Homeowners Insurance

Question 1

A homeowners policy is a multi line policy because of what?

Answer 1

It provides property and liability insurance in a single policy

Question 2

Why do they have property and liability coverage in one policy?

Answer 2

Because the insured is more likely to avoid gaps in coverage on the overlapping of coverage is that often happen when several monoline policies are purchased instead of a package policy.

Question 3

Not every person in our house is eligible for coverage under homeowners policy. The rules are stricter than those that apply to the dwelling policy. (5 Things)

Answer 3

1. The name insured must be the owner occupant of the dwelling
2. The home cannot contain more than four families, one additional family or two roommates or borders are allowed per family
3. Unless the insured is a renter here, she cannot purchase coverage for personal property owner
4. The dwelling must be used exclusively as a residence, except for certain incident occupancy, such as offices, professional, or private schools or studios
5. Farms may not be covered under homeowners policy

Question 4

HO-2, , HO-3, HO-4, HO-4, HO-5, HO-6, HO-8 in what way and how are they different? what are they?

Answer 4

they all provide identical liability coverage but it is the property damage that varies. They are forms that give coverage to your house

Question 5

Homeowners policies divided into two sections. Section 1 and section 2. what are they?

Answer 5

Section 1 provides proeprty insurance

Section 2 provides liability and medical payment insurance

Question 6

the HO-2, the broad form provides what?

Answer 6

coverage for the dwelling and personal property. But think about how it covers a wide variety and think of the words literally

Question 7

the HO-3, the special form provides what?

Answer 7

open peril coverage for loss to the dwelling and other structures

Question 8

the HO-4, the contents broad form provides what?

Answer 8

insures tenants and provides them coverage for personal propert and no coverage for the dweeling… only for tenants and renterts

Question 9

the HO-5, the comprehensive form provides what?

Answer 9

open peril ocverage for both the dwelling and other structures and personal property

Question 10

the HO-6, the Unit-Owners form provides what?

Answer 10

Provides broad coverage on the personal property of condominium owners]

Question 11

the HO-8, the modified coverage form provides what?

Answer 11

It’s designed for older homes placement values that may far exceed their market values

Question 12

Section 1 - Property

What are the 4 separate types of property coverages provided by the homeowners policy under section 1:

Answer 12

Coverage A - Dwelling
Coverage B - other structures (appurtenant)
Coverage C - Personal Property
Coverage D - Loss of use

Question 13

Section 1 - Property

What is the Coverage A - dwelling coverage provided by the homeowners policy under section 1:

Answer 13

Coverage A - Dwelling:

This coverage covers the dwelling or the house and trucks is attached to the house as well as materials and supplies needed for repair and construction of such structures if they are located on or next to the residence premises

Question 14

Section 1 - Property

What is the Coverage B - other structures coverage provided by the homeowners policy under section 1:

Answer 14

Coverage B - other strucutures

Other structures covers buildings on the describe premise that are separated from the dwelling by clear space maybe a small shed or a game pool house or a garage that is not connected to the house

Question 15

The HO-6, the unit owners form includes limited dweelling coevrage A for. and what is the standard coverage a limit

Answer 15

Alterations, appliances, fixtures, and improvements that are part of the building containing the residence premises….. $1,000

Question 17

What is the general rule when it comes to What is or isn’t covered in a policy?

Answer 17

If something isn’t listed as not covered than we assume its covered.

Question 17

What does coverage C personal property provide?

Answer 17

Provides coverage for personal property, owned or used by an insured while it is anywhere in the world so this means essentially stuff you would take on the trip while traveling call.

Question 18

What certain classes of property is reciprocal excluded from coverage?

Answer 18

Animals, birds or fish. and motorized vehicles, or aircraft, excluding equipment and accessories

Question 19

Special limits of liability

Answer 19

Essentially certain types of personal property has special limits of liability that are lower than overall policy limits that apply to personal property and they do this because they want people who wanna get insurance and want coverage of personal property that have things of high value to get this thing covered on a specific basis.

for example. $200 for money

and $1,500 for watercraft

Question 20

For the following classes of personal property in special women’s apply only to theft losses:

Answer 20

15000 dollars for jewelry and watches
2500 dollars for silverware,foldware, or pewterware
2500 for firearms

Don’t need to know numbers but no the insurance company insurance things to value. Silverware for example, lost in the tornado doesn’t have a special limit because it wasn’t a theft.

