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Homeowners Insurance

QuestionAnswer
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
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
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
Which of the following is excluded from an unendorsed HO-2? Earthquake
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
You upgrade your insured from an HO-1 to an HO-3. How has that changed the liability coverage? Not at all
All of the following can be found in the Declarations of a Homeowners policy EXCEPT: The Exclusions
All of the coverages are part of Section I of the Homeowners policy EXCEPT:
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
All of the following are true concerning the Medical Payments to Others coverage EXCEPT it pays to the family members of the named insured
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
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
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
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.
All of the following are true regarding Medical Payments to Others coverage EXCEPT: It covers medical expenses incurred within 4 years of an accident
Which of the following coverages can be found in all Homeowners policies and in no Dwelling policies? Theft; Liability
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
The Homeowners Policy excludes which of the following types of personal property? Animals, Birds, Fish; Hovercrafts; Motorized Vehicles and Aircraft
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
The special limit of liability for securities, manuscripts, and other valuable paper property is $1,500
Which of the following has a special limit of liability? Gold ware that was stolen from the insureds dwelling
Which form would be best suited for a person who owns a condominium? HO-6
The HO-8 provides Basic name peril coverage on Coverage A, B, and C
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
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
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
The definition of insured under Section II of the Homeowners Policy would include: Named insured plus relatives who are residents in the household
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
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
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
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
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
Created by: BGeisert
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