Homeowners Insurance Practice Exam
What is a homeowners policy?(Ans- multi-line policies with six different policy forms, only significant difference is the perils.
What is Section I of the homeowners policy?(Ans- Property
What is Section II of the homeowners policy?(Ans- Casualty aka Liability
What is Section I-Property Coverage A?(Ans- Dwelling
What is Section I- Property Coverage B?(Ans- Other Structures
What is Section I- Property Coverage C?(Ans- Personal Property
What is Section I- Property Coverage D?(Ans- Loss of Use
What is Section II- Casualty Coverage E?(Ans- Personal Liability
What is Section II- Casualty Coverage F?(Ans- Medical Payments to Others
What is the Homeowners Tenants form?(Ans- HO-4
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Coverage A or B will not be on what homeowners policy form?(Ans- Tenant form HO-4
There is only enough coverage of A and B to offset betterment's and improvements on what form?(Ans- The Condominium Owners form HO-6
Coverage A-Dwelling in the homeowners policies insures what?(Ans- the building in which you live and any permanently attached property such as water heaters, furnaces, central units and carpeting.
Coverage B-Other Structures in the homeowners policies insures what?(Ans- protects structures on your property other than your house, such as sheds, detached garages, and swimming pool
How is Coverage B calculated?(Ans- 10% of Coverage A
Coverage C-Personal Property in the homeowners policies insures what?(Ans- Covers your stuff on and off the residence premises...anywhere on earth.
How is Coverage C calculated?(Ans- 50% of Coverage A but can be raised
What are some exclusions on Coverage C?(Ans- Property insured elsewhere, animals, electronics designed to be operated from a motor vehicle and tapes, property of tenants, business data on paper
Coverage C Limited Property will give how much for money, gold or silver?(Ans- $200
Coverage C Limited Property will give how much for securities?(Ans- $1500
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