Chapter Exam Homeowners

An HO-3 Homeowners Policy provides coverage for property removed from a dwelling to protect it from damage for what period of time?

30 days.

An unendoresed Homeowners Policy will not cover loss as a result of vandalism or malicious mischeif if the dwelling has been vacant for more than how many consecutive days immediately prior to the loss?

30 days.

Which of the following would not be covered under contents coverage C of a Homeowners Policy

4 wheel ATV

Coverage A in a Homeowners Policy will pay replacemetn costs of a dwelling if the home is insured for at least what percentage of its value

80%

Who is an HO-4 Homeowners Policy designed for?

A tenant renting a condo unit from the owner.

Your Home is insured for 80,000 under a homeowners policy modified coverage form HO-8. You have a partial loss totaling 25000 to your dwelling the losswould be payable as?

Actual cash value lesss deductible.

Coverage D in a Homeowners (HO) policy is comprised of which of the following?

Additional Living Expenses and Fair rental value

Which of the following losses is not covered by a Homeowners Policy written on teh Broad Cause of Loss Form?

Back up from a sump pump.

Under the terms of a Homeowner Policy, if theinsurer pays a loss under coverage F, the terms of the policy state that?

By Paying loss, the insurer is not admitting liability.

Which type of property coverage under the homeowners policy would cover expenses related to the loss of use of the insured property?

Coverage D

Each of the following losses would be coverd under open perils coverage under a Homeowners Policy EXCEPT?

Damage caused by steady and repeated seepage from water pipes would typically not be coverd undere open perils coverage.

Coverage B: Other Structures of Homeowners (HO) policy will apply to what loss?

Damage to the unattached garage of an insured home.

What Homeowners Policy form provides all risk coverage to cover a detached garage?

HO-3

Which of the following Homeowners Policy provides all-risk coverage on real property and named peril protection on personal property?

HO-3

Which of the following Homeowners Policy provides open-peril coverage on unscheduled personal property.

HO-3.

An individual who is leasing a condo unit would purchase which of the following Homeownwers Policies to protect his contents.

HO-4

Besides premium, the biggest difference in coverage between an HO-3 and HO-5 policy is?

HO-5 policies are open peril coverage on contents and HO-3 policies do not.

Which standard form of a Homeowners Policy was developed for use by condo owners?

HO-6

A Homeowners Policy provides indirect loss coverage in which of the following coverage areas?

Loss of use

Which of the following would be coverd under a unendoresd Homeowners Policy.

Losses due to a lightning strike of the premises.

Which of the following would be covered under a unendoresd Hoemowners Policy?

Losses due to a lightning strike of the premisis.

All of the following types of losses are exclude by Section 1 of a Homeowners Policy Except?

Personal propert at an insured residence other than the residence premises.

A Homeowners Policy is considered a multi-line policy because it consists of both?

Property and Liability Coverage.

Contents Coverage on all Homeowners Policy forms are settled at Acual Cash Value. What is needed to eliminate depreciation for losses to contents?

Replacement Cost endorsement.

Which portion of the Homeowners Policy provides liability coverage for bodily injury or property damage

Select coverage E answer is Coverage F

Each of the following is cause of loss form available for a Homeowners Policy Except?

Specific cause of loss form.

Each of the following is a named peril on a homeowners polic basic cause of loss form except

Terrorist Activity.

Each of the following is named peril on a Homeowners Policy Basic Cause of Loss form, Except:

Terrorist activity

Why would an HO-8 Homeowners Policy be appropriate coverage for a dwelling?

The home's market price is less than the replacement cost

Why would an HO-8 Homeowners Policy be appropriate coverage for a dwelling?

The home's market price is less than the replacement cost.

Each of the following is a scenario in which the insured's Coverage F on his Homeowners Policy would pay the injured party's medical expenses, EXCEPT:

The injured person is the daughter of the insured who lives on teh insured premises.

Which of the following would be considered by definition to be a residence premises under a Homeowners Policy?

The insured's two unit dwelling unit that is listed by her policy in the declarations page.

H is reading through his HO4 policy and keeps seeing the language you and your. under HO contract definition you and your refers to

The insured.

Which of the following would be true of a swimming pool on the premissis of a residence that is insured undr a Homeowners Policy

The swimming pool would be covered under property coverage B.

Which peril on the HO-8 Homeowners Policy is NOT an excluison?

Theft

Which peril on the HO-8 Homeowners Policy is NOT an exclusion?

Theft.

A Homeowners Policy does not provide coverage for damage to motorized vechiles unles they are not required to bve registerd for use on public roads and are?

Used solely to service and insured residence.

Woody set fire to his home

Woody would not collect from his property insurance policy but the mortgage holder would.