Homeowners Insurance
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| Hooligans break into Harry's pickup and steal the CB radio built into the dash. Which of the following HO forms would provide him with coverage for this loss? | None of the aforementioned
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| You recently had a brand new detached garage built next to your home for $9,000. You have an HO-3 policy with $100,000 coverage on the dwelling, but you've never had a garage before. In order to have it covered; you should do which of the following: | Do nothing- it is already covered because of the HO-3 policy specifications
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| You have a standard HO-3 policy with no endorsement and your house is damaged by fire. Among your losses is a Rolex watch that would cost $2,000 to replace. Disregarding the deductible, how much will the company pay for the loss of the item? | $2,000 minus depriciation
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| Which of the following is excluded from an unendorsed HO-2? | Earthquake
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| In order to be eligible for a Homeowners policy, which of the following must be TRUE? | You must be (or plan to be) the owner-occupant of the insured dwelling; No more than 4 families can occupy the dwelling
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| You upgrade your insured from an HO-1 to an HO-3. How has that changed the liability coverage? | Not at all
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| All of the following can be found in the Declarations of a Homeowners policy EXCEPT: | The Exclusions
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| All of the coverages are part of Section I of the Homeowners policy EXCEPT: |
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| Joe Bookworm owns an original edition of the World Book Encyclopedia and an HO-3. The set consisting of 19 volumes is valued at $5,000. Each volume is valued at $100. Two of the volumes are destroyed by fire. How much will the company pay? | $3,300
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| All of the following are true concerning the Medical Payments to Others coverage EXCEPT it | pays to the family members of the named insured
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| Your house has a replacement cost of $100,000. In order to have replacement cost coverage on the dwelling, your Homeowners policy must be written with a face amount equal or greater than which of the following? | $80,000
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| You are a tenant with an HO-4 policy. You have $20,000 worth of coverage on your personal property. How much coverage do you have for Loss of Use? | $6,000
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| Which of the following is/are true concerning the Supplementary Payments coverage of the Homeowners policy? | Pays in addition to the stated limits of liability; Pays for costs incurred by the Named Insured in helping to defend a claim
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| Which statement best describes the difference between Section I and Section II coverages of the Homeowners Policy? | Section II coverages pay for damage to property of others and for injuries to others, whereas Section I pays for damage to the insured's property and loss of its use.
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| All of the following are true regarding Medical Payments to Others coverage EXCEPT: | It covers medical expenses incurred within 4 years of an accident
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| Which of the following coverages can be found in all Homeowners policies and in no Dwelling policies? | Theft; Liability
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| Which of the following is true concerning the Homeowners policy coverage for your 200 horsepower motorboat? | There is $1,500 property coverage and no liability coverage
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| The Homeowners Policy excludes which of the following types of personal property? | Animals, Birds, Fish; Hovercrafts; Motorized Vehicles and Aircraft
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| Which of the following is a personal property that has a special limit of liability for theft losses only? | Silverware, gold ware, and pewter ware
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| The special limit of liability for securities, manuscripts, and other valuable paper property is | $1,500
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| Which of the following has a special limit of liability? | Gold ware that was stolen from the insureds dwelling
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| Which form would be best suited for a person who owns a condominium? | HO-6
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| The HO-8 provides | Basic name peril coverage on Coverage A, B, and C
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| If the insured carries less than 80% of the replacement cost on the dwelling, he or she will be paid | The actual cash value or the proportional replacement cost, whichever is larger
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| Which of the following situations would provide property and liability coverage under a homeowners policy? | A watercraft with 25 horsepower and 25 feet in length
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| Which of the following is/are true concerning Section II of the Homeowners Policy? | Coverage E covers damages that the insured becomes legally obligated to pay because of bodily injury and property damage; Coverage F pays all necessary medical expenses, to someone other than the insured, with no requirement of legally liability
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| The definition of insured under Section II of the Homeowners Policy would include: | Named insured plus relatives who are residents in the household
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| Which of the following watercraft are automatically covered under the liability section of a homeowners policy: | Watercraft powered by one or more outboard motors with a total of 25 horsepower
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| Expenses incurred in defending a liability suit covered under Section II of the homeowners policy: | Are payable in addition to the limit of liability stated in the policy
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| Jess Smith has a standard homeowners form (HO-2) with $40,000 coverage on the dwelling. He has a major fire loss that causes him to incur additional living expenses of $12,000. His insurance company would pay: | $12,000
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| Your neighbor's son is severely injured while playing at your home. In a suit for $100,000, they agree the injury is severe but you are not legally liable for damages. Under the liability coverage of your homeowners policy, the insurance company would: | Only pay for the legal cost of defending you
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| An insured purchased insurance on a building with a replacement cost of $100,000. The coverage purchased is $40,000 and is written on a replacement cost basis, subject to an 80% coinsurance clause. There is a $40,000 loss. The company would pay: | $20,000
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BGeisert
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