Unit 4

In the Homeowners Insurance Policy "debris removal and reasonable repairs" after a loss are covered up to ___% of Coverage A. A)5 B)10 C)15 D)25

A In the Homeowners Insurance Policy "debris removal and reasonable repairs" after a loss are covered up to 5 % of Coverage A.

In the Personal Articles Floater (PAF) policy newly acquired jewelry, furs, and cameras are covered for: A)30 days automatic coverage for same class of property up to 25% of the coverage limit but no more than $10,000 B)30 days automatic coverage for same class of property up to 25% of the coverage limit but no more than $50,000 C)30 days automatic coverage for same class of property up to 25% of the coverage limit but no more than $100,000 D)30 days automatic coverage for same class of property up to 25% of the coverage limit but no more than $1,000,000

A In the Personal Articles Floater (PAF) policy newly acquired jewelry, furs, and cameras are covered for:30 days automatic coverage for same class of property up to 25% of the coverage limit but no more than $10,000.

Liability coverage in the Homeowners Policy defines an insured as which of the following? (select all that apply) A)the named insured B)residing relatives of the named insured C)anyone legally responsible for animals or watercraft owned by the named insured D)any person under 21 in the care of a named insured or spouse

A,B,C,D Liability coverage in the Homeowners Policy defines an insured to include: the person named as insured and residing spouse; residing relatives of either and any person under age 21 in the care of any such person; and anyone legally responsible for animals or watercraft owned by the named insured.

The Broad Form DP-2 policy includes all of the DP-1 coverages and adds which of the following perils (choose as many as apply). A)falling objects B)weight of ice, snow or sleet C)volcanic eruption D)flooding E)nuclear F)accidental discharge or overflow of water

A,B,C,F The Broad Form DP-2 policy includes all of the DP-1 coverages and adds: damage by burglars; falling objects; weight of ice, snow or sleet; accidental discharge or overflow of water or steam; sudden an accidental damage from artificially generated electrical current; and volcanic eruption.

In the Homeowners Insurance Policy, what is the "specific limits" listed in the policy for the following classes of personal property: securities; watercraft and related equipment; trailers; theft of jewelry, watches, furs and precious stones; electronic apparatus in a motorized vehicle; and electronics used primary for business purposes while away from the residence premises? A)$500 B)$1,500 C)$3,500 D)$7,500

B $1,500 applies for each of the special categories of: securities; watercraft and related equipment; trailers; theft of jewelry, watches, furs and precious stones; electronic apparatus in a motorized vehicle;and electronics used primary for business purposes while away from the residence premises.

In the Dwelling Fire DP-1 policy form, "other coverages" ____ increase the limits of insurance for each stated coverage. A)do B)do not

B In the Dwelling Fire DP-1 policy form, "other coverages" do not increase the limits of insurance for each stated coverage.

The Vandalism endorsement in the DP-1 policy does not provide any coverage if the building was vacant for ___ or more consecutive days immediately preceding a loss. A)30 B)60 C)90 D)180

B The Vandalism endorsement in the DP-1 policy does not provide any coverage if the building was vacant for sixty (60) or more consecutive days immediately preceding a loss.

All of the following are "not eligible" as a named insured for a Homeowners policy EXCEPT: A)corporation B)partnership C)individual owner occupant of a 1-4 family dwelling D)trust

C Corporations, partnerships, estates, trust and non-owner occupancies are not eligible as Named Insureds for a Homeowners policy.

Which, if any, of the following statements are true regarding Coverage A- Dwelling coverage? Statement One: Coverage A covers the dwelling and structures attached to it Statement Two: Coverage A covers construction materials and supplies on or adjacent to the residence premises A)Statement One is correct B)Statement Two is correct C)both Statement One and Statement Two are correct D)neither is correct

C Coverage A- Dwelling in the Homeowners policy covers the dwelling building and attached structures; and also covers construction materials and supplies on or adjacent to the premises.

In the Personal Articles Floater (PAF) policy the "pairs, sets and parts provision reserves the insurance companies right to: A)deny any claim that is a partial loss B)elect to repair or replace or to restore the pair or set to a depreciated value, or to pay the insured a flat amount for the partial loss not to exceed $500 C)elect to repair or replace or to restore the pair or set to original value, or to pay the difference between ACV before and after the loss D)the PAF does not have a "pairs, sets and parts provision"

C In the Personal Articles Floater (PAF) policy the "pairs, sets and parts provision reserves the insurance companies right to elect to repair or replace or to restore the pair or set to original value, or to pay the difference between ACV before and after the loss.

All of the following are "general exclusions" in the Homeowners Insurance Policy EXCEPT? A)intentional loss by the insured B)governmental action C)flooding D)vandalism

D The Homeowners Insurance Policy list several "general exclusions including: earth movement, flooding,power failure away from the residence premises, neglect of the insured in the preservation of property after a loss, war,nuclear hazards, intentional loss by the insured, and government actions.

The Personal Articles Floater (PAF) insures specific classes of property; all but which of the following are true statements about the PAF. A)coverage is world-wide B)there is no deductible ($0 deductible) C)covers on an "open perils" cause of loss basis D)inherent vice is an included peril

D The PAF's notable features include: an open perils cause of loss; world-wide coverage; first dollar coverage -that is no deductible; inherent vice, which is an internal quality of a tangible item/propertywhich leads to its own decay or destruction is SPECIFICALLY EXCLUDED.