Virginia Property and Casualty Insurance Exam Prep (Latest 2024/ 2025 Update) Questions and Verified Answers| 100% Correct| Grade A

Virginia Property and Casualty Exam Prep (Latest 2024/ 2025 Update) Questions and Verified Answers| 100% Correct| Grade A Q: What is mysterious disappearance? Answer: Misplacement or loss of property without knowledge as to the location, time and cause of the loss Q: What are additional coverages available in Homeowners policies without additional premiums? Answer: Debris removal, lawns/plants/shrubs, and trees,removal, reasonable repairs, and fire department service charge Q: In dwelling policies, any volcanic activity will be considered part of the occurrence if it all happens within how many hours? Answer: 72 hours Q: How many owner occupied residences per covered home are allowed by Homeowners policies? Answer: An HO policy may insurer a property that has 1-4 family owner occupied residences Q: In order for forms HO-2, HO-3, and HO-5 to provide coverage, a dwelling must be insured for at least what percentage of replacement cost? Answer: 80% Q: Under what conditions can broad theft coverage be added to a dwelling policy? Answer: If the insured is the owner-occupant of the dwelling Q: An insured with a Homeowners policy has removed property from the insured location to protect it from loss that could be caused by a covered peril. The removal coverage applies for how many days? Answer: 30 days Q: How are the dwelling and other structures covered in an HO-3 policy form? Answer: On an open-peril basis Q: What Homeowners policy form is known as contents broad form? Answer: HO-4 contents broad form Q: What homeowners policy form is known as a speci