Cheat Sheet - Property & Casualty Exam Questions and Answers 100% Pass

Cheat Sheet - Property & Casualty Exam Questions a nd Answers 100% Pass 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 co verage. 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) 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. -Reasonabl e 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 expense -Fire department service charge - pays up to $500 for fire department charges incurred when they're called to save or protect property. -Worldwide coverage provides 10% of coverage C (personal property on premisis) -Rental value - provides up to 20% of Coverage A (dwelling) limit of liability for loss of fair rental value. Dwelling Broad Form - Correct Answer ✔️✔️-DP-2 DP-2 - Correct Answer ✔️✔️-*Includes all the coverages in DP -1 plus some other coverages that are not found in DP -1.* + BIG AFFECT -Trees, shrubs, and other plants pays up to 5% of Coverage A limit for damage to trees, shrubs, plants. etc. Policy will not pay more than $500 for damage. -Collapse pays for the collapse of the dwelling caused by a specified list of perils. To be considred a collapse, the loss must involve the building or part of building abruptly falling or caving. -Glass or safety glazing ma terial pays for the breakage of glass or safety glazing material and damage to covered property caused by glass breakage.