Property & Casualty Exam (Guaranteed Pass!)

HO2 correct answers Covers dwelling and personal property on a named perils basis HO3 correct answers Covers dwelling, other structures on an open perils basis and personal property on a named perils basis HO4 correct answers Designed for tenants of houses and apartments. Tenants PP covered on a named perils basis. No dwelling but building additions are included HO5 correct answers Dwelling structures, personal property all covered on an open perils basis. Most expansive homeowners policy. A homeowners policy in effect for ___ days or more may be cancelled. correct answers 60 days Insurer must give ___ days notice when canceling a homeowners policy. But only ___ days notice when canceling due to nonpayment of premium. correct answers 20 days .... 10 days Insurer must give notice of at least ___ days when wanting to renew a homeowners policy. (Or non renewal) correct answers 30 days How do you provide proof of financial responsibility? correct answers Certificate of self insurance OR Certificate of liability insurance Motor vehicle policy must contain these limits: correct answers $25,000 injury/death and $25,000 for property damage What does your motor vehicle policy must contain (considering a wreck contain two or more people) correct answers $50,000 injury/death and $25,000 property damage How many days written notice must you give your insured when canceling a personal automobile policy? correct answers 20 days Contract Of Indemnity correct answers The amount an insurer pays is related to the amount of the loss. The payment cannot be greater than the actual loss the policyholder incurs/policy limit. Coininsurance correct answers encourages insureds to purchase policy limits that adequately reflect the insurable value of their property Subrogation correct answers after payment of a loss, the rights of the insured to recover the amount of the loss from one legally liable for it. Claim Settlement options (Property) correct answers -Repair/Replace damaged property with equivalent value. -Discount option. -Replace damaged property with equivalent item