Question 21

Coverage D loss of use as a property coverage type that provides two types of coverages. What are they?

Answer 21

First to cover property loss, makes the residents unable to live at the place, so therefore the policy will cover additional living expenses related to maintaining insurance normal standard of living. For example, they may give you coverage to rent a house or a hotel or something like tha

Second, if a covered loss to the insurance property, makes a part of the residence premises and has rented to others or rent it out unable to live out for those people. The policy will cover the loss of fair rental value minus any expenses that are not recall choir, while no one can live with the premises.

Question 21

In addition of the Ford coverages, the homeowners form contain certain additional coverages. The following six things are additional coverages included in all homeowners forms. Except one specifically noted coverage is included in the policy limit.

Answer 21

First debris removal, second, reasonable repairs, third tree, shrubs and other plants for fire department, service charge, fifth property removed, and sixth glass or safety glazing material.

Question 22

What is the fire department service charge when it comes to personal homeowners insurance?

Answer 22

They will pay up to $500 for like the fire truck to come when they have to protect a certain type of property that’s covered

Question 23

What do you need to know about trees, shrubs, and other plants removal when it comes to personal homeowners insurance this is regarding to how much is paid out for this category?

Answer 23

Maximum of $500 for any of those trees, shrubs or plants will be paid for any single one of them

Question 24

What does theft include when it comes to coverage?

Answer 24

Theft includes the attempt by damage from the attempt if somebody were to break in the house and ruin your windows

Question 25

What type of fact is not covered in these policies?

Answer 25

Theft by the insured theft, by or from a dwelling under construction theft, from a portion of the premises, that the insured rents out theft of water, craft, or equipment, trailers, or campers, while off premises in mysterious disappearance

Question 26

What are the bride named perils?

Answer 26

weight off ice, snow or sleet

Question 27

HO-3, the special form, provides (coverage for the dwelling and other structures, ensuring against all risks of direct physical laws that are not specifically excluded in the policy. Personal property is covered under named peril basis for the same perils insured under that, HO- 2

Answer 27

HO-3, the special form, provides (coverage for the dwelling and other structures, ensuring against all risks of direct physical laws that are not specifically excluded in the policy. Personal property is covered under named peril basis for the same perils insured under that, HO- 2

Question 28

Comprehensive coverage and ensures the dwelling and other structures and personal property against loss by the package of “special” perils.

Answer 28

Comprehensive coverage and ensures the dwelling and other structures and personal property against loss by the package of “special” perils.

Question 29

All homeowners forms contain exclusions that applied to the property coverage as we discussed. They include exclusion losses due to what?

Answer 29

Earth movement like an earthquake, water damage, like a flood, or an issue from a sump pump, or power interruption that takes place off the residence premises

Question 30

Losses to the dwelling other structures are paid out at what type of cost?

Answer 30

Replacement cost as long as the insured carries in amount of insurance equal to 80% or more of the buildings replacement cost

Question 31

What happens if the insured carries less than 80% of the replacement cost on a dwelling?

Answer 31

They will be paid by the actual cash value the loss or a portion of the replacement cost, which ever is the higher amount

Question 32

What is the formula used to determine proportional replacement cost

Answer 32

Insured amount carried divided by insurance required X(times) the amount of loss = amount of reimbursement

Question 34

All homeowners forms coverage and how the policy limit is is calculated by the primary limit. But homeowners forms HO – four and HO–6 are covered by what.

Answer 34

One or two family dwelling: 50% of coverage, a limit Char

Question 35

There are two major coverage is provided under section 2 of the homeowners policy. What are they and what are their names?

Answer 35

Cover E - personal liability
Coverage F - Medical Paymetns to others

Question 36

covergage E personal liability covers what?

