Home Insurance Final

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1 point

Ordinance or Law on a HO3 will cover:

When a client is upgrading their home and they discover unexpected costs due to city codes changing

When a covered loss occurs and during repairs they discover the foundation is not up to code

When the wall behind the fireplace is damaged due to a flood and the chimney is not up to code

1 point

Replacement cost will always be greater than market value.

True

False

1 point

HO 3 policies are automatically covered under open peril for what coverage?

Coverage A

Coverage B

Coverage C

Coverage D

1 point

Replacement cost takes into consideration:

Cost of materials

Debris removal

Upgrading the kitchen after a loss

Architect fees

1 point

Bob and Betty are married, and have an HO3 policy. Who would be considered an insured under their policy?

Bob and Betty's 25 year old daughter who lives in the home

Betty's mother, who moved in after her husband passed away

A 18 year old exchange student that will be living with them for 7 months

Their daughters boyfriend who is 25 moved in after his parents moved out of state

1 point

The following is an example of an indirect loss except:

Having to pay both a mortgage and rent for an apartment

Loss of rental income

Paying for a Laundromat because your temporary residence does not have a washer and dryer

Smoke damage to the home

1 point

What is always excluded from a policy, and must be added by endorsement?

Flood

Water Backup

Hurricane

Wildfire

1 point

An insured location includes all the following except:

Vacant, unimproved Land

Gravesites

A condo that is being rented for a week long vacation

A lot of land that has been improved on away from the home

1 point

Personal property on a basic HO4 is covered how?

At a chosen amount

At Actual Cash Value

Named Perils

Open Perils

10.

1 point

Medical payments on a HO 4 will cover anyone injured on the property, including the insured and guests, regardless of fault.

True

False

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