/lightning
Extended coverage perils
Theft
Vandalism
Volcanic eruption
Falling objects
Weight of ice, sleet, or snow
Accidental water discharge
Electrical current
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15
Q

What are the covered perils for HO-5 for Texas Homeowners policy?

A

All risks

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16
Q

What are the coverages and valuation for HO-4 for Texas Homeowner Policy?

A

C-Contents - ACV
D-Loss of Use
E-BI & PD - 100,000 per occurrence
F-Med Pay - 1,000 per person

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17
Q

What are the coverages and valuation for HO-6 for Texas Homeowners Policy?

A
  • A-Dwelling - ACV
  • B-Other Structures - ACV
  • C-Contents - ACV
  • D-Loss of Use
  • E-BI & PD - 100,000 per occurrence
  • F-Med Pay - 1,000 per person
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18
Q

Which policies cover essentially the same perils?

A

HO-2, HO-4, HO-6

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19
Q

What is one major difference when it comes to perils when comparing Dwelling and Homeowners?

A

Dwelling does not cover theft

Homeowners covers theft

20
Q

What are the exclusions to Property Coverages for Homeowners Policy?

A
  • Aircraft except model or hobby
  • Animals, birds or fish with the exception of damage caused by deer
  • Motor vehicles except for vehicles that are not street legal
  • Property of roomers or boarders
  • Wind & hail damage to antennas, greenhouses, cloth awnings, and satellite dishes
  • Flood, surface waters, backup of sewers or drains. However ensuing losses are covered
  • Earth movement or tremors. However ensuing losses are covered
  • Wear and tear, deterioration, mechanical breakdown
  • Industrial or agricultural smoke
  • War, nuclear war, government action
  • Mold, fungus, mildew
  • Vandalism if property is vacant for more than 90 days
  • Theft off premises: building materials, trailers, campers, watercraft or property at a secondary residence
  • Business data
  • Articles ensured elsewhere
21
Q

Property subject to limitations under Texas Homeowners Policy

A
  • $200 for money or precious metals (includes gift cards)
  • $1,500 for securities, stamps or tickets
  • $1,500 for watercraft and trailer on premises
  • $1,500 for electronic apparatus and accessories in vehicle
  • $1,500 for gems, jewelry, furs for theft (if over this amount, can cover separately by an endorsement)
  • $2,500 for loss by theft of silverware, gold ware, platinum ware, tea sets, trays, trophies
  • $2,500 for loss by theft of firearms and equipment
  • $2,500 for business or office contents on premises ($500 if off premises)
22
Q

What are the liability coverage for Texas Homeowners policy?

A

Coverage E - Personal Liability (BI & PD)

Coverage F - Medical Payments to Others

23
Q

What does Coverage E - Personal Liability BI & PD cover on Texas Homeowner policy?

A

Pays for legal damages resulting from bodily injury and property damage that the insured is responsible for to third parties.
Basic limit is $100,000 on a per occurrence basis up to 1,000,000

24
Q

What does Coverage F - Medical Payments to Others cover under Texas Homeowners policy?

A

Pays BI occurring on the premises or as a result of any insured’s personal activities
Expenses must occur within 3 years from date of accident

Does not apply to the insured or any resident relative unless resident is an employee such as a maid or chauffeur within the scope of their employment

Basic limit is $1,000 per person up to $5,000

First aid

25
Q

Exclusions to liability coverages under Texas Homeowners policy

A

Business pursuits ($2,000 or less in income is covered)
Aircraft
Motor vehicles
Bodily injury to any resident family member
Communicable diseases
Physical or mental abuse
Controlled substances

26
Q

Liability coverages and watercraft under Texas Homeowners policy

A

Liability coverage protect if following requirements are met:

Inboard or inboard/outboard or jet skis with 50hp or less
Outboards 25hp or less
Sailboats 26’ or less in length
Rented busts of any size

Boats are only covered if on premises

27
Q

Additional Coverages under Texas Homeowners policy

A

Claims Expenses - no limit when used to defend an insurer in court plus up to $250 per day in appearance fees

First Aid Expenses - to others when the insured is liable in an emergency

Damage to Property of Others - damage to the property of others caused by the insured with no regard to fault or negligence up to $1,000 replacement cost. (Damage covered by a child under 13 is automatically covered)

28
Q

Which homeowners policy forms would the owner-occupant of a single family dwelling be eligible for?

A

HO-8, HO-2, HO-3, HO-5

29
Q

Which homeowner policy form would a tenant non-owner of a dwelling or apartment be eligible for?

A

HO-4

30
Q

Which homeowner policy form would the owner of a residential condo unit be eligible for?

A

HO-6

31
Q

What is the limit for tree, shrub, plant and lawns?

A

$500

32
Q

What coverage do you have under homeowners policy for business property away from premises?

A

$500

33
Q

What coverage do you have under Texas homeowners policy for business property on premises.

A

$2,500

34
Q

Under homeowners Coverage C, the personal property of roomers and tenants

A

Is excluded and may not be covered

35
Q

According to homeowners Section 1 conditions, an insured is required to submit a signed, sworn, proof of loss within

A

91 days

36
Q

Which homeowners forms provide replacement cost coverage for a dwelling?

A

HO-3, HO-5

37
Q

Dwelling coverage under a homeowners policy will be suspended how many days after it becomes vacant?

A

60 days

38
Q

What are the differences in the personal lability coverage provided by the various homeowners policies?

A

None
All cover:
BI & PD $100,000 per occurrence
Med Pay $1,000 per person

39
Q

Homeowners policies cover medical payments to others incurred with

A

3 years of the date of the accident

40
Q

Under the additional coverages provided by Section II of a homeowners policy, damage to the property of others is covered for up to

A

$1,000 per occurrence

41
Q

If an insurer cancels a homeowners policy for non payment of premium, they must give the insured how many days notice?

A

10 day written notice

42
Q

If an insurer cancels a homeowners policy for any reason besides non payment of premium, what notice must be given?

A

39 day written notice

43
Q

Homeowners section I covers:

A

Dwelling and Contents

44
Q

What is the basic limit per person for medical payments coverage under homeowners policy?

A

$1,000

45
Q

What does Section I refer to on homeowners policy?

A

Property coverage

46
Q

How is a detached garage building for private use covers on a homeowners policy?

A

It is covered by the Other Structures provision

47
Q

What is the limit applicable to unscheduled personal property away from the insured premises in the HO-2 form?

A

10% of coverage C

$1,000 minimum

48
Q

Watches, jewelry, and furs are covered under homeowners policy for a maximum of $1,500 for loss by

A

Theft

Texas Claims Adjuster Licensing (12 decks)

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