Answer 36

DAMAGES that the INSURED becomes LEGALLY OBLIGATED to pay because of BODILY INJURY or PROPERTY DAMAGE caused by an OCCURANCE to which coverage applies

Question 37

What does bodily injury mean?

Answer 37

Bodily harm, sickness or disease, including required care, loss of services and death

Question 38

What does property damage mean?

Answer 38

Physical injury to or destruction of tangible property, including loss of use

Question 39

In general coverage E applies to what?

Answer 39

Liability for bodily injury or property DAMAGES arising out of INSUREDs personal, nonbusinss activies that occur anywhere.

Question 40

Coverage E. personal liability also states that the insurance company will provide a defense for the inside of the insurance expense, even when the charges are groundless

Question 41

The standard liability limit provided for all bodily injury and property damage arising out of any one occurrence is how much

Answer 41

100,000 bucks

Question 42

Coverage F - medical payments to others pays what?

Answer 42

all neccessary MEDICAL EXPENSES incurred within 3 YEARS of an ACCIDENT that causes BODILY INJURY

Question 43

Coverage F – medical payments to others covers watt?

Answer 43

Medical payments to others, for example and sometimes called Guest medical because good pay is one of your guests or invitees to your house is injure

Question 44

Coverage, F has a limit to how much money per person per accident

Answer 44

1000 bucks

Question 45

There is no requirement under coverage after the insured be legally liable for their innjuries

Answer 45

There is no requirement under coverage after the insured be legally liable for their innjuries

Question 46

Section 2 of the homeowners policy also provides what additional coverages?

Answer 46

Loss assessment: that pays up to $1000 of the insured share of any loss assessment charger in the policy. Against the insured by corporation association, property owners.

Question 47

In addition to the conditions that apply separately, the sections one and two of the homeowners Bosley there a general conditions that apply to both sections where are they? Seven things.

Answer 47

1. policy changes
2. assignment
3. concealment or fraud
4. liberalization
5. subrogation
6. policy period
7. cancellation

Question 48

Under the cancellation condition, the insurance company may cancel for any reason within how many days written notice to the insured during the first how many days of a policys term?

Answer 48

10 days and 60 days

Question 49

What are the reasons after 60 days that a company could cancel the policy? Three things

Answer 49

First, material, misrepresentation by the insured, which only requires 30 days notice the second substantial training and the risk insured, 30 days notice and the third one is nonpayment of premium, which they have 10 days now

Question 50

What is the scheduled personal property endorsement?

Answer 50

Essentially what it says, you pick the items that you want covered in your house and have them appraised and agree with the insurance companies their value and including declarations this value, and also pay a premium on it

Question 51

What are homeowners endorsements?

Answer 51

It’s one homeowners have special needs and special things that they want covered that they can get insurance for

Question 52

What does personal property replacement cost endorsement and what homeowners form is the only form that it can be attached to?

Answer 52

It’s an endorsement that provides the policy will reimburse losses to personal property on replacement cost basis, rather than actual cash value, and it can only be added to HO–3

Question 53

Section II endorsements - An unendorsed homeowners policy provides no coverage for liability, arising out of business related, perils other than for permitted incidental occupancies. The business pursuits endorsement provides liability coverage.

Answer 53

Section II endorsements - An unendorsed homeowners policy provides no coverage for liability, arising out of business related, perils other than for permitted incidental occupancies. The business pursuits endorsement provides liability coverage.

Question 54

Business pursuits endorsement provides liability coverage for business conducted away from the residence premises

Answer 54

Business pursuits endorsement provides liability coverage for business conducted away from the residence premises

Question 55

Homeowners policy provides no protection against personal injury such as liable, slander, falter Rascommon, version of the privacy, malicious prosecution. The personal injury endorsement modifies, the definition of bodily injury to include personal injury.

Answer 55

Homeowners policy provides no protection against personal injury such as liable, slander, falter Rascommon, version of the privacy, malicious prosecution. The personal injury endorsement modifies, the definition of bodily injury to include personal injury.