Heather Donaldson
Quiz von , erstellt am more than 1 year ago

Licensure Insurance (Quizzes) Quiz am Homeowners and Dwelling Insurance, erstellt von Heather Donaldson am 21/07/2016.

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Heather Donaldson
Erstellt von Heather Donaldson vor mehr als 8 Jahre
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Homeowners and Dwelling Insurance

Frage 1 von 60

1

The homeowners form which provides all risk coverage on the dwelling and broad coverage on personal property is:

Wähle eine der folgenden:

  • HO-3

  • HO-6

  • HO-8

  • HO-4

Erklärung

Frage 2 von 60

1

Which of the following can be insured under an unendorsed homeowners policy?

Wähle eine der folgenden:

  • A farm or ranch

  • A mobile home

  • A dwelling which the owner rents to his distant relatives

  • A residence in which the owner-occupant also maintains an office for her accounting business

Erklärung

Frage 3 von 60

1

Each of the following is a coverage under section 1 of the homeowners form EXCEPT

Wähle eine der folgenden:

  • Other structures

  • Dwelling

  • Personal property

  • Medical payments

Erklärung

Frage 4 von 60

1

Which of the following coverages is available under the homeowners policy but not under the dwelling policy?

Wähle eine der folgenden:

  • Dwelling

  • Other Structures

  • Personal property

  • Liability

Erklärung

Frage 5 von 60

1

An insured's dwelling purchased two years ago for $58,000 has a replacement value of $60,000 in order to qualify for replacement cost coverage in the event of a loss, for what amount of insurance must the homeowners policy be written?

Wähle eine der folgenden:

  • $58,000 on coverage A

  • $60,000 on coverage A minus 10%

  • $60,000 on coverage A

  • $48,000 on coverage A

Erklärung

Frage 6 von 60

1

Which of the following are true of the loss of use coverage of a homeowners policy?

Wähle eine der folgenden:

  • It covers additional living costs incurred when the dwelling becomes inhabitable due to a peril insured against in the policy.

  • When part of the dwelling is rented to others, it covers loss of rent.

  • Both are true

  • Neither are true

Erklärung

Frage 7 von 60

1

A homeowners endorsement used to provide stated value coverage for one or more on nine categories of personal property?

Wähle eine der folgenden:

  • Scheduled personal property

  • Personal effects

  • Personal article

  • Personal property

Erklärung

Frage 8 von 60

1

Scheduled personal property would include:

Wähle eine der folgenden:

  • The building scheduled under the policy

  • Jewelry, furs, firearms, cameras, etc

  • Personal possessions such as furniture and cooking utensils

  • Autos and trailers

Erklärung

Frage 9 von 60

1

A person having a homeowner's policy might wish to add an additional residence premises endorsement to cover a two-family home which she rents in order:

Wähle eine der folgenden:

  • To have protection for $50,000 of furnishings that she provides in her rentals

  • To protect her from possible liability if a tenant is hurt on her premises

  • In case someone coming to repair a broken window in the rental unit is hurt while working there.

Erklärung

Frage 10 von 60

1

What coverage would be the same on an HO-3 and HO-8?

Wähle eine der folgenden:

  • Dwelling coverage and medical payments

  • Loss of use and dwelling coverages

  • Personal liability and medical payments

  • Theft and dwelling coverage

Erklärung

Frage 11 von 60

1

Jack owns a condo and he wishes to insure his personal property, have liability coverage, and loss assessment coverage. What policy would meet Jack's needs?

Wähle eine der folgenden:

  • HO-2

  • HO-4

  • HO-6

  • DP-1

Erklärung

Frage 12 von 60

1

A person had liability coverage on his car and an HO-3 on his house. An earthquake occurred and there was no sign of damage. An explosion happened several hours later and the garage and car burned. What would be covered?

Wähle eine der folgenden:

  • House, garage, and auto.

  • Auto only

  • Garage only

  • No coverage at all

Erklärung

Frage 13 von 60

1

A man had an HO-4 policy with limits of $60,000 on personal property. While traveling in Europe, he suffered the following THEFT loss:

Clothes and luggage --- $20,000
Jewelry --- $20,000

There was a 20% depreciation. How much of the loss will be covered by his HO-4?

