LA ADJUSTER SERIES 204: HOMEOWNER INSURANCE Correct 100%
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Course
LOUISIANA CLAIM ADJUSTER
Institution
LOUISIANA CLAIM ADJUSTER
multi-line policies - ANSWER HO policies are _ which mean they combine property and casualty coverages in the same policy. it packages several coverages related to a specific type of exposure, and it reduces the number of policies one has to purchase.
personal package policy - ANSWER HO insuranc...
LA ADJUSTER SERIES 204:
HOMEOWNER INSURANCE Correct
100%
multi-line policies - ANSWER HO policies are _ which mean they combine property and
casualty coverages in the same policy. it packages several coverages related to a
specific type of exposure, and it reduces the number of policies one has to purchase.
personal package policy - ANSWER HO insurance is sold as a _ designed to cover a
broad range of exposures related to owning and renting a part of a home.
theft insurance and personal liability coverage under one contract - ANSWER the HO
insurance program provides the same property coverages that are available under the
DP program but also includes _
1) owner-occupants of residential dwellings which do not contain more than 4 families
nor more than two boarders or roomers per family under the HO-2, HO-3, HO-5, HO-8
2) tenants in non-owned buildings used primarily for residential purposes under the HO-
4
3)owner-occupants of condominiums are eligible for coverage for their interest in the
condominium as well as contents under the HO-6
4) dwellings under construction
5) dwellings purchased under installment contracts when purchaser is occupant of the
dwelling
6) an occupant of a dwelling under a life estate
7) seasonal dwellings when the insured is covered under a HO policy for his or her
primary dwelling
8) mobile homes are eligible with the attachment of the mobile home endorsement -
ANSWER HO policies may only be issued to cover premises which are principally used
for private residential purposes such as the following:
section I-property coverages
section II-liability coverages - ANSWER each of the HO forms is divided into two
sections:
-HO-2: broad form
-HO-3: special form
-HO-4: contents broad form aka the Tenants or Renters form
-HO-5: deluxe form which provides open peril coverage for buildings and contents
-HO-6: condominium unit-owners form
-HO-8: modified coverage form which provides the least amount of coverage -
ANSWER there are 6 HO forms that vary as to the extent of coverage:
, named peril - ANSWER the HO-2 broad form is a _ form.
HO-3 (special form) - ANSWER this form is a combination of the broad perils and the
"open peril" approach. all of the structures are covered on an "open peril" basis. this
means that if a cause of loss is not excluded, then coverage would apply. the burden of
proof is up to the insurance company to prove that the loss is excluded. contents
coverage applies on a broad peril basis
coverage A-dwelling - ANSWER this coverage does not apply to land or to the HO-4,
which is designed for contents
coverage B-other structures - ANSWER _ will be denied if the other structure is used in
whole or in part for any business purpose except a detached structure used to store
business property of a non-flammable non-gaseous nature
coverage c-personal property - ANSWER full limit of _ applies to personal property
anywhere in the world. covers personal property owned or used by the insured
$1,000 or 10% - ANSWER for personal property kept at an insured's residence other
than the residence premises shown on the declarations page, coverage is the larger of
_ of coverage C
30 days - ANSWER when the insured moves to a newly purchased primary residence,
contents is pro rata between the locations for _ in case of loss
coverage D-loss of use - ANSWER this coverage is the same as the DP programs
"additional living expense" and "fair rental value." the two items have been combines
under one name in the HO insurance program and provides coverage for "indirect
losses" such as rent, food, and laundry, which result from a covered property loss.
$500 - ANSWER a deductible will apply on all section I property losses. the standard
deductible is _. the deductible is per occurrence not per piece of damaged property.
1) debris removal(additional insurance)
2) reasonable repairs
3) trees, shrubs, and other plants (additional insurance)
4) fire department service charge (additional)
5) property removed (removal clause)
6) credit card, fund transfer card, forgery, and counterfeit money (additional)
7) loss assessment (additional)
8) glass or safety glazing material
9) collapse
10) landlord's furnishings
11) building additions and alterations
12) ordinance or law (additional)
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