Exam (elaborations)
SC PROPERTY, CASUALTY, SURETY, MARINE PRODUCER - BIS CHAP 5 - HOMEOWNERS POLICY
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SC PROPERTY, CASUALTY, SURETY, MARINE PRODUCER - BIS CHAP 5 - HOMEOWNERS POLICY
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SC PROPERTY, CASUALTY, SURETY, MARINEPRODUCER - BIS CHAP 5 - HOMEOWNERS POLICY
True or False: A lot of the coverages between Dwellers and Homeowners are the same.
- Answers- True
What are the 6 Standard Homeowners Policy Forms? - Answers- Broad Form (HO 02)
Special Form (HO 03)
Contents Form (HO 04)
Comprehensive Form (HO 05)
Condominium Unit Owners Form (HO 06)
Modified Coverage Form (HO 08)
What makes Homeowners different from Dwelling? - Answers- Homeowners is a
packaged, multiline policy while Dwelling is a la carte coverage
True or False: Liability and Theft coverage are not automatically included in
Homeowners Policies? - Answers- False
Which Homeowners Policies provide Named Peril coverage? - Answers- Even
numbered polices
HO 02, HO 04, HO 06, HO 08
Which policy is typically for older homes? - Answers- HO 08 - Modified Coverage
How does HO 05 provide better coverage for theft? - Answers- It added Mysterious
Disappearance coverage
Coverage D (Loss of Use) coverage bundles which two types of coverages together
from Dwelling? - Answers- Fair Rental Value and Additional Living Expenses
Section I of a Homeowners Policy (Coverages A, B, C, D) refer to what kind of
coverages? - Answers- Property coverage
Section II of a Homeowners Policy (Coverages E and F) refer to what kind of
coverages? - Answers- Liability coverage
Is there a deductible for Section I coverages? What about Section II? - Answers- Yes
for Section I, a deducible of at least $250
No for Section II, liability never has a deductible
What types of incidental business occupancies are not allowed with a Homeowners
policy? - Answers- Auto, manufacturing, and retail
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