Wähle eine der folgenden:

  • $16,000

  • $17,500

  • $40,000

  • $36,000

Erklärung

Frage 14 von 60

1

An HO-4 is sometimes referred to as:

Wähle eine der folgenden:

  • The condo form

  • The renter's form

  • Special risk insurance

  • All risk personal property

Erklärung

Frage 15 von 60

1

What type of homeowners policy would be purchased to protect a tenant?

Wähle eine der folgenden:

  • HO-4

  • HO-6

  • HO-8

  • HO-3

Erklärung

Frage 16 von 60

1

An HO-4 would cover:

Wähle eine der folgenden:

  • Apartment buildings

  • An apartment tenants personal property

  • Structural loss

  • Equipment belonging to the landlord

Erklärung

Frage 17 von 60

1

What coverage does an HO-4 provide?

Wähle eine der folgenden:

  • Broad form personal property

  • All risk personal property

  • All risk on structure; broad form on personal property

  • All risk on personal property; all risk on structures

Erklärung

Frage 18 von 60

1

What coverage does and HO-6 provide?

Wähle eine der folgenden:

  • Broad form coverage on personal property of a condo owner.

  • All risk coverage on personal property of a condo owner

  • All risk on structure; broad form on personal property

  • All risk on structure; all risk on personal property

Erklärung

Frage 19 von 60

1

What provides all risk coverage on both personal and real property?

Wähle eine der folgenden:

  • HO-3 endorsed with an HO-5

  • HO-6

  • HO-4

  • HO-8

Erklärung

Frage 20 von 60

1

An HO-8 is similar to

Wähle eine der folgenden:

  • HO-1

  • HO-2

  • HO-3

  • HO-4

Erklärung

Frage 21 von 60

1

Which of the following would be correct about the minimum limits in section 2 of the homeowners policy?

Wähle eine der folgenden:

  • Medical payments $1000; personal liability $100,000

  • Medical payments $2000; personal liability $200,000

  • Medical payments $3000; personal liability $300,000

  • Medical payments $4000; personal liability $400,000

Erklärung

Frage 22 von 60

1

Medical payments under a homeowners policy section #2 would cover:

Wähle eine der folgenden:

  • Insured

  • Insured, spouse, and all family residing in home

  • Insured, family, and guests

  • Guests on the premises

Erklärung

Frage 23 von 60

1

Who can never collect under section #2 of a homeowners policy?

Wähle eine der folgenden:

  • A person hurt on the premises

  • A neighbor

  • An uninvited guest

  • A resident family member of the insured

Erklärung

Frage 24 von 60

1

Which of the following would be covered under section #2 of a homeowners policy?

Wähle eine der folgenden:

  • Property damage

  • Professional liability

  • The insured's son trips over a sprinkler and breaks his leg

  • A neighbor's child trips over a sprinkler and breaks his leg

Erklärung

Frage 25 von 60

1

Which of the following would not be covered under the comprehensive liability section of a homeowners policy?

Wähle eine der folgenden:

  • An insured is at a country club, swings his gold club like Mike Russ does, and hits another member over the head.

  • A guest at your home is hit by a swing on the porch

  • Your dog is tied to a tree and bites a neighbor's child

  • A house guest in injured while going to the country club in the insured's auto

Erklärung

Frage 26 von 60

1

Under a homeowner's policy, what is the limit for business equipment in the home and used for business purposes?

Wähle eine der folgenden:

  • 0

  • $500

  • $1000

  • $2500

Erklärung

Frage 27 von 60

1

Which of the following would be covered under a homeowners policy?

Wähle eine der folgenden:

  • Flood damage

  • Earthquake damage

  • Bodily injury to the insured's son

  • An article falls off an airplane flying overhead and crashes into the insured's home.

Erklärung

Frage 28 von 60

1

If jewelry is stolen and the owner had a homeowner's policy, what, if anything, would the company pay?

Wähle eine der folgenden:

  • Nothing

  • Pay up to the special limits in the policy

  • Pay unlimited amounts

  • None of the above

Erklärung

Frage 29 von 60

1

On a homeowner's policy, personal property away from the premises will be covered up to what percent of personal property?

Wähle eine der folgenden:

  • 10%

  • 20%

  • 50%

  • Full limit of personal property

Erklärung

Frage 30 von 60

1

Which of these is true about a personal article floater?

Wähle eine der folgenden:

  • It provides "all risk" coverage for personal possessions on an unscheduled basis.

  • It provides "all risk" coverage for personal possessions on a scheduled basis.

  • It provides coverage for personal possessions carried by tourists and usually only applies to such property while away from the insured's home.

