CISR: Homeowners Exam 33 Questions with Answers
Section I Property Coverages - CORRECT ANSWER The two major sections of the Homeowners policy are
... [Show More] ___________________ & Section II Personal Liability
Package Policy; a Residence - CORRECT ANSWER Combining these two sections provides a ______________________ used to insure loss exposures related to owning, occupying and maintaining ________________________
HO 6 Unit Owners Form - CORRECT ANSWER Which type of homeowners policy is appropriate for a condominium owner seeking insurance for both structure and contents?
All of the above - CORRECT ANSWER Which of the following are found on the Homeowners Declarations? Coverage Form Applicable; Named insured; Mortgagee; All of the above.
Harry, the policyholder named in the Declarations - CORRECT ANSWER Which of the following people would be considered an insured as defined in the policy? Harry, the policyholder named in the Declarations; or Harry's adult daughter and her spouse who live in another city.
No - CORRECT ANSWER Do you think that a lake cabin your insured purchased 2 years ago is automatically an "insured location" on the Homeowners Policy for their home in the city? Yes; No
True - CORRECT ANSWER An occurrence can include repetitive action that happens over time, such as a slow water leak. True; False
No - CORRECT ANSWER Do you think that the definition of "residence employee" includes an individual who is employed by the insured's home based business? Yes; No
Coverage F Medical Payments - CORRECT ANSWER The four parts of Section I Property Coverage include all of the following except: Coverage A Dwelling; Coverage D Loss of Use; Coverage F Medical Payments; Coverage C Personal Property
A gazebo on the residence premises - CORRECT ANSWER Select the item that could be covered under Coverage B Other Structures: A gazebo on the residence premises; A sofa inside the insured residence; A garage attached to the insured residence.
50% - CORRECT ANSWER The Personal Property limit, or Coverage C, is usually ______% of the Dwelling Limit
B- Coverage D pas the extra cost for the insured to stay in a hotel when the residence cannot be lived in while repairs are being made after a covered loss. - CORRECT ANSWER Select the statement that best describes Coverage D under the Homeowners Policy:
A- Coverage D allows for additional limits of insurance if the residence is damaged and the jurisdiction requires costly new upgrades to the dwelling because of new building codes.
B- Coverage D pays the extra cost for the insured to stay in a hotel when the residence cannot be lived in while repairs are being made after a covered loss.
C- Coverage D provides personal liability coverage for homeowners due to owning, occupying, or maintaining a residence.
10% or $10,000 - CORRECT ANSWER You insure a house on an HO-3 Special form with Coverage A- Dwelling limit of $100,000. How much coverage is automatically provided for Coverage B Other Structures?
A- if the freezing weather event was so severe that the pipe froze and burst, even though the insured had covered the pipes and maintained heat in the house
& C- if freezing water causes damage to a gutter - CORRECT ANSWER What would be two ways that the Homeowners policy might provide coverage for the peril of freezing?
A- if the freezing weather event was so severe that the pipe froze and burst, even though the insured had covered the pipes and maintained heat in the house
B- IF the home has not been prepared for freezing weather event and no precautions have been taken to keep pipes from freezing and bursting
C- if freezing water causes damage to a gutter
No - CORRECT ANSWER Someone breaks into the lake cabin of the insured during the winter while the insured is not there and steals a television and microwave that is usually in the cabin. Is this personal property covered under the HO3 special form policy insuring their home in the city? Yes; No
Landslide causes the house to collapse - CORRECT ANSWER Which of the following collapse losses is not covered by Homeowners Policies? Hidden termite damage causes an interior-supporting wall to collapse; A home collapses due to the weight of rain on the roof; the weight of people on a second story porch causes the home to collapse; landslide causes the house to collapse
True - CORRECT ANSWER An open perils policy covers direct physical loss to covered property unless the cause of loss is excluded in the policy. In a loss situation, the burden of proof is on the insurance company to prove the cause of loss is specifically excluded when denying coverage for a loss. True; False
only the highest - CORRECT ANSWER If more than one deductible applies to a loss, ______ deductibles would be applied to the payment for a claim
Coverage E&F - CORRECT ANSWER While attending a party at John and Mary's house, a guest is scratched by Mary's cat, Fluff. Which Section II coverage part(s) could respond to the guest's injury?
A- Coverage E
B- Coverage F
C- Coverage E&F
D- Neither
B- a duty to defend - CORRECT ANSWER In the homeowners policy the insuring agreement for Personal Liability is typically written with:
A- no duty to defend
B- a duty to defend
No
*Coverage E will respond if a suit is brought against an insured. Med pay, or coverage F doesn't apply because the injured party is a regular resident of the home - CORRECT ANSWER John and Mary live in a college town. In order to make a little extra money, they decide to rent one of their rooms out to a college student for $200 per month. Several months after moving in, the student breaks his arm after he trips and falls off their back porch. John and Mary want to know if their Homeowners policy can handle this loss! Can both Coverage E or Coverage F respond to this loss? Yes; No
Coverage A - CORRECT ANSWER Dwelling
Coverage B - CORRECT ANSWER Other Structures (10%)
Coverage C - CORRECT ANSWER Personal Property (50%)
CISR: Homeowners Exam 33 Questions with Answers
Coverage D - CORRECT ANSWER Loss of Use (30%)
Coverage E - CORRECT ANSWER Liability
Coverage F - CORRECT ANSWER Medical Pay
HO-2 - CORRECT ANSWER The Broad Form: provides coverage for the residence and personal property on a broad named peril basis.
HO-3 - CORRECT ANSWER The Special Form: the most popular of the homeowners policies used to insure an owner occupied residence. provides coverage for the residence and other structures on an open perils basis and coverage for personal property on a broad named perils basis
HO-4 - CORRECT ANSWER Tenant's Form: The Contents Broad Form: is designed for someone who rents or leases an apartment or single or multi-family residence
HO-5 - CORRECT ANSWER Comprehensive Form: is useful for insuring dwelling and personal property where there is a desire to have the same perils apply to both the dwelling and personal property, it is often used for higher valued dwellings.
HO-6 - CORRECT ANSWER Condo Form: Unit owners form: individual residential condominium units
HO-8 - CORRECT ANSWER Modified Coverage Form: is the most limited coverage form. not only is the HO-8 limited in covered causes of loss; but it only pays ACV on both dwelling and personal property losses [Show Less]