Homeowners Insurance Practice Exam: Questions & Answers: A+ Guide Solution

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 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 Coverage C Limited Property will give how much for boats including trailer, outboard motor and equipment? (Ans- $1500 Coverage C Limited Property will give how much for other trailers? (Ans- $1500