Exam 20: Homeowners Insurance,section I

The Homeowners 3 policy limits the amount of coverage provided on certain personal property (e.g.coin collections and silverware).This personal property can be adequately insured by

Section I of the Homeowners 3 policy provides coverage for all of the following EXCEPT

If there is a conflict between state law and a provision in a homeowners policy

All of the following are additional coverages provided under Section I of the Homeowners 3 policy EXCEPT

Linda wants to purchase a homeowners policy,but she has some valuable personal property to which internal policy limits apply.Her agent said that she could obtain coverage under her homeowners policy by attaching a list of this valuable property with specific amounts of insurance.Such a listing is called a(n)

Which of the following is (are)included among the duties of an insured following a loss covered under the Homeowners 3 policy? I.To file a proof of loss within a specified time period after the insurer's request. II.To prepare an inventory of damaged personal property.

Ted purchased a home.To finance the purchase,he borrowed $140,000 from ABC Bank,pledging the home as collateral for the loan.Shortly after purchasing the home,Ted lost his job.He could not find another job and could not pay the mortgage each month.Ted set fire to the home.The claims adjuster suspected arson,and an investigation proved that Ted intentionally caused the loss.Under the mortgage clause of the Homeowners 3 policy,how will this loss be settled?

Shauna purchased a condominium unit.Which homeowners policy is specially designed for condominium unit owners?

All of the following statements about conditions under a homeowners policy are true EXCEPT

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 fire destroyed the home next door to Brad's home.The fire department chief was concerned that the damaged home would collapse on to Brad's home,so he ordered Brad to evacuate his home.Which of the following statements is true concerning the cost of Brad's hotel room while he is complying with the fire chief's order?

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.

Following catastrophic hurricane losses,South Coast Insurance Company changed its deductible provision.Rather than using a specified dollar value,$250 for example;the dollar value of the deductible increases with the size of the loss.The type of deductible that South Coast changed to is called a(n)

Which of the following statements about the replacement cost provision of the Homeowners 3 policy is true?

Ellen believes the value of the loss to her home is $30,000.The insurer has offered $18,000 to settle the loss.If Ellen and the insurer cannot agree on the value of the loss,which homeowners policy provision specifies how this dispute will be settled?

Which of the following statements is (are)true regarding how the Homeowners 3 policy handles the peril of collapse? I.Collapse is specifically excluded,and there are no exceptions to the exclusion. II.Collapse that is caused by a Coverage C peril is covered.

Which of the following statements about the appraisal clause in the Homeowners 3 policy is (are)true? I.It is used to determine a value for personal property when the policy is issued. II.It is used to help settle disputes over the amount of a loss after a loss has occurred.

All of the following are additional coverages under Section I of the Homeowners 3 policy EXCEPT

Under the Homeowners 3 policy,all of the following are options of the insurer for settling claims EXCEPT

All of the following are duties of the mortgagee under the standard mortgage clause EXCEPT