Unit 4 Quiz
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 - $15000. His HO Policy will pay:
$20,000
If Coverage A is $250,000, Coverage B is:
$25,000
If Coverage A under an HO-3 Policy is $100,000, the Coverage D limit would be:
$30,000
Joe had a Dwelling Policy with $40,000 Coverage A limit. A covered loss occurred that totaled the dwelling and the detached garage. The loss to the detached garage was $6,000. How much will be paid to Joe to cover this loss?
$44,000
What is the deductible for a Personal Article Floater (PAF)?
-0-
In all DIP policies, what percent of the Coverage A limit can be applied to "other structures"?
10%
Under a Dwelling Policy, all of the following are eligible, EXCEPT:
A 1-6 family Dwelling
If an insured sells his house to another person, the buyer is prohibited from receiving the seller's insurance is a contract of:
A personal nature
Homeowner policies are rated on all of the following, EXCEPT:
Age of the homeowner
Which of the following are available as HO hurricane deductibles?
All of the below: $500 2% 5%
Which of the following is not covered under Coverage C of a HO Policy?
An aquarium is knocked over and the fish die
Which coverage never appears in a HO-4 form?
Both Coverage A and B
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
Outdoor equipment used to service the premises is covered under:
Coverage C
All of the following are eligible for a Homeowner Policy, EXCEPT:
Dwellings owned by a corporation
Which HO form covers a condo owner?
HO-6
The clause that protects the lender in a real property policy is the:
Mortgage Clause
If flooding is confined to one area, the flood water must cover:
Over two acres of land
An HO-4 Policy is designed for a:
Renter
The insured lives in their principle residence 80% of the year. A flood loss would be paid:
Replacement Cost
When a community applies for flood coverage, until they are approved they are under:
The Emergency Program
If an Umbrella Policy serves as primary coverage what part of the policy allows the insurer to apply a deductible?
The Self-Insured Retention
What condition must be met in a HO Policy for replacement cost to settle the loss?
The insured must carry insurance of at least 80% of the cost to replace the dwelling
A house under construction is eligible for a Homeowner Policy if:
The insured will be the owner-occupant
The coverage territory for Personal Inland Marine Insurance (PAF) is:
Worldwide
