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HomeOwners Flashcards

(74 cards)

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1
Q

Is the homeowners policies multiline or single line?

A

It is multi line because it provides coverage for property and liability insurance in a single policy.

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2
Q

Who is the name insured?

A

The owner or occuypent of the building.

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3
Q

Are the rules stricter than a dwelling policy?

A

YES

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4
Q

Are farms covered under a homeowners policy?

A

NO

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5
Q

Are Mobile homes covered under the homeowners policy?

A

YES as an endorsment

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6
Q

Do you have to live at the home insured?

A

The dwelling must be used exclusively as a residence except for certain incidetal occupancies such as office professional or private schools or studios

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7
Q

Are homes being purchased eligable?

A

YES.

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8
Q

How many families can the home contain?

A

Four. with an additional family or two roomers or boarders are allowed per family

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9
Q

what does HO2 Cover?

A

Broad Form. provides broad coverage for the dwelling and personal property. The covered perils are similar to those covered by DP 1 with the extended cover perils and V&MM coverage.

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10
Q

Does HO2 Cover Breakage of glass?

A

YES

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11
Q

Does HO2 Cover theft?

A

YES

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12
Q

What is HO3?

A

A special forms policy providing open peril coverage for loss to the dwelling and other structures.

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13
Q

What type of coverage does HO3 provide for personal property?

A

Broad coverage whic is identical to the HO2 coverage of personal property.

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14
Q

What is HO4?

A

a contents broad form for insuring tenants or just any person who does not own the building they are living in.

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15
Q

Does HO4 have coverage for the dwelling?

A

NO

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16
Q

What is HO5?

A

A comprehensive form providing coverage for both the dwelling and other structures and personal property

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17
Q

What is HO6?

A

A unit owners form which provides broad coverage on the personal property of condominium owners. Very limited to to dwelling coverage

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18
Q

What is HO8?

A

Modified covered designed for older homes with replacement values that may far exceed the market value.

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19
Q

What kind of coverage does HO8 Provide?

A

It provides basic coverage on the dwelling and personl prpoerty similar to the DP 1 with the extented coverage perils and V&MM coverage but it also includes certain restrictions on valuation of losses. A lot of companies don’t even carry it anymore

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20
Q

HO 2 provides __________ on the dwelling and ____________ coverage on personal property

A

Broad , Broad

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21
Q

The HO3 Policy provides _______ coverage on dwelling and ___________coverage on personal property

A

Open peril , Broad

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22
Q

The HO4 Policy provides ______ coverage on the dwelling and ___coverage on personal property

A

No , Broad

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23
Q

The HO 6 policy provides _____ coverage on personal property

A

broad

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24
Q

The HO8 Policy provides ______ basic coverage on the dwelling and _____ coverage on personal property

