Homeowners Policy

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Homeowners Policy

1/10

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

The residence premises

Farmland of the insured

Vacant land owned or rented by the insured

Farmland of the insured is not defined as insured location.

right answer

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

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

Any resident relatives under the age 24

2/10

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

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

right answer

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

Property obtained even before purchasing the insurance

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

3/10

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

right answer

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

180

120

60

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?

4/10

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.

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.

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

5/10

When does an appraisal happen?

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?

Business pursuits

Personal property replacement cost endorsement

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.

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

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

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

7/10

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

right answer

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

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

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

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

What happens when an insured experiences bankruptcy?

8/10

right answer

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

Cooperate with the insurer in the investigation of a claim

Notify the police if a loss is caused by theft.

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

9/10

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

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.

$100,000

$50,000

$20,000

10/10

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

right answer

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

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