Adjuster Pro – Indiana License - Chapter 3 Personal Lines Exam with Complete Solutions

Adjuster Pro – Indiana License - Chapter 3 Personal Lines Exam with Complete SolutionsAdjuster Pro – Indiana License - Chapter 3 Personal Lines Exam with Complete SolutionsAdjuster Pro – Indiana License - Chapter 3 Personal Lines Exam with Complete Solutions Standard Fire Policy - ANSWER - basic foundation of all homeowner's and commercial policies ACV Named peril policy that only covered fire and lightning first used in 1918 in NY Line of Coverage - ANSWER - A particular risk or group of risks covered by an insurance policy Monoline Policy - ANSWER - an insurance policy that covers only one risk or type of risk Personal lines - ANSWER - for possessions intended for personal use commercial lines - ANSWER - for possessions intended for business or corporate use Homeowners Insurance - ANSWER - bundles property and liability insurance into one 'package' policy Property coverage - ANSWER - covers physical losses to the home and associated structures liability coverage - ANSWER - covers losses experienced by a third party, for which the policyholder is liable Buildings that qualify for HO: - ANSWER - residential dwellings with up to 4 families (if at least one unit is occupied by the owner) dwellings used exclusively for residential purposes mobile homes buildings under construction HO-2 (broad form) - ANSWER - Named peril policy cheap but provides more coverage than HO-8 Insures against all 17 broad form perils Covers the insured's