Chapter 20 Homeowners Insurance

Chapter 20 Homeowners Insurance - Chapter 20 Homeowners...

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Chapter 20 Homeowners Insurance, Section I 1) Which of the following statements is (are) true regarding renters insurance? I. Renters insurance is needed if you rent a house, but is not needed if you rent an apartment. II. The ISO renter s policy provides all-risks coverage on the insured s personal property. ʹ ʺ ʺ ʹ A) I only B) II only C) both I and II D) neither I nor II Answer: D 2) Which of the following statements about eligibility requirements for homeowners insurance is (are) true? I. A contract can be written on a six-unit apartment complex as long as the tenants are families. II. Separate forms are available for renters and condominium owners. A) I only B) II only C) both I and II D) neither I nor II Answer: B 3) All of the following statements about the Homeowners 6 (unit-owners form) policy are true EXCEPT A) It includes personal liability coverage. B) It covers personal property on an all-risks basis. ʺ ʺ C) It provides limited coverage for improvements and alterations. D) It provides limited coverage for loss assessments. Answer: B 4) Which homeowners policy is designed for the tenants of rented premises? A) Homeowners 2 B) Homeowners 4 C) Homeowners 6 D) Homeowners 8 Answer: B 5) Which of the following statements about the Homeowners 8 policy is (are) true? I. Losses to the dwelling are settled on a replacement cost basis if the dwelling is insured for its full market value. II. It is designed primarily for expensive, newer, dwellings. A) I only B) II only C) both I and II D) neither I nor II Answer: D 6) Which of the following statements about the Homeowners 3 policy is (are) true? I. Losses to the dwelling are always settled on an actual cash value basis. II. Coverage on personal property is limited to $5,000. A) I only B) II only C) both I and II D) neither I nor II Answer: D 7) The major difference between the Homeowners 2 policy and the Homeowners 3 policy is the A) insured perils for the dwelling. B) insured perils for personal property. C) type of liability coverage provided. D) amount of coverage for other structures. Answer: A 8) Persons insureds under Section I of the Homeowners 3 policy include which of the following? I. A spouse of the named insured if living in the same household II. The named insured s children who are under age 24 and who are full-time college students ʹ A) I only B) II only C) both I and II D) neither I nor II Answer: C 9) Section I of the Homeowners 3 policy provides coverage for all of the following EXCEPT A) loss of use. B) personal property. C) other structures. D) medical payments.
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Answer: D 10) All of the following are covered under the dwelling coverage (Coverage A) of the Homeowners 3 policy EXCEPT A) any structure attached to the dwelling. B) the land on which the insured dwelling is located.
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This note was uploaded on 06/15/2011 for the course RIM 3331 taught by Professor Papp during the Spring '11 term at Troy.

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Chapter 20 Homeowners Insurance - Chapter 20 Homeowners...

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