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Exam 22: Homeowners Insurance,section I

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Question 21

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Which of the following is an additional coverage provided under Section I of the Homeowners 3 policy?

A) medical payments to others
B) debris removal
C) personal liability
D) intentional property damage caused by an insured

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Question 22

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Which of the following statements is (are) true regarding renters insurance? I.Renters insurance is needed if you rent a house,but is not needed if you rent an apartment. II.The ISO renter's policy provides open perils ("all-risks") coverage on the insured's personal property.

A) I only
B) II only
C) both I and II
D) neither I nor II

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Question 23

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All of the following statements about conditions under a Homeowners 3 policy are true EXCEPT

Which of the following statements about the Homeowners 8 policy is (are) true? I.Losses to the dwelling are settled on a replacement cost basis if the dwelling is insured for its full market value. II.It is designed primarily for expensive,newer,dwellings.

Ellen believes the value of the loss to her home is $30,000.The insurer has offered $18,000 to settle the loss.If Ellen and the insurer cannot agree on the value of the loss,which homeowners policy provision specifies how this dispute will be settled?

Which of the following types of water damage is covered under an unendorsed Homeowners 3 policy?

Which of the following statements about the additional coverages under Section I of the Homeowners 3 policy is true?

Which homeowners policy is designed for the tenants of a rented premises?

All of the following are additional coverages under Section I of the Homeowners 3 policy EXCEPT

Which of the following statements concerning coverage under the Homeowners 3 policy is true?

Ted borrowed $140,000 from ABC Bank to purchase a home and pledged the home as collateral for the loan.Shortly after purchasing the home,Ted lost his job.He could not find another job and could not pay the monthly mortgage.Ted set fire to the home.The claims adjuster suspected arson,and an investigation proved that Ted intentionally caused the loss.Under the mortgage clause of the Homeowners 3 policy,how will this loss be settled?

Glenda insured her home for its full replacement cost under an unendorsed Homeowners 3 policy.Which of the following statements is true?

Which of the following statements about the Homeowners 6 (unit-owners form) policy is true?

Which of the following statements about covered perils and loss settlement under an unendorsed Homeowners 3 policy is true?

All of the following are duties of the mortgagee under the standard mortgage clause EXCEPT

Under the Homeowners 3 policy,all of the following are options of the insurer for settling claims EXCEPT

Mike and Susan built their "dream home." They insured their home for its full replacement cost.They also added an endorsement that will pay up to an additional 20 percent of the policy limit in case the cost of rebuilding the home after a loss is greater than the policy limit.The basis under which Mike and Susan insured their home is called

Which of the following statements about the appraisal clause in the Homeowners 3 policy is (are) true? I.It is used to determine a value for personal property when the policy is issued. II.It is used to help settle disputes over the amount of a loss after a loss has occurred.

Following catastrophic hurricane losses,South Coast Insurance Company changed its deductible provision.Rather than using a specified dollar value,$250 for example;the dollar value of the deductible increases with the size of the loss.The type of deductible that South Coast changed to is called a(n)

Which of the following is (are) included among the duties of an insured following a loss covered under the Homeowners 3 policy? I.To file a proof of loss within a specified time period after the insurer's request II.To prepare an inventory of damaged personal property