Page |1
Cheat Sheet - Property & Casualty
Questions with Detailed Verified Answers
(100% Correct Answers) /Already Graded
A+
What are the forms of homeowner policies?
Ans: 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
Ans: Broad form; owner occupant
HO-3
Ans: Special Form; owner occupant
HO-4
Ans: Tenants or Renters
HO-5
Ans: Comprehensive Form; owner-occupant (open to all except exclusions)
HO-6
Ans: Condominium Owners
HO-8
Ans: Modified Form for Special Risks (such as older homes that would cost more to rebuild
than they're worth)
Dwelling Basic Form
Ans: DP-1
DP-1
, Page |2
Ans: *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 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
Ans: DP-2
DP-2
Ans: *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 material pays for the breakage of glass or safety glazing material
and damage to covered property caused by glass breakage.
-Ordinance or law coverage allows payment of up to 10% of coverage A limit of liability for
the increased cost to repair or rebuild a dwelling or other structure to conform to applicable
building and land use codes.
-Property removed from the premises to protect from damage is covered for 30 days.
Dwelling Special form
Ans: DP-3
DP-3
Cheat Sheet - Property & Casualty
Questions with Detailed Verified Answers
(100% Correct Answers) /Already Graded
A+
What are the forms of homeowner policies?
Ans: 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
Ans: Broad form; owner occupant
HO-3
Ans: Special Form; owner occupant
HO-4
Ans: Tenants or Renters
HO-5
Ans: Comprehensive Form; owner-occupant (open to all except exclusions)
HO-6
Ans: Condominium Owners
HO-8
Ans: Modified Form for Special Risks (such as older homes that would cost more to rebuild
than they're worth)
Dwelling Basic Form
Ans: DP-1
DP-1
, Page |2
Ans: *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 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
Ans: DP-2
DP-2
Ans: *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 material pays for the breakage of glass or safety glazing material
and damage to covered property caused by glass breakage.
-Ordinance or law coverage allows payment of up to 10% of coverage A limit of liability for
the increased cost to repair or rebuild a dwelling or other structure to conform to applicable
building and land use codes.
-Property removed from the premises to protect from damage is covered for 30 days.
Dwelling Special form
Ans: DP-3
DP-3
