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Property and Casualty Exam Flashcard Study System: P-C Test Practice Questions and Review (2020) - Document preview page 1

Property and Casualty Exam Flashcard Study System: P-C Test Practice Questions and Review (2020) - Page 1

Document preview content for Property and Casualty Exam Flashcard Study System: P-C Test Practice Questions and Review (2020)

Property and Casualty Exam Flashcard Study System: P-C Test Practice Questions and Review (2020)

Property and Casualty Exam Flashcard Study System: P-C Test Practice Questions and Review (2020) makes exam preparation efficient and effective, with structured notes, solved questions, and exam-focused insights.

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Property and Casualty Exam Flashcard Study System: P-C Test Practice Questions and Review (2020) - Page 1 preview image
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Property and Casualty Exam Flashcard Study System: P-C Test Practice Questions and Review (2020) - Page 2 preview image
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Property and Casualty Exam Flashcard Study System: P-C Test Practice Questions and Review (2020) - Page 3 preview imageTypes of Property Policies© Mometrix Media - flashcardsecrets.com/propertycasualtyProperty and Casualty ExamExplain the basic characteristics of homeowner’s insurancepolicies. Explain the policy forms HO-2 and HO-3.
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Property and Casualty Exam Flashcard Study System: P-C Test Practice Questions and Review (2020) - Page 4 preview imageTypes of Property PoliciesHomeowner’s insurance policies are divided into aproperty insurancesection(section I) and aliability and medical insurance section(section II). Every type of policy provides the same liability coverage.Policies differ only in the level of property coverage they offer.HO-2, also known asthebroad form, protects against named perils,such as theft and glass breakage. It also offers the option to extendcoverage to vandalism and malicious mischief. HO-2 forms coverpersonal property and dwellings, and are intended for owner/occupantsof one, two, three, or four family homes.HO-3, also known asthe special form, extends open peril protection tothe dwelling and other structures, and named peril protection forunscheduled personal property under Coverage C. The open perilprotection also covers loss of use of real property (the dwelling andother structures).
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Property and Casualty Exam Flashcard Study System: P-C Test Practice Questions and Review (2020) - Page 5 preview imageTypes of Property Policies© Mometrix Media - flashcardsecrets.com/propertycasualtyProperty and Casualty ExamExplain homeowner’s insurance.
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Property and Casualty Exam Flashcard Study System: P-C Test Practice Questions and Review (2020) - Page 6 preview imageTypes of Property PoliciesHomeowner’s insuranceis a personal, multi-line (property andcasualty) policy with the following eligibility requirements:¨Only the owner/occupant of a dwelling and renters withresidential occupancies are eligible for coverage.¨The dwelling must consist of four or fewer family units, andeach family can have a maximum of two roomers or boarders.¨A dwelling is only eligible if it is exclusively a residence.However, allowances can be made forincidental occupancies(including private schools, studios, offices, etc.).¨The following dwellings are eligible: dwellings underconstruction, seasonal/secondary residences, homes being paidoff under installment contracts, homes occupied under lifeestates and trustees, and mobile homes (as long as the MobileHome endorsement has been purchased).¨Farms are not eligible.¨The insured must purchase both lines (property and casualty)unless he is renting the property.
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Property and Casualty Exam Flashcard Study System: P-C Test Practice Questions and Review (2020) - Page 7 preview imageTypes of Property Policies© Mometrix Media - flashcardsecrets.com/propertycasualtyProperty and Casualty ExamExplain the following homeowner’s insurance policy forms:HO-6 and HO-8.
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Property and Casualty Exam Flashcard Study System: P-C Test Practice Questions and Review (2020) - Page 8 preview imageTypes of Property PoliciesHO-6, also known asthe condominium unit owner’s form, extendsnamed peril protection to the personal property of condominium orcooperative owners. HO-6 provides a level of personal propertyinsurance that is very similar to HO-2, HO-3, and HO-4. Loss assessmentsare covered up to a limit of $1,000.HO-8, also known as themodified coverage form for special risks, isintended for uniquely constructed properties and older propertieswhose replacement costs are substantially higher than their marketvalues. This form extends basic named peril protection to dwellings andpersonal property, and offers extended coverage for certain perils, aswell as vandalism and malicious mischief. Loss settlements are paid onan actual cash value basis.
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Property and Casualty Exam Flashcard Study System: P-C Test Practice Questions and Review (2020) - Page 9 preview imageTypes of Property Policies© Mometrix Media - flashcardsecrets.com/propertycasualtyProperty and Casualty ExamExplain the following homeowner’s insurance policy forms:HO-4 and HO-5.