  • It is usually an endorsement to a homeowners policy

Erklärung

Frage 31 von 60

1

Companies that sell homeowners policies in California:

Wähle eine der folgenden:

  • Must offer earthquake insurance

  • Must include earthquake insurance

  • Must offer earthquake insurance only in certain areas of California

  • Never offer such coverage

Erklärung

Frage 32 von 60

1

A man had a HO-4 with limits of $30,000 on personal property. While traveling in Europe, he suffered the following loss:

Clothes and luggage --- $10,000
Jewelry --- $10,000

Disregarding any deductible and assuming there is a 20% depreciation on both categories, what would the company pay?

Wähle eine der folgenden:

  • $9,200

  • $10,000

  • $16,000

  • $20,000

Erklärung

Frage 33 von 60

1

Section 2 of a homeowners policy covers:

Wähle eine der folgenden:

  • Personal liability of the insured on the insured's premises

  • Insured's 3 year old son who hits another child with a bat

  • Bodily injury to a guest on the insured's premises and insured's personal liability away from the premises

  • All the above

Erklärung

Frage 34 von 60

1

Under a standard unendorsed homeowners policy, what would not be covered?

Wähle eine der folgenden:

  • Fire damage

  • Other structures on the property

  • Personal liability

  • Loss due to changes in construction code (ordinance or law regarding construction)

Erklärung

Frage 35 von 60

1

An HO-3 would provide coverage for:

Wähle eine der folgenden:

  • Damage caused by earthquake

  • Damage to furniture while being removed during a fire

  • Damage to personal property caused by floor

  • All of the above

Erklärung

Frage 36 von 60

1

Which of the following would an HO-3 cover?

Wähle eine der folgenden:

  • An office building

  • An apartment building

  • Single family, owner occupied, detached dwelling

  • Single family, renter occupied, detached dwelling

Erklärung

Frage 37 von 60

1

Ordinance or law coverage in a homeowner's policy applies to which of the following?

Wähle eine der folgenden:

  • City law required dogs to be leashed. Your dog is unleashed and bites someone in the park.

  • City ordinance required swimming pools to be fenced and have self-closing gates. Your gate is not self-closing and a neighbor's child falls in the pool and is seriously hurt.

  • Your house burns down and you incur more costs as you must rebuild the house to code.

Erklärung

Frage 38 von 60

1

A homeowners policy loss protection pays for small building losses to $500 at replacement cost even if replacement cost limits were not met

Wähle eins der folgenden:

  • WAHR
  • FALSCH

Erklärung

Frage 39 von 60

1

If a homeowner wants coverage for such things as libel and slander, what should the agent tell his client?

Wähle eine der folgenden:

  • Not to worry. It is included in the liability section of the homeowner's policy.

  • Have the client add a personal injury endorsement to the contract.

  • This cannot be covered under a homeowner's policy. The client will need a commercial general liability (CGL) policy.

Erklärung

Frage 40 von 60

1

Under a homeowner's policy, the dwelling is valued at $100,000 and the garage at $20,000. In order to maintain the proper amount of coinsurance , the insured needs to carry what amount of insurance?

Wähle eine der folgenden:

  • Dwelling $100,000; garage $16,000

  • Dwelling $100,000; garage $8,000

  • Dwelling $80,000; garage $16,000

  • Dwelling $80,000; garage $8,000

Erklärung

Frage 41 von 60

1

Why might a proeprty owner purchase a homeowner's policy instead of a dwelling policy?

Wähle eine der folgenden:

  • He does not need liability coverage

  • He owns six units and occupies one of the units

  • He wants broader coverage

Erklärung

Frage 42 von 60

1

Which of the following would be covered under the personal liability section of a homeowner's policy?

Wähle eine der folgenden:

  • A personal liability away from the premises.

  • The insured's three year old child intentionally hits another child with a bat.

  • The insured accidentally drops a neighbor's camera and damages it.

  • All answers are correct.

Erklärung

Frage 43 von 60

1

Which of the following situations wuld not be covered under the liability section of a homeowner's policy?

Wähle eine der folgenden:

  • A vehicle (owned and registered) only driven on the insured's property which includes ten acres of undeveloped land

  • A 1923 Ford (with no engine) that the insured is restoring in his garage

  • A gold car which the insured drives on the golf course

  • A power mover the insured rides to mow his own land

Erklärung

Frage 44 von 60

1

In a homeowners policy, coverages A, B, and C refer to:

Wähle eine der folgenden:

  • Dwelling, medical payments, and liability

  • Dwelling, other structures, and personal property

  • Dwelling, other structures, and loss of use

  • Dwelling, personal property, and loss of use.

