CPCU 553 Chapter 5 Exam Questions and Answers |Verified & Updated | 100% Correct

CPCU 553 Chapter 5 Exam Questions and Answers |Verified & Updated | 100% Correct Under an HO-3—Special Form (HO-3), Coverage C—Personal Property applies to the insured's personal property - Answer️️ - Not only in the insured's residence, but anywhere in the world. Anne and Dave insure their house with an unendorsed HO-3—Special Form (HO-3) with a Coverage A—Dwelling limit of $300,000, which is the replacement cost of the house. A thief breaks into the house while Anne and Dave are on vacation and steals the following items: •Jewelry $5,000 •Sterling silver $4,700 Ignoring any deductible that may apply, how much will Anne and Dave's insurer pay for the loss of the items? - Answer️️ - The insurer will pay $1,500 for the jewelry and $2,500 for the sterling silver