HOMEOWNERS

An insured purchases a HO with a $250 deductible and a personal articles floater to provide coverage against loss of a $2,000 diamond ring. If the insured loses the stone from the ring that is valued at $1,800, what will she receive from the policy?

$1,800 under the PAF

HO-2 is written in the amount of $560,000 for Coverage A. The amount of personal property Coverage C is:

$280,000

An insured has purchased a grave marker and cemetery plot. Vandals enter and destroy the grave marker valued at $3,500. How much with the insured's HO policy pay?

$3,500

An insured schedules a fur coat under a personal article floater for $5,000. Two years later, the coat is stolen . ACV= $4,000 RC= $6,000 How much will the policy pay?

$4,000

Replacement Cost Value Table cost 10 years ago: $3,000 Table cost today: $5,000 Depreciation: 30% How much will insurance pay?

$5,000

$5,000 coverage for cameras under a scheduled personal property endorsement What is the maximum blanket amount of coverage that can be used on the small items for the equipment?

$500 (10%)

Coverage D- loss of use provides ___% of Coverage A under the HO-2

30%

Under the HO-3 policy the limit of liability for coverage C is what percentage of coverage A?

50%

Under the HO-3, ___% of the amount of insurance written under coverage A applies to coverage C

50%

Homeowners coverage E- Medical Payments, applies to bodily injury to

A 3rd party that does not live there

which person is NOT an insured under the homeowner policy? A. A friend of the insured who is renting a bedroom B. The name insured's daughter, who is 23, while away at college C. An uncle who is living with the insured D. A friends 16-year-old son, who is staying with and in the care of the insured

A. A friend of the insured who is renting a bedroom

Under coverage B- Other Structures, all of the following are NOT covered except: A. a detached garage rented to a non-tenant for garage purposes B. structures rented to a non-tenant C. attached garages D. structures used for business purposes

A. a detached garage rented to a non-tenant for garage purposes

All the following are exclusions under the HO program EXCEPT: A. Worldwide B. On a blanket basis C. United States and Canada D. While in any of the 50 states

A. worldwide

Under section 2 of the homeowners policy, which outboard motorboat owned by the insured is excluded? A. 20 horsepower or more B. 26 horsepower or more C. 25 horsepower or less D. 20 horsepower or less

B. 26 horsepower or more

Under coverage C of the homeowners policy, all of the following categories of property receive limited dollar coverage except: A. Boats B. Clothing C. Trailers D. Furs

B. Clothing

The homeowners program provides coverage for all of the following except: A. Yard furniture B. Growing crops and lawns for business purposes C. Central air-conditioning systems D. Personal property used for business purposes

B. Growing crops and lawns for business purposes

Which statement is false according to Section 1 of the HO policy? A. It covers theft from a safe deposit box B. It does NOT have a specified limit for trailers not used with watercraft C. The replacement cost clause eliminates the deduction for depreciation D. It covers property of other which on the insured premises

B. It does NOT have a specified limit for trailers not used with watercraft

Which peril is excluded in a homeowners policy? A. Riot B. Nuclear contamination C. Burglary Damage D. Vehicle

B. Nuclear contamination

Which cause of loss is covered by the extended perils coverage? A. Lightning B. Wind C. Water D. Malicous Mischief

B. Wind

Homeowners policies provide liability coverage for which of the following? A. Bodily injury and property damage B. Property damage only C. Bodily injury and Personal injury D. Bdoliy injury only

Bodily injury and Property damage

The HO-3 provides ___________ coverage on contents

Broad Form

All of the following are covered under coverage A of a homeowners policy EXCEPT: A. Attached garage B. Construction materials used in building an addition to the dwelling C. Detached Garage D. A central air-conditioning system

C. Detached Garage

In section 1 of the HO policy, all of the following coverage's are included EXCEPT: A. A detached garage struck by lightning B. Personal property coverage C. Doctor's bills incurred by a guest who fell down the insureds steps. D. Coverage for loss of use

C. Doctor's bills incurred by a guest who fell down the insureds steps.

Which loss would not be covered under Section 2 of the HO policy? A. Physical damage to property of others B. Medical expenses of a guest C. Medical expenses of a boarder D. Third party property damage for which the insured is legally liable

C. Medical expenses of a boarder

Which statement is FALSE regarding the fine arts floater? A. coverage is written on a "valued" basis" B. it covers items such as paintings, rare manuscripts and antiques, C. coverage includes damage from inherent vice D. it has a 90-day automatic coverage for newly acquired items.

