Florida Insurance License Exam 2023 Final
Study Guide with verified answers
Define a HO-2 policy coverage form types - - Coverage A, B, C, and D are all
covered on a broad/named perils basis
- referred to as the Broad Form, owner occupant
what are the 4 Homeowners Policy Coverages under Section 1? - Coverage A-
dwelling and attached structures
Coverage B- other structures (appurtenant)
Coverage C- Personal Property
Coverage D- Loss of Use
What are the 2 Homeowners Policy Coverages under Section 2? - Coverage E-
Personal Liability
Coverage F- Medical Payments
Define HO-3 Policy coverage forms - -Coverage A and B are covered as special
form, Coverage C is covered on a broad/named perils basis
- known as the Special form
Define the HO-4 coverage forms - - known as the renters policy
,Florida Insurance License Exam 2023 Final
Study Guide with verified answers
- no coverage for A&B, only for C on broad/ named perils basis
Define HO-5 coverage forms - - known as comprehensive form
- Covers Coverages A, B and C as Special/Open Perils basis
Define HO-6 coverage forms - - known as the condo owners policy
- no coverage for A& only for C on a broad/named perils basis
Define HO-8 coverage forms - - known as the modified form
- covers Coverages A, B and C on a basic perils basis. this is for homes that are to
old, or too high of a risk to insure
what are the tree replacement coverages for each homeowners policy? - on all
homeowners forms limit is $500 max per tree
for HO4 and HO6, the coverage is 10% of Coverage C
and for all other policies its 5% of Coverage A
What are the three dwelling policies? - DP-1 : Basic
DP-2: Broad
,Florida Insurance License Exam 2023 Final
Study Guide with verified answers
DP-3: Special
what does homeowners cover in regards to boats? - $1,500 for you damaging to
boat and
liability from coverage E on your home will extend to the boat
all Dwelling policies exclude what type of coverage? - Liability
What are the Coverages Provided on the dwelling policies? - Coverage A- Dwelling
Coverage B- Other Structures
Coverage C- Personal Property
Coverage D- Fair Rental Value
Coverage E- Additional Living Expense
what are the liability coverages that can be added to a dwelling policy via
endorsement? - Coverage L- Personal Liability
Coverage M- Medical Payments to others
Are DP-1 losses paid on a ACV basis or Replacement Cost basis? - actual cash value
, Florida Insurance License Exam 2023 Final
Study Guide with verified answers
Are DP-2 losses paid on a ACV basis or Replacement cost basis? - Replacement
Cost
Are DP-3 losses paid on ACV basis or on a Replacement Cost basis? - -dwelling and
other structures are paid on a replacement cost basis
- Personal Property on an actual cash basis
All Dwelling Policies Exclude losses from - theft
what are the tree removal coverages on a dwelling policy? - DP1 covers $250 max
per tree and all others cover $500 per tree
the coverage is 5% of Coverage A for all policies
The Commercial Package policy is a package because it contains both: - Property
and casualty coverage
what is the tree removal coverage limits for all policies? - $500 per single tree and
$1000 for all trees
Study Guide with verified answers
Define a HO-2 policy coverage form types - - Coverage A, B, C, and D are all
covered on a broad/named perils basis
- referred to as the Broad Form, owner occupant
what are the 4 Homeowners Policy Coverages under Section 1? - Coverage A-
dwelling and attached structures
Coverage B- other structures (appurtenant)
Coverage C- Personal Property
Coverage D- Loss of Use
What are the 2 Homeowners Policy Coverages under Section 2? - Coverage E-
Personal Liability
Coverage F- Medical Payments
Define HO-3 Policy coverage forms - -Coverage A and B are covered as special
form, Coverage C is covered on a broad/named perils basis
- known as the Special form
Define the HO-4 coverage forms - - known as the renters policy
,Florida Insurance License Exam 2023 Final
Study Guide with verified answers
- no coverage for A&B, only for C on broad/ named perils basis
Define HO-5 coverage forms - - known as comprehensive form
- Covers Coverages A, B and C as Special/Open Perils basis
Define HO-6 coverage forms - - known as the condo owners policy
- no coverage for A& only for C on a broad/named perils basis
Define HO-8 coverage forms - - known as the modified form
- covers Coverages A, B and C on a basic perils basis. this is for homes that are to
old, or too high of a risk to insure
what are the tree replacement coverages for each homeowners policy? - on all
homeowners forms limit is $500 max per tree
for HO4 and HO6, the coverage is 10% of Coverage C
and for all other policies its 5% of Coverage A
What are the three dwelling policies? - DP-1 : Basic
DP-2: Broad
,Florida Insurance License Exam 2023 Final
Study Guide with verified answers
DP-3: Special
what does homeowners cover in regards to boats? - $1,500 for you damaging to
boat and
liability from coverage E on your home will extend to the boat
all Dwelling policies exclude what type of coverage? - Liability
What are the Coverages Provided on the dwelling policies? - Coverage A- Dwelling
Coverage B- Other Structures
Coverage C- Personal Property
Coverage D- Fair Rental Value
Coverage E- Additional Living Expense
what are the liability coverages that can be added to a dwelling policy via
endorsement? - Coverage L- Personal Liability
Coverage M- Medical Payments to others
Are DP-1 losses paid on a ACV basis or Replacement Cost basis? - actual cash value
, Florida Insurance License Exam 2023 Final
Study Guide with verified answers
Are DP-2 losses paid on a ACV basis or Replacement cost basis? - Replacement
Cost
Are DP-3 losses paid on ACV basis or on a Replacement Cost basis? - -dwelling and
other structures are paid on a replacement cost basis
- Personal Property on an actual cash basis
All Dwelling Policies Exclude losses from - theft
what are the tree removal coverages on a dwelling policy? - DP1 covers $250 max
per tree and all others cover $500 per tree
the coverage is 5% of Coverage A for all policies
The Commercial Package policy is a package because it contains both: - Property
and casualty coverage
what is the tree removal coverage limits for all policies? - $500 per single tree and
$1000 for all trees
