P&C Insurance Exam - Homeowners Policy with all
Correct & 100% Verified Answers |Guaranteed to Pass
What coverages forms are available under the homeowners program? ✔Correct Answer-HO -
2 broad form
HO - 3 special form
HO - 4 content broad form
HO - 5 comprehensive form
HO - 6 condominium unit owners
HO - 8 modified coverage form
What is the purpose of a homeowners policy? ✔Correct Answer-homeowners policies are
designed to cover dwellings primarily used as private homes
What homeowners form provides protection for losses from named perils? ✔Correct Answer-
The HO - 2 broad form
What type of coverage is expanded upon from HO-2 to HO-3? ✔Correct Answer-the peril of
vehicles insured for the personal property is expanded from what is covered in the broad form
(HO - 2)
What type of coverage does the HO-4 provide? ✔Correct Answer-The HO-4 tenant broad
form ensures personal property for the same perils as found in the broad form (HO-2)
What is covered under the HO - 5? ✔Correct Answer-The comprehensive form (HO-5) covers
both the dwelling and other structures on an open peril basis.
Under HO-6, where may business property be stored? ✔Correct Answer-HO-6 will cover a
structure that contains business property solely owned by an insured or a tenant of the
dwelling, provided that the business property does not include gaseous or liquid fuel, other
than fuel in a permanently installed fuel tank of a vehicle or craft parked or stored in the
structure.
When replacement coverage cost is not reasonable, what type of HO coverage is applicable?
✔Correct Answer-the HO - 8 modified homeowners form is intended for use when replacement
cost coverage is NOT practical.
Define insured and insured location? ✔Correct Answer-the insured is the name insured and
residents of the premises who are relatives or under age 21 and in care of insured. Insured
location is the residence premises or any other premises at same location, or part of it used by
the insured as a home and described in the declarations; a premises not owned by the insured,
but where the insured temporarily living; vacant land owned or rented by the insured, excluding
Correct & 100% Verified Answers |Guaranteed to Pass
What coverages forms are available under the homeowners program? ✔Correct Answer-HO -
2 broad form
HO - 3 special form
HO - 4 content broad form
HO - 5 comprehensive form
HO - 6 condominium unit owners
HO - 8 modified coverage form
What is the purpose of a homeowners policy? ✔Correct Answer-homeowners policies are
designed to cover dwellings primarily used as private homes
What homeowners form provides protection for losses from named perils? ✔Correct Answer-
The HO - 2 broad form
What type of coverage is expanded upon from HO-2 to HO-3? ✔Correct Answer-the peril of
vehicles insured for the personal property is expanded from what is covered in the broad form
(HO - 2)
What type of coverage does the HO-4 provide? ✔Correct Answer-The HO-4 tenant broad
form ensures personal property for the same perils as found in the broad form (HO-2)
What is covered under the HO - 5? ✔Correct Answer-The comprehensive form (HO-5) covers
both the dwelling and other structures on an open peril basis.
Under HO-6, where may business property be stored? ✔Correct Answer-HO-6 will cover a
structure that contains business property solely owned by an insured or a tenant of the
dwelling, provided that the business property does not include gaseous or liquid fuel, other
than fuel in a permanently installed fuel tank of a vehicle or craft parked or stored in the
structure.
When replacement coverage cost is not reasonable, what type of HO coverage is applicable?
✔Correct Answer-the HO - 8 modified homeowners form is intended for use when replacement
cost coverage is NOT practical.
Define insured and insured location? ✔Correct Answer-the insured is the name insured and
residents of the premises who are relatives or under age 21 and in care of insured. Insured
location is the residence premises or any other premises at same location, or part of it used by
the insured as a home and described in the declarations; a premises not owned by the insured,
but where the insured temporarily living; vacant land owned or rented by the insured, excluding