C. coverage includes damage from inherent vice

All the following watercraft would be excluded under section 2 of the HO program except: A. Outboard with 50 horsepower B. 30 ft sailboat owned by the insured C. Inboard/ outboard with 75 horsepower D. 15 ft outboard boat with a 25 horsepower motor

D. 15 ft outboard boat with a 25 horsepower motor

The Homeowners policy provides coverage for endangered property removed from the insured's premises for up to how many days?

D. 30

Which statement is accurate according to section 1 of the homeowners policy? A. A specified limit is not provided for theft of firearms B. It provides coverage for the insured's pets. C. Scheduled personal property is automatically included D. A specified limit applies to boats, including their motor, trailer and equipment

D. A specified limit applies to boats, including their motor, trailer and equipment

Under a HO policy, what is an insured required to do when a covered loss occurs? A. Give prompt notice to the insurance company B. Notify the police if a loss is result of theft C. Protect the property from further loss D. All of the above

D. All of the above

which HO coverage is not subject to a deductible?

D. Coverage E

Which loss is covered under section 2 of the homeowners policy? A. Damage to property of others caused by the insured's motor vehicle B. Damage to the insured's property C. Intentional bodily injury caused by the named insured D. Damage to property of a neighbor in the insureds possession

D. Damage to property of a neighbor in the insureds possession

Which floater is not a personal articles floater? A. Jewelry floater B. Golf equipment floater C. Musical instrument floater D. Exhibition floater

D. Exhibition floater

The HO-3 covers all of the following except: A. Theft of shrubs on the property B. The insured's deck damaged by hail C. Personal property kept at a summer home D. Fish lost in a fire

D. Fish lost in a fire

Which coverage is NOT provided under section 1 of the homeowners policy? A. Dwelling B. Loss of use C. Unscheduled Personal Property D. Personal Liability

D. Personal liability

The HO-2 Broad form covers collapse. Collapse would include all of the following except A. weight of the contents B. aircraft C. hidden termites D. settling

D. Settling

Coverage E of the homeowners program involves all of the following EXCEPT: A. Premises liability B. Personal Activities C. acts of residence employees D. personal injury

D. personal injury

An insured who wants to verify the deductible on Section 1 of his HO policy should look athwart section of the policy?

Declarations

Property moving from one location to another is covered under which form?

Floater

An apartment dweller would be in the market for a:

HO-4

Harold buys an older, single-family home in an area of New York where recent property values have sharply declined. Which policy could be used to provide coverage, even though the market value is significantly less than the replacement cost?

HO-8

Which homeowners policy would cover a flood?

None

Total golfers equipment schedule of $60,000 under scheduled personal property endorsement and then acquires more golfer's equipment. What is the limit covered under the newly acquired clause?

Nothing

Whats another word for the term "All Risk"

Open perils or Risk of direct physical loss

The difference between the HO-3 and HO-5 is found in

Personal Property

If the insurer cancels a HO policy, unearned premium is returned to the insured on a ______ basis

Pro-rata

A homeowners policy can be cancelled by the insured for:

any reason at any time

Coverage F of the homeowners program applies to:

social invitees

Describe the term inherent vice

the ability to self destruct

On what basis are fine arts, under the scheduled personal property endorsement usually written?

valued

The insured owns paintings in the fine arts section of the scheduled personal property endorsement. coverage is provided:

worldwide