Erklärung

Frage 45 von 60

1

Under homeowners policies HO-2, HO-4, and HO-6, the coverage for personal property is virtually the same:

Wähle eins der folgenden:

  • WAHR
  • FALSCH

Erklärung

Frage 46 von 60

1

Who would not be considered an insured for liability protection under a homeowner's policy?

Wähle eine der folgenden:

  • The insured's resident son.

  • The insured's resident spouse

  • The insured's resident 25 year old nephew

  • The insured's non-resident spouse

Erklärung

Frage 47 von 60

1

An individual owns a duplex. Because of damage to one of the units, he has a loss of rental income. His insurance would be covered under:

Wähle eine der folgenden:

  • Basic, broad, and special forms of dwelling policies

  • Broad and special forms only

  • Not covered as he did not become a member of the household as required in a homeowner's policy

  • There is no coverage for duplexes.

Erklärung

Frage 48 von 60

1

Which of the following may not be covered by a dwelling policy?

Wähle eine der folgenden:

  • Tenants improvements, alterations, or additions

  • Detached garage on the insured's premises

  • The insured's coin collection

  • Rents an insured may lose if rental property is damaged.

Erklärung

Frage 49 von 60

1

The insured has two separate dwelling policies which cover the same property: policy A for $30,000 and policy B for $60,000. If the insured suffers a $12,000 loss, how much will be paid under policy B according to the other insurance clause?

Wähle eine der folgenden:

  • $12,000

  • $8,000

  • $4,000

  • $6,000

Erklärung

Frage 50 von 60

1

What perils are covered under a basic dwelling policy?

Wähle eine der folgenden:

  • Fire only

  • Fire and lightning

  • Fire, lightning, and smoke damage

  • Fire, lightning, and internal explosion

Erklärung

Frage 51 von 60

1

A basic dwelling policy automatically provides coverage against fire, lightning and:

Wähle eine der folgenden:

  • Windstorm

  • Internal explosion

  • Explosion

  • Riot

Erklärung

Frage 52 von 60

1

Which dwelling form excludes burglary of personal property?

Wähle eine der folgenden:

  • Basic

  • Broad

  • Special

  • None of the above, all include coverage for burglary of personal property

Erklärung

Frage 53 von 60

1

Which of the dwelling (homeowners) policies provide the most coverage?

Wähle eine der folgenden:

  • Basic

  • Broad

  • Special

  • Standard

Erklärung

Frage 54 von 60

1

Under a dwelling policy, personal property away from the premises would be covered for what percent of personal property?

Wähle eine der folgenden:

  • 5%

  • 10%

  • 50%

  • 100%

Erklärung

Frage 55 von 60

1

All of the following are reasons that a dwelling policy might be used instead of a homeowners policy EXCEPT:

Wähle eine der folgenden:

  • To cover a rental property

  • The insured does not need liability coverage

  • The home did not qualify for a homeowners policy

  • The insured wanted broader coverage for a lower premium

Erklärung

Frage 56 von 60

1

Which of the dwelling forms excludes damage due to burglary?

Wähle eine der folgenden:

  • Basic

  • Broad

  • Special

  • All of the above

Erklärung

Frage 57 von 60

1

A basic dwelling policy includes all of the following except:

Wähle eine der folgenden:

  • Trees, shrubs, plants, and lawn

  • May include extended coverage

  • May include vandalism and malicious mischief

  • Covers internal explosion

Erklärung

Frage 58 von 60

1

A dwelling policy would not provide coverage for:

Wähle eine der folgenden:

  • A dwelling with 2 boarders

  • A dwelling with 5 boarders

  • A detached garage

  • A dwelling used for occasional business by the injured

Erklärung

Frage 59 von 60

1

Replacement cost coverage for dwellings is available under:

Wähle eine der folgenden:

  • All dwelling policy forms

  • Only the special dwelling form

  • Only the basic and broad forms

  • Only the broad and special forms

Erklärung

Frage 60 von 60

1

When a policy states coverage is based on an insured to value or replacement cost basis, how much insurance must you carry on the dwelling as compared to the total value of the dwelling?

Wähle eine der folgenden:

  • 75%

  • 80%

  • 90%

  • 100%

Erklärung

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