Fl General Lines 2-20 Exam Questions With Correct Detailed Answers

Types of Dwelling Properties - Correct Answer- 1. 1 to 4 family 2. Rented to Others 3. Owned by Corp. or Partnerships 4. Low Valued 5. Mobile Homes Standard Dwelling Property Deductible - Correct Answer- $500 Dwelling Property Coverage A - Correct Answer- Dwelling - Including permanently installed building equipment and outdoor equipment to service property. No land. Dwelling Property Coverage B - Correct Answer- Other Structures (Detached) Dwelling Property Coverage C - Correct Answer- Personal Property - Belonging to insured, family members, guest or servant Dwelling Property Coverage D - Correct Answer- Fair Rental Value - Rental monies which the insured is entitled due to covered loss until property is restored. Dwelling Property Broad Form - Correct Answer- Includes coverages in DP-1(Basic) plus Coverage E - Additional Living Expense Additional Perils not on DP-1 - Correct Answer- CAP BOBBIE Biggert-Waters Reform Act - Correct Answer- Led to the passage of the Homeowner Flood Insurance Affordability Act of 2014. Intent was to provide lower premiums due to previous legislation. HO-2 - Correct Answer- Coverages: A - Dwelling B - Other Structures C - Personal Property D - Loss of Use Perils covered A&B&C- Fire, lightning, WHARVES, CAP BOBBIE, plus theft HO-3 - Correct Answer- Coverages: A - Dwelling B - Other StructuresC - Personal Property D - Loss of Use Perils covered-All Risk A&B - Spoilage- Contents - Fire, lightning, WHARVES, CAP BOBBIE, plu