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Insurance
Chapter 6
| Question | Answer |
|---|---|
| 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
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