1
Q
An individual who owns and lives in a condo can obtain broad coverage for personal property in the condo under which homeowners form?
A
HO-6
2
Q
Which of the following can be insured under an unendorsed homeowners policy?
A
Private residence in which the insured resides and maintains an office for her accounting business.
3
Q
The homeowners form that provides open-perils coverage on the dwelling and broad coverage on personal property is…
A
HO-3
4
Q
Which of the following coverages is included in the homeowners policy but is not included in an unendorsed dwelling policy?
A
Liability & theft.
5
Q
Open-perils coverage for both the dwelling and personal property is provided by…
A
HO-5
6
Q
What endorsem*nt is used to provide open-perils coverage on a specific expensive piece of personal property?
A
Special personal property
7
Q
An insured’s home is covered by a DP-3. Two years ago, the insured bought the home for $58K. Today, it’s replacement value is $60K. What amount of Coverage A insurance does the insured need to purchase to qualify for replacement cost coverage?
A
$60K x 0.80 = $48K
8
Q
Which of the following is NOT covered by an unendorsed dwelling policy?
A
Liability + theft
9
Q
Which of the following perils is covered by the HO-2 and HO-3?
A
Sudden and accidental rupture of a heating system (Tearing Apart)
10
Q
Assume the following items were stolen from the insured’s home. Which of these losses would be fully covered under Coverage C of the homeowners policy, assuming the loss was for the full value of the property described
A
A $2,000 laptop computer the insured uses for her in-home accounting business.
11
Q
Carl’s home sustains $50K damage in an electrical fire. The home is insured under the Ho-2 policy for $75K. At the time of the loss, the home’s replacement cost = $125K. How much insurance should Carl have had on his dwelling to allow the insurance company to pay the partial loss in full?
A
$125K + 0.80 = $100K
12
Q
Which of these homeowners endorsem*nts is used to schedule separate coverage for 1 or more of the 9 categories of personal property?
A
Scheduled personal property
13
Q
A basic dwelling policy may provide coverage against all of the following EXCEPT…
A
Water
14
Q
All of the following perils are automatically covered under the DP-3 policy EXCEPT…
A
Theft
15
Q
Which of the following claims would be handled by Coverage F of the homeowners policy?
A
Medical expenses incurred by a houseguest who slipped and fell on premises.
16
Q
A dwelling policy can be used to insure all of the following EXCEPT…
A
Farms
17
Q
For the valued policy law to apply under the homeowners policy, the loss must be caused by…
A
Fire.
