Homeowners Insurance - D
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.
All of the following statements are true regarding the "Building Additions and Alterations" additional coverage of the Homeowners forms, EXCEPT:
Provides up to $2,500 to cover fixtures, installations and improvements made or acquired at the insured tenant's expense.
The HO-3 form insures for direct physical loss to covered property involving collapse of a building caused by all of the following, EXCEPT:
Settling.
The "additional coverages" of the Homeowners forms pay for all of the following losses, EXCEPT:
The sudden cracking of a hot water heating system within the insured dwelling.
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, an additional 5% of the Coverage A limit will be added to cover debris removal.
Even if the covered dwelling is not damaged, the debris removal coverage will apply...
an additional 5% of that limit is available for debris removal.
Coverage C losses are settled at an actual cash value...
but not more than the cost to repair or replace the property.
The Homeowners policies will cover the insured's legal obligation to pay losses resulting from theft of a credit card...
for a limit of $500.
The Homeowners policies pay for property to be removed when endangered by a covered peril...
for more than 30 days.
If the amount to be paid for the direct physical damage to the covered property plus the debris removal expense is more than the limit of the policy...
if a tree has fallen and blocks a driveway, preventing entry or exit from the residence premises.
The peril of "collapse" involves an abrupt falling down or caving in...
of a building or any part of it resulting from one or more named perils.
The ordinance or law "additional coverage" of the Homeowners forms...
pays or the increased cost of construction to comply with newer building codes.
A total limit of $1,000 is the most that will be paid to remove fallen trees...
regardless of the number of trees that have fallen.
Section 1 of the Homeowners forms provides up to _____ when the 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.
$1,000.
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
Which of the following is the amount of additional coverage on the standardized Homeowners forms for a Fire Dept. service charge?
$500.
An insured has received actual cash value 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.
The "additional coverages" on the standardized Homeowners forms...
are frequently amended by state-specific statutory forms.
Earthquake and sinkhole collapse...
are not covered under the peril of collapse on the Homeowners forms.
