Introduction to Homeowners Insurance FINAL EXAM (MASTER) Copy DELETE ME LAST

Which words appear in the HO 00 03 in “quotation marks?”

Which one of the following coverages would respond to damage to the home’s roof from a tornado?

Which one of the following coverages provides an insured homeowner with the funds to rent a temporary living place if the insured dwelling suffers a covered loss?

Which one of the following describes a situation not eligible for the current ISO homeowners program?

Which one of the following incidental businesses is probably not eligible for coverage under a homeowners policy?

Form HO 00 04 is written for a _____ and HO 00 06 is written for a _____.

Applies to extra expenses made necessary by the insured’s inability to reside in the covered dwelling due to a covered loss:

Potential causes of loss more than the basic named perils, it includes additional perils and expanded definitions of some of the basic perils:

An organization providing statistical information, actuarial analysis, policy language, and related services for the insurance industry. Affiliates usually are stock companies:

Loss covered on the residence where you reside that is not fit to live in as a result of a covered peril:

Extra expenses made necessary by the insured’s inability to reside in the covered dwelling due to a covered loss are:

Expands coverage for the dwelling and other structures to “open perils.”

Coverage D describes how an insured may employ ___________ coverage if the insured dwelling is not habitable due to a covered loss.

A property insurance peril, subject to its own specific agreement in property policies:

If coverage A on a homeowners policy is equal to $200,000, how much additional coverage is available for debris removal?

A homeowner with a $200,000 policy and a $500 deductible has contracted with a fire department to respond if needed. If the fire department charges $700 for a response, how much will the policy pay toward that $700 charge?

Which one of the following additional coverages would pay for a change required by a local building code?

Which one of the following types of business use is allowed for “other structures” under the homeowners program?

Which one of the following is not an excluded peril?

This property coverage peril includes earthquake, landslide, mudflow, etc:

Building codes or ordinances adopted by municipalities to regulate building standards:

Any trade, profession or occupation, whether full or part-time:

Coverage that responds to the insured’s obligation for a portion of liability or property damage from incidents arising out of Homeowners Association common areas:

A property insurance peril, subject to its own specific agreement in property policies:

Landlord’s Furnishings: if the insured rents part of the residence premises, the policy covers the insured’s property in that rented portion for up to ________?

Ordinance or Law coverage applies an additional _____ percent of the dwelling amount to cover the insured’s expenses due to the enforcement of a building code or law after a loss.

Which one of the following types of water damage is insured under the ISO HO-3?

A standard property policy provision that creates elements of a separate contract between a mortgage company and an insurance company:

Which of the following are property subject to a theft?

Clause that stipulates that partial loss to a pair or set of items will be valued in terms of the lost item, not on the basis of reduced value of the pair or set:

Following a loss, a formal statement given by an insured to the insurer that includes details of the loss such as the original cost of damaged or destroyed property:

How are losses to the dwelling settled on a standard homeowners policy?

If a home has a replacement cost of $200,000, what is the minimum amount of insurance that must be carried on the dwelling in order for partial losses to be adjusted on a replacement cost basis?

Which provision outlines the procedure for settling any disagreements between the insured and the insurer about a property loss?

If an insured sets fire to his own home, which, if any of the following is paid for the loss?

A determination of value of property for the purposes of determining the proper amount of insurance to be bought or in adjusting a loss:

Which of the following explains a mortgage clause?

A clause that explains how a loss is covered when more than one policy applies or is in force at the time of a loss:

Medical payments coverage will pay for a claim without regard to:

Which one of the following – if injured at a home insured by an ISO homeowners policy – may make a claim for medical payments under the homeowners policy?

What type of bodily injury or property damage does the homeowners policy cover?

Which one of the following is not excluded under the “business exclusions” in section II of the homeowners policy?

What is the name of the doctrine that finds liability on the part of someone who loans or gives a person an instrument that causes an injury?

Vehicles not subject to motor vehicle registration are covered by section II of the homeowners policy. However, they must also meet one other criterion. Which one of the following is not one of the possible criteria?

Which one of the following watercraft is covered for liability by the homeowners policy?

Which one of the following contains the two exceptions to the contractual liability exclusion?

Which exclusion eliminates liability coverage for damage to someone else’s property that the insured borrows?

If a homeowners association passes costs on to its members, the members can turn to their homeowners insurance for coverage under:

Tom’s 12-year-old son likes to “skid” his bike on the gravel driveway. Each time he puts the bike into a skid, gravel flies up and hits the neighbor’s house. Tom’s homeowners insurance policy says that the damage resulting from the “skids” is:

Which one of the following is not a duty of an insured in the event of a liability claim under a homeowners policy?

The cost of putting on a defense for liability claims:

The expenses incurred by any insured for the first aid rendered to others for any bodily injury covered under the policy:

An event that triggers coverage under any policy:

Payment of minor property damage claims without a need to prove the insured’s negligence or legal liability other than that the loss was “caused by” an insured:

Insurance responding to property or liability loss of a property owners association that is not covered by the association’s master policy:

Damage to property of others coverage is intended as “good neighbor” or “good will” coverage. It pays up to $___________ for damage to property of others caused by an insured.

The severability of insurance clause states that, for liability coverage purposes, each insured will be treated as if he or she were _________, with all the rights to a defense.

The first thing the insured must do is give a written notice to the insurer or its agent “as soon as is practical.” The notice must contain which the following:

The fifth duty deals with the coverage of “damage to property of others.” Within______ days of the loss, the insured must submit a sworn statement of loss.

Which of the following are liability coverage conditions?

The last of the additional coverages is for loss assessment. The policy agrees to pay the insured’s share – up to ________ – of any loss assessment charged against the insured by a corporation or association of property owners.

Premiums on any required bail bonds; reasonable costs incurred by the insured at the insurer’s request. This includes loss of earnings of up to ______ per day.

Which one of the following conditions states that any broadening of coverage adopted by an insurer will automatically apply to in-force policies?

Which one of the following is not an allowable reason to cancel a homeowners policy after it has been in force for 60 days?

When may an insured waive an insurer’s right of subrogation?

Which one of the following is not automatically covered by the homeowners policy in the event of the named insured’s death?

The right of one party who has paid for the loss of a second party to obtain recompense from a third party who is responsible for the loss:

One of the reasons for which an insurer may cancel a homeowners policy; typically it involves a drastic alteration of the residence premises or the occupancy thereof:

Which of the following best describes an assignment?

How and when a loss first becomes apparent:

An insurer may non-renew a homeowners policy. At least ____-days written notice must be sent to the insured.

To review, the policy says that it provides no coverage if one or more insureds have:

Which of the following are part of the seven conditions that apply to both the property and liability coverages of the homeowners policy?

Property that the insured uses in business is covered for _______ on the residence premises and _______ while off premises.