Practice Test Geeks(EXAMFX) Exam FX Insurance Practice Test
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Homeowners Insurance Coverage Flashcards

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Read the first 7 Homeowners Insurance Coverage flashcards as text

  1. Under a standard homeowners policy, which of the following losses to personal property would be covered under Coverage C?

    Answer: Theft of jewelry from the insured's vehicle

    Coverage C (personal property) covers theft of personal property including items stolen from a vehicle, subject to special limits for certain categories.

  2. A homeowner's detached garage is destroyed by a covered peril. Under which coverage would this loss be paid?

    Answer: Coverage B – Other Structures

    Coverage B (Other Structures) covers structures on the residence premises that are separated from the dwelling, such as detached garages, fences, and sheds.

  3. Which homeowners form provides the BROADEST coverage for personal property?

    Answer: HO-5 (Comprehensive Form)

    The HO-5 (Comprehensive Form) covers both the dwelling and personal property on an open-perils basis, making it the broadest homeowners form available.

  4. An insured rents out a portion of their home to a tenant. How does this affect Coverage B (Other Structures)?

    Answer: Structures rented to others are excluded from Coverage B

    Coverage B excludes structures rented or held for rental to any person who is not a tenant of the dwelling; if the garage is rented out to a non-tenant, it is excluded.

  5. Under the HO-3 policy, Coverage A (Dwelling) is written on what basis?

    Answer: Open perils (all-risk)

    Under the HO-3, Coverage A covers the dwelling on an open-perils (all-risk) basis, meaning all causes of loss are covered except those specifically excluded.

  6. What is the standard Coverage B limit expressed as a percentage of Coverage A in a homeowners policy?

    Answer: 10%

    Coverage B (Other Structures) is automatically set at 10% of the Coverage A (Dwelling) limit under standard homeowners policy forms.

  7. Which of the following is an example of an Additional Coverage included in a standard homeowners policy at no extra charge?

    Answer: Debris removal following a covered loss

    Debris removal is an Additional Coverage automatically included in standard homeowners policies to cover the cost of removing debris after a covered loss.