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Property and Casualty Exam Flashcard Study System: P-C Test Practice Questions and Review (2020) - Page 10 preview imageTypes of Property PoliciesHO-4, also known asthe contents broad form,the tenant’s form, ortherenter’s form, provides named peril protection for the personalproperty of tenants—those who rent (but do not own) apartments,mobile homes, condominiums, and single-family homes. HO-4 providesthe same protection as HO-2, but only covers personal property, notdwellings. It also provides limited insurance coverage for improvementsand additions if the owner has paid for their installation.HO-5, also known asthe comprehensive owner’s form, extends openperil protection to personal property. It also protects the dwelling andother structures, and covers loss of use. This policy is intended forindividuals who own and occupy one, two, three, and four family homes.
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Property and Casualty Exam Flashcard Study System: P-C Test Practice Questions and Review (2020) - Page 11 preview imageTypes of Property Policies© Mometrix Media - flashcardsecrets.com/propertycasualtyProperty and Casualty ExamExplain Coverage C on homeowner’s insurance policies.
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Property and Casualty Exam Flashcard Study System: P-C Test Practice Questions and Review (2020) - Page 12 preview imageTypes of Property PoliciesCoverage C—personal propertycovers the insured’s personalproperty, regardless of where in the world it is located. If the insured sodesires, Coverage C can also cover:¨The personal property of the insured’s guests and employees inany residence the insured occupies.¨The personal property of others if their property and theinsured’s are located in the same area of the insured’s residence.Coverage C provides global personal property coverage for a limited timeperiod. Consequently, for personal property that is stored away from theinsured’s residence, coverage is limited to $1,000 or 10% of Coverage C’slimit, whichever is greater. If the insured is moving to a new principleresidence, his personal property is fully covered for a maximum of 30days. If the insured’s residence is being repaired or has been declareduninhabitable, his personal property is fully covered while it is at atemporary residence.
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Property and Casualty Exam Flashcard Study System: P-C Test Practice Questions and Review (2020) - Page 13 preview imageTypes of Property Policies© Mometrix Media - flashcardsecrets.com/propertycasualtyProperty and Casualty ExamExplain Coverages A and B on homeowner’s insurance policies.
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Property and Casualty Exam Flashcard Study System: P-C Test Practice Questions and Review (2020) - Page 14 preview imageTypes of Property PoliciesCoverage A—dwellinginsures the dwelling and any attachedstructures. It also covers any fixtures or materials used to maintain thedwelling, as long as they are attached to or located on the premises. OnHO-6 forms, Coverage A has a standard limit of $1,000 per occurrence.Coverage B—other structuresinsures other buildings that are locatedon the same premises, but are separate from the dwelling (though theymay be connected by a utility line or fence). The maximum coverageamount is 10% of Coverage A’s limit. Coverage B does not coverstructures used for business-related purposes, nor does it coverproperties rented to persons, unless the person is a tenant of thedwelling. It does, however, cover private garages.
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Property and Casualty Exam Flashcard Study System: P-C Test Practice Questions and Review (2020) - Page 15 preview imageTypes of Property Policies© Mometrix Media - flashcardsecrets.com/propertycasualtyProperty and Casualty ExamList the classes of personal property excluded under CoverageC of homeowner’s policies. Explain Coverage D onhomeowner’s insurance policies.
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Property and Casualty Exam Flashcard Study System: P-C Test Practice Questions and Review (2020) - Page 16 preview imageTypes of Property PoliciesOn homeowner’s insurance policies, Coverage C does not cover thefollowing classes of property:¨Roomers’ property¨Rental property that is part of an apartment¨Animals, fish, and birds¨Motorized vehicles, aircraft, hovercraft, and their equipmentand parts¨Business information records (both electronic and paper-based), unless the records are pre-recorded programs that aresold commercially¨Water/steam¨Credit cards¨Rental property held by others if it is located somewhere otherthan the residenceCoverage D—loss of usereimburses the insured if a dwelling isrendered uninhabitable by a covered loss. There are two possiblemethods of reimbursement:1)Additional living expense– If the dwelling is the insured’sresidence, the policy allows the insured to preserve his typicalstandard of living.2)Fair rental value– If the insured is renting out the dwelling toanother person, the policy repays any lost rent payments.
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