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Insurance

Chapter 6

QuestionAnswer
Which of the following homeowners policies have both dwelling and personal property on a broad peril form? HO 2 and HO 6
Homeowner form(s) that do not provide any dwelling coverage (Coverage A)? HO-4 only
Mid-termination of a policy is known as: cancellation
Two policies from different insurers otherwise identical are known as: concurrent coverage
How are HO-8, HO-2, HO-3 and HO-5 different? Perils insured against
When an insured holds more than one identical policy for the same property, but the policies differ in coverage amount or length of coverage period, this is known as: Concurrent Policy Coverage
In a standard mortgage clause, what happens in the event of a total loss? The insurer pays the lienholder first and then the insured.
A fire that is intentionally set and remains within its intended limits is: not covered
In an insurance policy, any modifications made to the regular contract are known as: Endorsements
In an insurance policy, which page contains information such as the insured`s name, information about risk, the date coverage begins, the premium, location of the property being insured, etc.? Declarations
When an insurer pays the full amount of a claim, based on an appraisal made at the time of the contract and the value determined before the loss occurs, this is referred to as: Stated Value
Which of the following is NOT a reason a home would be insured under a Dwelling policy rather than a Homeowners policy? The dwelling has only one unit.
Which of the following homeowners policies covers condominium units? HO 6
What is the main difference between the Standard Fire Policy (SFP) and the California Standard Form Fire Policy? The SFP has 165 lines of text and the California Standard Form Fire Policy has 158 lines of text.
The stipulations for nonrenewing of a personal lines policy include a notice of cancellation of the policy in writing to the insured at least _________ before the effective date of cancellation. 45 days
What is the difference between an HO 3 and an HO 3 with an HO 15 endorsement? An HO 3 is a policy that covers all risks, except those excluded, on the dwelling, and personal property is covered with broad form perils, whereas an HO 3 with an HO 15 endorsement covers all perils with both dwelling and personal property.
What is the difference between an HO 2 and an HO 4? An HO 2 is written on a broad form basis and covers the owner of a dwelling, whereas an HO 4 is a renter`s insurance policy.
Property insurance policies contain many items EXCEPT: Insured`s gender
The part of the policy that contains the description of coverages provided is: insuring agreement
This Standard Mortgage clause states that a __________ has the right to file a claim, make premium payments, and be notified of any cancellations or non-renewals. Lienholder
Policy revision that provides broader coverage, no premium or endorsement: liberalization
Policy provision that gives the insurer the right to repair or replace: our option
Which of the following is NOT a difference between the Dwelling policy and Homeowners policy? In Dwelling forms, theft is a broad form peril, whereas in Homeowners it is not.
Property and casualty policies are made up of the following parts except: Show Hint Show Hint Additional Claim Form
Under personal lines insurance, dwelling insurance, which of the following perils is NOT covered on a standard fire policy? Earthquake
What method of valuation means the company will decide the replacement cost of a lost item, then subtract depreciation from it and pay the rest? Actual Cash Value
What is the difference between an HO 2 and an HO 3? An HO 2 has dwelling and personal property coverage on a broad peril form, while an HO 3 has dwelling coverage on a special form and personal property on a broad peril form.
Which HO form(s) provide open peril coverage for personal property? HO-5
Which of the following homeowners policies covers renter`s insurance? HO 4
Cancellation for property and casualty policies for other than nonpayment is Both 30 days except auto and 20 days for auto are correct.
According to the ordinance or law exclusion, which of the following does NOT apply? This coverage is required by state law.
Created by: jmlawry