Homeowners Insurance: Understanding Different Terms and Coverages, Quizzes of Credit and Risk Management

Download Homeowners Insurance: Understanding Different Terms and Coverages and more Quizzes Credit and Risk Management in PDF only on Docsity! TERM 1 Homeowners Eligibility DEFINITION 1 Owner occupant Detached Residence Town Home (verticle) Condominium (horz) Apartment or Rental Home TERM 2 Homeowners Package Policy DEFINITION 2 Section I (Property)Section II (Liability) TERM 3 Persons Insured DEFINITION 3 Named Insured and SpouseResident Relatives Full Time Student away from home (Relative under age 24) TERM 4 Ellen Johnsons 62 year old mother lives with Ellen and Stanley Johnson. Is Ellens 62 year old mother insured under the Johnsons Homeowners policy? DEFINITION 4 Yes TERM 5 Homeowner Forms DEFINITION 5 HO2,HO3HO4HO5HE7HO6HO8 TERM 6 HO2 DEFINITION 6 BroadBroad Named Perils TERM 7 HO 3 DEFINITION 7 SpecialAll Risk - DwellingBroad Perils- Contents TERM 8 HO 4 DEFINITION 8 Tenants (Rental prop)Broad Perils - Contents TERM 9 HO 5 HE 7 DEFINITION 9 ComprehensiveAll Risk - Dwg. & Cts. TERM 10 HO 6 DEFINITION 10 CondoBroad Perils - Contents TERM 21 The garage at the Arthurs primary residence is insured under Homeowners coverage : DEFINITION 21 A - Dwelling TERM 22 The boat house at the Arthurs beach house is insured under Homeowners coverage: DEFINITION 22 B - Other structures TERM 23 Special Aggregate Limits DEFINITION 23 Theft of Jewelry, furs Theft of firearms, silverware watercraft including their trailers The Personal Property Floater can be used toprovideadequate limits on the above property TERM 24 Theft of Jewelry, furs DEFINITION 24 $1500 TERM 25 Theft of firearms, silverware DEFINITION 25 $2500 TERM 26 watercraft including their trailers DEFINITION 26 $1500 TERM 27 Business Property limitations DEFINITION 27 Limited to $2,500 on premises, $500 off premisesAdd Home Business Endorsement to cover incidental business property under coverage C and to extend liability coverage to incidental business exposure on premises TERM 28 Stanley and Ellen Johnson own jewelry items valued at $25,000 and silverware valued at $10,000. Will the jewelry ($25,000) and silver ($10,000) be covered fort the full value in event of fire? DEFINITION 28 YES TERM 29 Stanley and Ellen Johnson own jewelry items valued at $25,000 and silverware valued at $10,000. Will the jewelry ($25,000) and silver ($10,000) be covered for the full value in the event of theft? DEFINITION 29 NO TERM 30 Stanley and Ellen Johnson own jewelry items valued at $25,000 and silverware valued at $10,000. What coverage form should be recommended for the jewelry and silver? DEFINITION 30 Personal Property Floater TERM 31 Property Not Covered DEFINITION 31 Motor vehiclesVehicles for servicing premises and not subject to registration are covered. Also, vehicles used to assist the handicapped are covered. What are examples?Business records and electronic business dataCredit or debit cards ($500 coverage for unauthorized use)Debris Removal (within policy limits)Tree Debris (wind, hail, wt. of ice) $1,000 aggregateTree must damage a covered structure orBlock DrivewayLoss assessment (Assessment by Homeowners Association) $1,000Ordinance or Law-Increased Cost (Upgrade to current building code) 10% of Dwelling limit TERM 32 Which insured needs Loss Assessment coverage DEFINITION 32 Owner of atown homeor condo TERM 33 Which insured needs more than 10% coverage A for Ordinance or Law Coverage? DEFINITION 33 Owner of a home built in 1955 TERM 34 Exclusions DEFINITION 34 Flood need a sep policyIf both wind and flood, wind covered and flood excludedEarthquake Add by endorsementVandalism if dwelling vacant 60 daysMold cant be from flood&quickly reported$5,000 limit for hidden mold/rot resulting from accidental discharge of water from plumbing; otherwise, mold is excludedOff premises power failure (spoilage)Add by endorsement TERM 35 "Loss settlement' Personal Property DEFINITION 35 ACV(Actual Cost Value) with RC (Replacement Cost) OptionRecommend purchase RC for Personal Property and Guaranteed RC(Replacement Cost) for dwelling