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Insurance
Chapter 7
| Question | Answer |
|---|---|
| Difference between DP-2 Broad form and the DP-3 Special form is | plumbing water damage |
| The Homeowners Watercraft Endorsement under Section II includes all the following EXCEPT: | Use of a boat in a racing competition. |
| Which of the following would NOT be covered under Section II of Medical Payment to Others? | The insured`s pets that are injured on the insured`s property. |
| Volcanic eruption excludes: | none are excluded |
| Which of the following is true regarding vehicles covered and not covered under Section II? | All the insured`s vehicles and trailers towed by the insured are excluded from coverage. |
| According to the ordinance or law exclusion, which of the following does NOT apply? | This coverage is required by state law. |
| Under HO property additional coverages, what is covered for debris removal expense? | Reasonable cost to remove debris after a covered loss. |
| Liability and Medical Payments are the two major coverages provided in: | Section II of the Homeowners form |
| Jewelry valued at $30,000 is destroyed in a hotel fire in Paris, the HO would: | cover up to Coverage C limit |
| The correct statement regarding landlord furnishings would be: | Both covered up to $2500 and excludes the peril of theft are correct |
| Which DP policies insure Coverage C for broad form perils? | Both DP-2 and DP-3 |
| Under HO property additional coverages, what is covered for removal? | Property removed from the insured`s premises to protect it from damage due to a covered loss. |
| Which is not an "other coverage" in the dwelling forms? | Volcanic eruption |
| Which HO endorsement covers loss due to personal injury (false arrest, libel, slander, defamation of character, and invasion of privacy? | Personal Injury endorsement |
| Which is not an exclusion under Coverage A on an HO-3? | Damage by a deer |
| Under Section II of the Homeowners form, what does coverage E (personal liability) cover? | This coverage will take affect if a claim is made against the insured for damages due to bodily injury or damage to the property caused by the insured`s negligent acts. |
| All of the following are major differences between the broad form and the special form EXCEPT: | The broad form doesn`t require the 80% coinsurance and the special form does. |
| Which of the following properties are NOT included in insured locations and residence premises under Section II of the Homeowner`s policy? | Insured`s work office space |
| Under Section II - Additional Coverages, which of the following is NOT included? | Medical Payments to Others |
| Under Section 1 Condition - Loss Settlement on an HO3, which of the following situations shows the insured is covered adequately in the event of a loss? | The insured has $80,000 coverage on property worth $100,000. |
| Which is excluded under Section I and covered under Section II? | Animals, birds, or fish |
| Under HO property coverage earth movement is a general exclusion. Which homeowners policy has done away with the exclusion for concurrent causation regarding this peril? | HO 3 |
| The following properties are included as an insured location and/or residence premises for Liability and Medical except: | Insured's relative cemetery plot |
| All of the following are considered an "insured" under Section 1 of the HO 3 EXCEPT: | Relatives who share the same last name as the insured. |
| In the event of a loss, the insured has the responsibility to do all of the following EXCEPT: | Provide a copy of the police report to the insurer. |
| All of the following are true of a broad coverage form EXCEPT: | No minimum amount of insurance is required for the basic form. |
| Coverage not provided without endorsement on a DP-1/Basic is: | Coverage E |
| All of the following are general exclusions to the HO 3 policy except: | Loss Assessment |
| Under property coverage, which of the following is covered under coverage A? | Dwelling |
| Under Section 1 Condition - Loss Settlement, which of the following formulas is used to determine payment to an insured in the event of a loss? | Insurance carried, divided by the insurance required, times the loss, minus the deductible, equals the loss payment. |
| Which of the following is NOT an option of the California Residential Property Insurance Disclosure Statement? | Fair Market Value Cost Coverage |
| In property coverage, what is specifically covered under coverage B? | other structures/ separate structures at the same location, such as garages, sheds and birdhouses on the described location that are separated from the dwelling by a clear space or connected only by a fence or utility line. |
| Which is not a liability endorsement on the HO forms? | Mobilehome |
| Coverage D, loss of use, depends on which of the following for a limit of insurance to be applied? | How much coverage is placed on the dwelling? |
| According to Section II of the Homeowners policy (selected homeowners endorsements), which of the following is true of the mobile home endorsement? | The mobile home is considered the dwelling being insured when it is endorsed on the policy. |
Created by:
jmlawry
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