Homeowners Policy

Quiz

Homeowners Policy

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1/10

Insured location is defined as any of the following, except one. Which is not defined as insured location?

Vacant land owned or rented by the insured

Farmland of the insured

The residence premises

right answer

Farmland of the insured is not defined as insured location.

2/10

The policy defines an insured as any of the following. Which of the following describes as insured?

Relatives of the names insured who reside anywhere within the USA and Canada

Any resident relatives under the age 24

Full-time students under the age of 24 who are relatives of the names insured

right answer

Full-time students under the age of 24 who are relatives of the names insured are also considered as insured.

3/10

The following are insured under HO-6 policy. Which one is not included?

Structures owned solely by the insured, other than the residence premises, at the location of the residence premises 36-hours

The appliances that are part of the building contained within the residence premises

Property obtained even before purchasing the insurance

right answer

Property obtained even before purchasing the insurance is not included under HO-6.

4/10

After the date of loss and a decision not to make a claim on a replacement cost basis, within how many days does the insured may notify the insurer?

60

180

120

right answer

After the date of loss and a decision not to make a claim on a replacement cost basis, the insured may notify the insurer within 180 days.

5/10

When does an appraisal happen?

It happens in claims handling, when the insurer and the insured are unable to reach an agreement as to the value of damaged property.

It happens in claims handling, when the insured refuses to agree with the insured terms, the insured may start the appraisal.

It happens in claims handling, when the insurer refuses to agree with the insured terms, the insurer may start the appraisal.

right answer

Appraisal happens in claims handling, when the insurer and the insured are unable to reach an agreement as to the value of damaged property.

6/10

Which coverage changes the actual cash value settlement on personal property, household appliances, carpeting, awnings and outdoor equipment to a replacement cost basis?

Personal property replacement cost endorsement

Business pursuits

Waive or Change of Policy Provisions

right answer

Personal property replacement cost endorsement changes the actual cash value settlement on personal property, household appliances, carpeting, awnings and outdoor equipment to a replacement cost basis.

7/10

What does an injured person need to do to be covered, according to Coverage F (Medical Payments to Others)?

He must submit to a physical examination by a doctor of the insurer’s choice, as often as requested.

He must receive the payment of claim from the insured to get the medical records he needs.

He must settle a deal with the insured and provide written agreement for the medical coverage.

right answer

An injured person needs to submit to a physical examination by a doctor of the insurer’s choice, as often as requested.

8/10

What happens when an insured experiences bankruptcy?

It will provide the insurer with a leeway to when the obligations must be settled.

It will not relieve the insurer of its obligations under the policy.

It will relieve the insurer of all the insurer’s obligations.

right answer

When bankruptcy happens, it will not relieve the insurer of its obligations under the policy.

9/10

There are requirements for an insured to do in case a loss occurs. Which one is not included in the list?

Keep the property as it is and avoid repairs so the initial report of the insured will be evident.

Cooperate with the insurer in the investigation of a claim

Notify the police if a loss is caused by theft.

right answer

Keeping the property as it is and avoiding repairs so the initial report of the insured will be evident is not a requirement for an insured to do in case a loss occurs.

10/10

Coverage E includes a basic limit of liability worth _______. How much is the amount of this basic limit of liability?

$100,000

$50,000

$20,000

right answer

The amount of this basic limit of liability is worth $100,000.

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