A

Basic , Broad

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25
In Home owners insurance what does Coverage A cover?
Dwelling
26
What is coverage B in homeowners?
Other structures
27
In coverage C what is covered for a homeowners?
personal property
28
What does Coverage D cover in a homeowners property?
Loss of use
29
What does Dwelling mean for a HOP policy?
the dwelling and other structures attached to the dwelling as well as materials and supplies for repair and construction of thsoe structures if they are located on or next to the residance premise.
30
In an HOP policy what does other structures mean?
buildings on the premise that are separated by a clear space
31
If someone is covered under a homeowners policy and allows it to be rented as a private garage is it covered?
YES
32
What are some other things covered by an HO 6 policy?
Things that are a part of the building can be fixed like stoves fixtures etc
33
How much is property not at the place of residance covered?
Up to 10% or 1,000 dollars whatever is greater
34
What are some of the HOP exclusions?
animals, motorized vehicles, air craft, property of boarders, property held for rental, credit cards,
35
In a homeowners policy how much coverage does money precious coins etc get?
$200
36
In a homeowners policy how much coverage does valueable paper get?
$1,500
37
In a homeowners policy how much coverage does water craft get?
1500
38
In a homeowners policy how much coverage does trailers get?
1500
39
In a homeowners policy how much coverage does property on residance used for business purposes get?
2500
40
In a homeowners policy how much coverage does electrinic apparatus from a motor vehicle and or electronic apparatus used for business purposes?
1500
41
In a homeowners policy how much coverage does Debris removal take care of
Covers the expense of Debris removal on the property if the peril is covered. Only covers trees if they were knocked down by a windstorm.
42
In a homeowners policy how much coverage does what covers the cost to cover repairs necessary to protect covered property from further loss after being damaged by a covered peril.
Reasonable Repairs
43
In a homeowners policy how much coverage does trees, shrubs, and other plants have?
5% of the coverage A limit or a Max of 500 for any one tree shrub or plant for HO 4 AND 6 the limit is 10% or a max of 500
44
In a homeowners policy how much coverage does fire dept service charge have?
$500 bucks
45
Collapse is covered under what homeowners policy?
HO2,3,4,5,6
46
Land lords furnishings covered under what homeowners policy?
HO2,3,5
47
Building additions and alterations is covered under what homeowners policy?
HO4
48
Grave Markers is covered under what homeowners policy?
HO2,3,4,5,6
49
Ordinance or Law Coverage is covered under what homeowners policy?
HO2-HO6
50
What is included under basic perils for HOP?
Fire, Lightning, Windstorm or Hail, Explosion, Riot or Civil Commotion, Air Craft, Vehicles, Smoke, Vandalism & Malicious Mischief, Theft, Volcanic Eruption.
51
What does attempted theft not include for HOP?
Mysterious disappearance / Theft from a portion of the premises that the isnured rents out / Theft of watercraft or equipment, trailers or campers while off the premises / theft by insured / Theft from a dwelling under construction
52
What are the Broad form additions for HOP
Falling objects / weight of snow and ice / accidental discharge or overflow of water or steam form within appliances or plumbing related systems./ Water damage / freezing
53
What happens if the insured doesn't carry insurance equal to or great than 80% of the buildings replacement cost?
The insured will be paid on an ACV of the loss or a proportion of the replacement cost whichever is greater.
54
How do you determine proportional replacement cost?
Insurance carried/insurance required*amount of loss =amount of reimbursement
55
What is section 1 of the HOP?
Property and it contains coverage A-D
56
What is section 2 of the HOP?
Liability and it includes coverage E-F
57
Which policy has the broader form for Theft HO3 or HO5?
HO5
58
For a HOP policies 3,2,5,8 Coverage A is the ____limit?
Primary
59
In HOP policies Coverage C is what?
The Primary limit
60
For a HOP policies 3,2,5,8 Coverage B provides how much for one or two family dwellings?
10% of coverage A's limit
61
For a HOP policies 3,2,5,8 coverage B provides how much for three or four family dwellings?
5% of coverage A limit
62
For a HOP policies 3,2,5,8 coverage C provides how much for on or two family dwellings?
50% of coverage A limit
63
For a HOP policies 3,2,5,8 coverage C provides how much for three family dwellings?
30% of coverage a limit
64
For a HOP policies 3,2,5,8 coverage C provides how much for four family dwellings?
25% of coverage A limit
65
For a HOP policies 8 how much is covered?
10% of coverage A limit
66
For a HOP policies 3,2,5, provides how much coverage in D?
30% of coverage A's Limit
67
In a HOP policy what is coverage E?
Personal Liability - covers damages that the insured become legally obligated to pay because of bodily injury or proerty damage
68
In a HOP what is coverage F?
Medical payments to others - pays all necessary medical expenses incurred within three years of an accident that caused bodily harm
69
What is scheduled personal property endorsements for an HOP?
A separate schedule of insurance for one or more of nine major categories of property such as furies, coin collection, golf equipment, stamps, paintings etc
70
What type of water craft is excluded?
boats or anything on the water up to 26 feet like and have a 25 horsepower motor
71
Under coverage F in the HOP the policy will cover reasonable medical expenses incurred within hor many years of the accident?
3 years
72
Do Dwelling policies include personal liability coverage?
No they have to be added as an endorsment.
73
Under section 1 in the HOP policy if something is lost that is a part of a pair or set how will the insured be compensated?
The company will pay the difference in value between the whole pair or set and the remaining item.
74
Is power failure occurring away from the insureds premises an exclusion the HOP policy?
Yes

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