1 Exampromax - Stuvia US
CIC personal lines Questions and Answers
100% Correct Answers Already Graded A+
Q: 1-1 Eligibility requirements of ISO homeowners program
Ans: 1) Owner- occupied
2) life estate-property owned by an individua only through the end of his life
3) Contract of sale or land contract - rent to own type situation
4) Dwelling owned by a trust
5) Multi family dwelling- one unit must be occupied by the owner
6) Non-owner occupied - eligoble for the dwelling fire program only, no HOs
Exampromax - Stuvia US
Q: 1-2 Two Endts to protect insurable interest of non-resident owner
Ans: 1) Additional Insured-Residence premises - mom and daughter buy home,
only daughter lives there
2) Additional Interests- used if above is not
Q: 1-2-1 HO coverages
Ans: Section 1:
1) Coverage A- Dwelling
2) Coverage B- Other Structures 10%
3) Coverage c-Personal Property 50%
4) Coverage D- Loss of use 30%
Section 2:
5) Coverage e- personal liability $100k per occurrence
6) Coverage F- Med payments to others $1,000 per person
Q: 1-3 Importance of correct valuation
Ans: Total loss- may not have enough coverage to replace
Partial loss- may not have enough coverage to repair
Overinsured- may be paying more than necessary for no additional benefit
Q: 1-3-1 How to determine amount of coverage needed
Ans: 1) cost estimator
2) Contractor estimate
3) Mortgate appraiser information
CIC personal lines Questions and Answers
100% Correct Answers Already Graded A+
Q: 1-1 Eligibility requirements of ISO homeowners program
Ans: 1) Owner- occupied
2) life estate-property owned by an individua only through the end of his life
3) Contract of sale or land contract - rent to own type situation
4) Dwelling owned by a trust
5) Multi family dwelling- one unit must be occupied by the owner
6) Non-owner occupied - eligoble for the dwelling fire program only, no HOs
Exampromax - Stuvia US
Q: 1-2 Two Endts to protect insurable interest of non-resident owner
Ans: 1) Additional Insured-Residence premises - mom and daughter buy home,
only daughter lives there
2) Additional Interests- used if above is not
Q: 1-2-1 HO coverages
Ans: Section 1:
1) Coverage A- Dwelling
2) Coverage B- Other Structures 10%
3) Coverage c-Personal Property 50%
4) Coverage D- Loss of use 30%
Section 2:
5) Coverage e- personal liability $100k per occurrence
6) Coverage F- Med payments to others $1,000 per person
Q: 1-3 Importance of correct valuation
Ans: Total loss- may not have enough coverage to replace
Partial loss- may not have enough coverage to repair
Overinsured- may be paying more than necessary for no additional benefit
Q: 1-3-1 How to determine amount of coverage needed
Ans: 1) cost estimator
2) Contractor estimate
3) Mortgate appraiser information
