Homeowners D

Section I of the Homeowners form provides up to _______ when an insured is assessed by a corporation or property owner's association for damage to property owned collectively, but only if it was damaged by a peril insured against under Coverage A of the policy

$1000

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"

$500

The Homeowner's "additional Coverages" includes coverage up to _________ for grave markers including mausoleums on or away from the residence premises by a peril insured against.

$5000

An insured has received ACV 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?

180 days

Martika is covered under an unendorsed, standard HO-3 policy and suffers a loss to an awning that covers her deck. The cost to purchase a new awning is $900, however the awning can be repaired for $300. The actual cash value of the awning is $750. Which of the following statements is correct regarding how this claim will be settled with the insurance company?

The loss will be settled at $300

Lightning strikes a 50-foot oak tree in an insured's yard splitting the tree in half. The tree falls hitting several small trees causing extensive damage to the trees and the scattering debris in the yard. The HO-2 Homeowners policy will pay:

a maximum of $500 a tree

All of the following statements are true regarding the "Building additions and alterations" additional coverage of the homeowners forms EXCEPT: a) provides up to $2500 to cover fixtures, installations and improvements made or acquired at the insured tenant's expense b) Provides up to 10% of the coverage C limit to cover fixtures, installations and improvements made or acquired at the insured tenant's expense c) this "additional coverage" is only provided on the HO-4 forms d) This coverage is not an "additional coverage" on the HO-6 form, it is part of coverage A

a) provides up to $2500 to cover fixtures, installations and improvements made or acquired at the insured tenant's expense

If an insured covers his home with a standard unendorsed HO-5 and purchases a Coverage A limit that meets the coinsurance requirement, which of the following would NOT be covered on a replacement cost basis a) other structures b) personal property c) the dwelling d) an attached garage

b) personal property

Which of the following would not be excluded under any of the homeowners forms? a) subsidence b) neglect c) the increased cost to repair a dwelling in accordance with newer building codes d) explosion of a hot water heater that damages carpeting

d) explosion of a hot water heater that damages carpeting

The "additional coverages" of the homeowners forms pay for all of the following losses except: a) reasonable temporary repairs to property damaged due to a covered peril b) financial loss to the insured resulting from the unauthorized use of his/her credit card c) Damage to glass that is part of the covered dwelling d) the sudden cracking of a hot water heating system within the insured dwelling.

d) the sudden cracking of a hot water heating system within the insured dwelling

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

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

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

actual cash value basis

Which of the following statements is TRUE regarding the Homeowners "additional coverage" known as Landlord's Furnishings a) this additional coverage includes the theft of the landlord's furnishings b) the coverage is not additional insurance and does not increase the limits of the policy c) provides up to $2,000 to cover landlord's furnishings such as appliances, carpeting and other household furnishings d) Extends coverage A

b) the coverage is not additional insurance and does not increase the limits of the policy

A deductible applies to all of the following additional coverages under the standard Homeowners forms, EXCEPT a) loss assessment b) debris removal c) reasonable repairs d) fire department service charge

d) fire department service charge

The definition of "Collapse" as defined in the additional coverage of the Homeowners forms includes

an abrupt falling down or caving in of the structure or a part of the structure

An insured does not carry enough insurance to comply with the coinsurance clause of his Homeowners policy. If this insured would have a loss to his covered home, how will the insurer settle the loss?

an insurer will either settle the loss at ACV, or pay the proportion of the cost to repair or replace the part of the building that was damaged, based on the amount of insurance the insured carried

an insured has her dwelling covered by an HO-3 form, with a $500,000 limit of liability for coverage A. A fire breaks out and the dwelling is a total loss. The entire $500,000 limit is used to cover the direct physical damage to the dwelling. However, there is a large amount of debris from the burned structure covering the insured's property that will need to be removed. In this situation, how will the cost of the debris removal be paid?

when the entire coverage A limit is used to cover the direct physical damage to the dwelling, and additional 5% of the coverage A limit will be added to cover debris removal

Coverage would be provided for trees, shrubs, or other plants under the additional coverages of the standard Homeowners policies in which of the following situations?

a neighbor, driving his own vehicle, accidentally runs over the insured's holly tree when he runs off his own driveway and to the insured's yard

The insured has his home insured on a HO-2 policy. Lightning has struck the home and causes a fire. The insured takes as much personal property out of the house as possible while waiting fort the fire department to arrive and extinguish the fire. The insured and some of his neighbors damage some of the property while moving it to safety in the back of a pickup truck not owned by the insured. What additional coverage would cover this damage to the insureds personal property

property removed

James has purchased a 20-year-old home for $120,000. He covers it with an HO-5 form for $100,000 with a deductible of $500. The roof of the home needs to be replaced and James has this work performed and purchases a service agreement on the roof before moving into the home. The service agreement covers $1,000 for roof damage from any cause that occurs within 5 years of the installation of the new roof. Two years after moving into the home, a heavy thunderstorm hits James' neighborhood and large sections of his roof are damaged, totaling $3,000 in damage. How will this claim be paid?

the service agreement pays $1,000 first, leaving the remaining $2,000 minus the deductible ($1,500) for the insurance company to pay