SC Homeowners Insurance Exam Questions with complete Answers

Homeowners insurance is also referred to as a ________ policy - ANSWER-Package policy or multiline policy > because it provides property and liability coverage in a single policy eligible for homeowners insurance - ANSWER-> owner occupied > no more than 4 family dwelling > primary purpose as a resident not eligible for homeowners insurance - ANSWER-> farm dwellings > mobile homes are eligible but require a mobile home endorsement cancelation of homeowners insurance by inurer - ANSWER-during first 60 days for any reason > minimum of 10 days notice after first 60 days > minimum of 30 days notice > reason: material misrepresentation > reason: substantial change in risk non payment of premium > 10 days advanced notice non renewal by insurer > 30 days advanced notice Standard Mortgage Clause - ANSWER-Protects the interest of the financial institution against loss to real property caused by perils insured against. > mortgagee may pay premium, file a claim for insurable interest, will receive notice of cancellation > dishonesty of insured doesn't prevent mortgagee from collecting