LA ADJUSTER SERIES 204: HOMEOWNER INSURANCE CORRECT QUESTIONS & SOLUTIONS(RATED A)
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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
QUESTIONS & SOLUTIONS(RATED A)
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
HO-5 (comprehensive form) - ANSWER this is the broadest HO form and is considered
the "deluxe" policy. it provides "open peril" coverage on both buildings and contents
HO-4 (contents broad form) - ANSWER this form is designed to cover the contents of a
tenant living in a non-owned structure. this could be an apartment building or dwelling.
since the tenant does not own the structure the form does not provide coverage except
for the improvements and betterments that the tenant may have made to the structure
at his or her expense. this form provides the named "broad perils"
HO-6 (unit-owners form) - ANSWER this form is designed for the condominium owner. it
covers the structural portion of the condo owned by the insured as well as his or her
contents plus any improvements and betterments. property is covered by the "broad
perils"
HO-8 (modified coverage form) - ANSWER this form is the most limited HO form. it
provides very basic peril coverage and was designed to cover dwellings in which the
"replacement cost value" is much greater than "market value." coverage for both
buildings and contents are considered on an actual cash value
1) ordinance or law
2) earth movement
3) water (including flood)
4) power failure occurring off the residence
5) neglect
6) war
7) nuclear hazard
8) intentional loss
9) governmental action (except that which is related to a fire or the prevention of the
spread of fire) - ANSWER general exclusions of HO policy
1) coverage A-dwelling
2) coverage B-other structures
3) coverage C-personal property
4) coverage D-loss of use - ANSWER section I of the HO policy provides four major
property coverages:
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