HO - Definitions & Property Coverage
How much are the limits of liability for jewelry, watches, furs, precious and semiprecious stones?
$1,500
How much are the limits of liability for watercraft and their equipment?
$1,500
Under the modified coverage form, glass or safety glazing material are limited to
$100
How much are the limits of liability for money, bank notes or gold?
$200
What is the maximum the modified coverage form will pay for trees, plants or shrubs
$250
Define Buisness
A trade, profession, or occupation
Under Coverage C of an HO-3 policy, what is the amount of insurance provided for personal property?
At least 50% of the Coverage A limit (this applies to all policies except HO-4 and HO-6)
What are the major coverages included in the Homeowners policy?
Coverage A: Dwelling Coverage B: Other Structures Coverage C: Personal Property Coverage D: Loss of Use
Which HO coverage is similar to dwelling forms?
Coverage C
Which coverage is mandatory in HO policy but not in the dwelling?
Coverage C - Personal Property
What is Coverage D a combination of?
Coverage D (Fair Rental Value) & Coverage E (Additional Living Expense)
In Homeowners policies, which coverage provides protection against an indirect or consequential loss?
Coverage D - Loss of Use
Which coverage is coverage A?
Dwelling
True or False: Risks that contain a farm exposure are eligible for Homeowners
False
True or False: None of the coverage forms require a deductible
False, all coverage forms in the HO policy require a deductible of $250
Which coverage is Coverage D?
Loss of Use
Is Coverage A - Dwelling coverage included in all forms?
No, it is not included in HO-4
Which coverage is Coverage B?
Other structure
Which coverage is Coverage C?
Personal Property
What is bodily injury?
Physical pain, illness, or any impairment of physical condition.
The amount an insurer will pay under Coverage D (Loss of Use) depends on
The amount of coverage on the dwelling
Define Insured
The named insured, relatives who reside with named insured, non-relatives/relatives in care of named insured under 21, full time students under the age of 24
What does the definition section on a homeowners policy do?
it defines several key terms
What is property damage?
means physical damage to tangible property including loss of use.
Define insured location (name several)
residence premise, part of other premises used by insured, newly acquired premises during the policy period, vacant land owned or rented by insured, premises not owned by insured but where they temp live (hotel)