Cheat Sheet - Property & Casualty Exam | Questions & 100% Correct Answers (Verified) | Latest Update | GradeA+

What are the forms of homeowner policies? Correct Answer: HO-2, HO-3, HO-4, HO-5, HO-6, HO-8. Each of these forms provides identical liability coverage. The property coverage varies with the homeowners form selected. The following is a list of the forms with the covered perils of each. HO-2 Correct Answer: Broad form; owner occupant HO-3 Correct Answer: Special Form; owner occupant HO-4 Correct Answer: Tenants or Renters HO-5 Correct Answer: Comprehensive Form; owner-occupant (open to all except exclusions) 2 HO-6 Correct Answer: Condominium Owners HO-8 Correct Answer: Modified Form for Special Risks (such as older homes that would cost more to rebuild than they're worth) Dwelling Basic Form Correct Answer: DP-1 DP-1 Correct Answer: *Dwelling basic form that provides certain other coverages that are automatically included for not additional premium.* -Other structures allows use of up to 10% of the Coverage A limit of liability for covered losses to other structures as described in coverage B. -Debris removal pays for the expense of removing debris as the result of a loss covered by the policy. -Reasonable repairs pays for reasonable costs to make necessary repairs to protect property from further damage following a covered loss. -Improvements, alterations, and additions provide coverage for insureds who are tenants for improvements or alterations made to the dwelling at the tenant's expens