chapter five - homeowners policy Flashcards
What is Section I?
What is Section II?
Owner-occupied dwelling with no more than 4 residential units; the named insured must live in one of the units.
HO-2, HO-3, HO-5, and HO-8
The residence or apartment is rented, not owned. What form is this?
Condo or cooperative unit may be rented or owned. What form?
HO-3 is what type of form?
HO-4 is what type of form?
Contents Broad Form
HO-5 is what type of form?
In what way is the HO–5, Comprehensive Form different from the HO–3, Special Form?
Personal property is valued at actual cash value
The dwelling is valued at replacement cost
The dwelling is insured on an open perils basis
Personal property is insured on an open perils basis
Personal Property is insured on an open perils basis.
The HO-5 Comprehensive Form covers personal property for open perils whereas HO-3 policy covers it for named perils
HO-6 is what type of form?
An owner of a condominium unit would purchase which Homeowner form?
HO-6 Unit-Owners Form
The HO-6 covers the personal property of the condominium unit owner as well as building coverage
HO-8 is what type of form?
A related, full-time student away at school and under what age is considered an insured on the Homeowner policy?
(In order to qualify for coverage under the HO policy, a full-time student living away at college is an insured if under age 24.)
To avoid penalty at the time of a partial loss, dwelling must be insured to at least ___% of its replacement value.
Coverage A - Dwelling does not cover vandalism and malicious mischief if the dwelling has been vacant for how many days?
Coverage B Other Structures provides a limit of liability equal to ___% of the Coverage A limit.
On Coverage C, Personal Property, if Personal Property is usually located at an insured’s residence other than the residence premises, coverage is limited to ___% of Coverage C, or $____, which is greater.
10% ; $1,000.
All of the following special limits of Coverage C are correct, except:
$2,500 for business property away from premises
$200 for money
$2,500 for theft of firearms
$1,500 for a trailer not used with watercraft
$2,500 for business property away from premises.
Coverage C, Personal Property, provides $____ for loss of business property away from premises.
Loss of Use
The automatic limit for Coverage D - Fair Rental Value is what percentage of Coverage A under an HO-3, Special Form?
Section ___ , called ____ includes …
Trees, Shrubs, and Plants
Section I ; Additional Coverages
Coverage up to $____ is provided for the insured’s legal responsibility because of theft or unauthorized use of credit cards, electronic fund transfer or access devices issued to an insured.