ILLINOIS PROPERTY EXAM QUESTIONS
AND ANSWERS WITH COMPLETE
SOLUTIONS ALREADY PASSED!!!
Homeowners Policy (HO) Forms
Question 1: Which homeowners insurance policy form is known as the Broad
Form, providing coverage for both the dwelling structure and personal belongings
on a strict named-peril basis?
A) HO-2 ✔✔
B) HO-3
C) HO-5
D) HO-6
Question 2: The HO-3 (Special Form) is the most common type of homeowners
policy. How does it uniquely divide its risk coverage between structures and
personal property?
A) It provides named-peril coverage for the structure and open-peril
coverage for personal property
B) It provides open-peril (all-risk) coverage for the dwelling structure and
named-peril coverage for personal belongings/contents ✔✔
C) It covers both structures and contents on an open-peril basis
D) It excludes personal property entirely from the policy
Question 3: An individual who rents an apartment or leases a single-family home
needs a policy that covers personal property and liability without insuring the
physical building structure. Which policy form is designed specifically for
tenants/renters?
A) HO-2
C) HO-3
C) HO-4 ✔✔
D) HO-8
, Question 4: Which policy form is considered the Comprehensive Form, offering
the highest level of protection by providing open-peril (all-risk) coverage for both
the physical dwelling structures and personal contents?
A) HO-2
B) HO-3
C) HO-5 ✔✔
D) HO-6
Question 5: If a consumer purchases a unit in a condominium complex, they own
the interior workspace/living space but share the outer structural walls and
common areas. Which specialized policy form covers their personal property and
structural inside walls?
A) HO-3
B) HO-4
C) HO-6 ✔✔
D) HO-8
Question 6: An owner of an older, historic home where the replacement cost far
exceeds its current market value would most likely utilize an HO-8 (Modified
Coverage Form). How does this policy handle covered risks?
A) It provides open-peril coverage using advanced medical building codes
B) It covers both structures and personal contents against specific, basic
named perils adjusted for actual cash value or functional replacement cost
✔✔
C) It operates exactly like a standard commercial marine contract
D) It is written exclusively for vacant commercial warehouses
16 Named Perils -ANSWER ✔✔- Fire / Lightning
- Windstorm / Hail
- Explosion
AND ANSWERS WITH COMPLETE
SOLUTIONS ALREADY PASSED!!!
Homeowners Policy (HO) Forms
Question 1: Which homeowners insurance policy form is known as the Broad
Form, providing coverage for both the dwelling structure and personal belongings
on a strict named-peril basis?
A) HO-2 ✔✔
B) HO-3
C) HO-5
D) HO-6
Question 2: The HO-3 (Special Form) is the most common type of homeowners
policy. How does it uniquely divide its risk coverage between structures and
personal property?
A) It provides named-peril coverage for the structure and open-peril
coverage for personal property
B) It provides open-peril (all-risk) coverage for the dwelling structure and
named-peril coverage for personal belongings/contents ✔✔
C) It covers both structures and contents on an open-peril basis
D) It excludes personal property entirely from the policy
Question 3: An individual who rents an apartment or leases a single-family home
needs a policy that covers personal property and liability without insuring the
physical building structure. Which policy form is designed specifically for
tenants/renters?
A) HO-2
C) HO-3
C) HO-4 ✔✔
D) HO-8
, Question 4: Which policy form is considered the Comprehensive Form, offering
the highest level of protection by providing open-peril (all-risk) coverage for both
the physical dwelling structures and personal contents?
A) HO-2
B) HO-3
C) HO-5 ✔✔
D) HO-6
Question 5: If a consumer purchases a unit in a condominium complex, they own
the interior workspace/living space but share the outer structural walls and
common areas. Which specialized policy form covers their personal property and
structural inside walls?
A) HO-3
B) HO-4
C) HO-6 ✔✔
D) HO-8
Question 6: An owner of an older, historic home where the replacement cost far
exceeds its current market value would most likely utilize an HO-8 (Modified
Coverage Form). How does this policy handle covered risks?
A) It provides open-peril coverage using advanced medical building codes
B) It covers both structures and personal contents against specific, basic
named perils adjusted for actual cash value or functional replacement cost
✔✔
C) It operates exactly like a standard commercial marine contract
D) It is written exclusively for vacant commercial warehouses
16 Named Perils -ANSWER ✔✔- Fire / Lightning
- Windstorm / Hail
- Explosion
