Homeowners
A car runs into neighborhood association's recreation room. Association member is billed $1,750 by the Association. His HO pays:
$1,000
An insured claims a theft loss for $2,000 in jewelry, $2,200 for a gun collection and $500 for cash. Which statement is true regarding the claim payment from the homeowner policy?
$1,500 of the jewelry will be paid $2,000 for the gun and $200 for the cash that will be paid
Homeowner policies are package policy forms. If a customer has his home insured for $200,000 Coverage A, how much coverage does he automatically have included for personal property?
$100,000
Maryanne has an unendorsed homeowner policy with a $500 deductible and her home is robbed. The thief took all of her jewelry (estimated at $2,500), her silver flatware ($4,500 value) and all of the electronics in the house ($8,500 value). How much will be paid by her policy?
$12,000
A customer experiences a fire damaging a large portion of the home. The HO Coverage A is $100,000. The damages to the home total $90,000 and the cost of debris removal is $20,000. How much of the debris removal cost will be covered?
$15,000
An insured has $200,000 Coverage A - dwelling coverage, under his HO-3 Policy. He incurs the following damage from a covered peril: fence - $5000; gazebo - $7500; tool shed -$15,000. His HO Policy will pay:
$20,000
An insured has an HO-3. If fire damages the association club house which results in a $700 assessment against the insured, her HO-3 will
$20,000
A home with a replacement cost of $500,000 has a HO-3 written with a policy limit of $300,000. If the insured suffers a $60,000 loss, how much will the insurer pay?
$45,000
A condo owner has an HO-6 with Coverage C of $100,000. How much Coverage D-Loss of Use does he automatically have?
$50,000
What amount of coverage is provided for the value of trees, shrubs and plants on a homeowners policy?
$500 each
John is buying a house for $1.5 million. It is a 4,000 square foot house which would cost $200 per square foot to rebuild. Its fair market value is $2 million but its actual cash value is $500,000. If John asks you to write a homeowners policy for him, what should be the limit for Coverage A to be fully insured?
$800,000
Mary is reorganizing and moved some of her furniture into a self-storage facility to get it out of her way. How much coverage does Mary have to cover the furniture in storage?
10% of cov. c or $1,000 whichever is greater
The insured has a HO-3 Policy. Under Section II of the policy, how much coverage is available for "Damage to Property of Others" ?
1000
If a wind storm causes unsafe debris and knocks down a neighbor's tree, downing power lines, and the fire department elects to evacuate the neighborhood, the insured's HO policy would cover the additional living expenses for a maximum of:
2 weeks
Under Section II of a homeowners policy, medical payments covers others for incidents that occur on the premises, and covered up to how many years after the incident?
3 years
What percent of Coverage A does a homeowner with an HO-3 policy have for Coverage D Loss of use?
30% of coverage A
Under an HO3 policy, how much coverage for damage to trees, shrubs and plants is provided for loss caused by a fire?
5% of the dwelling amount up to $500 per item
The co-insurance clause in the homeowner policy stipulates that the policyholder must insure to a percentage of replacement cost or share in the cost of partial losses. What is the minimum percentage of replacement cost required?
80%
Which of the following is NOT considered an insured under the Homeowner policy?
Adult house guest visiting for the weekend
Tommy and Chris leave their golf clubs in the trunk of Tommy's car when they stop to eat lunch. Both sets of clubs are stolen. Which policy covers Chris' clubs?
Chris HO
Which of the following would be covered under an HO3 policy?
Damage done by burglars
All of the following are eligible for a Homeowner Policy, EXCEPT:
Dwelling owned by a corporation
A bear came crashing through the front door of a home while the residents were away. He helped himself to the contents of the kitchen pantry and destroyed a coffee table and sofa in the process. Which homeowners policy form would be best suited to pay for the personal property damages?
Ho - 5
Which HO policy form provides open perils coverage on Coverages A, B and C?
Ho - 5
On a HO-6, which type of coverage is provided for contents
Named perils
Which of the following personal property claims caused by rain are covered under the homeowner's policy?
Rain soaks the furniture after wind damage roof
All of the following are examples of the "Special Limits of Liability" on a homeowners policy, EXCEPT
Tapestries
A house under construction is eligible for a Homeowner Policy if:
The insured will be the owner occupant
Personal Property is insured on the HO-3, HO-4 and HO-6 for basic and broad perils. Which of the following claims scenarios is covered?
The washing machine malfunctioned overflowing and damaging all the appliances and furniture in the area
Under a HO-3, coverage for contents is:
broad form
A foreign exchange student lives with HO insured. A thief steal students camera. HO will:
cover within limit of policy
Marilyn has a single-family home insured with an HO-3 policy. She understood she is insured for open perils for the house and other structures. What perils is she insured for on her personal property?
coverage C personal property is insured for name perils
To determine who is insured other than the named insureds on a HO policy, one should look in the:
definitions
All of the following are duties of the insured after a loss EXCEPT:
disclose information to the other party's attorney
To protect their homes against losses from rising water, homeowners much purchase which of the following?
flood insurance policy
Elaine is on vacation in Europe when all of her luggage was stolen. How will her HO policy respond if she files a claim?
her HO policy will cover the loss less her deductible
Max owns a duplex. He lives in one side and rents the other to a tenant. Which policy does he need?
ho - 3
This policy is sold to those that own a condominium.
ho - 6
Which of the following is considered the 'bare bones' policy in the HO program and is rarely sold?
ho - 8
Freezing of plumbing is covered under a HO-3 ('00) policy in which of the following situations?
if the heat was left on
Which of the following is NOT covered under Section II Homeowners Policy for liability arising from their use?
insured motor home while on vacation
Regarding subrogation on a HO policy, all of the following are true EXCEPT:
it applies to both sections the policy
All of the following coverages are included in Section I of a homeowners policy EXCEPT:
liability
Which of the following would be covered under Coverage A of a HO-3?
lumber delivered and placed next to the house for use in remodeling
All of the following are covered under Section II of a HO policy EXCEPT:
medical
An insured has an HO-3. If fire damages the association club house which results in a $700 assessment against the insured, her HO-3 will:
pay $700
Which endorsement provides coverage for claims against the insured for slander, wrongful conviction and false arrest?
personal injury liability
A HO policy will provide coverage for property belonging to all of the following EXCEPT:
roomers or boarders
Each of the following are conditions that are included in Section I of the HO policy EXCEPT:
severability
This endorsement which is added to some policies, contains the provisions required to be added by state law.
special provision
When a "business pursuits" endorsement is added to an HO policy, you are adding liability coverage for which of the following:
the business pursuit specifically named
The homeowner's son who lives with him is injured while repairing the fence. The bill for his trip to the emergency room is $275. Which statement is true regarding the Medical Payments coverage under the homeowner policy? Correct
the claim will be denied because medical payment coverage is for others, not the insureds
All of the following are insureds under the Personal Liability policy EXCEPT:
the neighbor's child staying with the insured for a week
When it comes to medical payments on a HO policy, all of the following are true EXCEPT:
they will not be unless the insured is negligent
Jim pays a contactor $300 to apply tarps to his roof damaged in a windstorm. Will Jim's homeowner insurance help with that additional expense? y or n
yes
Sherry moves as much of her personal property from the home as she can when a brush fire is headed for her house. Two weeks later before she has had a chance to move her belongings back into her home, all of her electronics are stolen from the storage facility. Will Sherry have coverage from her homeowner policy for the loss? y or n
yes