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Chapter 5 Quiz
This quiz will test your knowledge on the material presented. Some questions may also test your knowledge on material not yet presented.
An insured is covered under a homeowner policy with the HO-3 form and $500,000 for coverage A. The dwelling is a total fire loss. What is the extra coverage provided by the policy for debris removal if needed?
The policy pays an extra 5% of the coverage A limit.
The policy pays an extra 3% of the coverage A limit.
The policy will pay an extra 10% of the coverage A limit.
The policy will only pay its coverage A limit and nothing else for debris removal.
Four people committed the same intentional act on different occasions. At the time of the separate acts, Jill was 14, Jack was 18, Fred was 13, and Bonnie was 24. Under Section II of the Damage to Property of Others in the Homeowners Policy, the following individual(s) would be excluded from the consequences of the damage.
Jill and Fred only
Jill, Jack, and Fred
Jill, Jack, Fred, and Bonnie
Your Homeowner policy provides jewelry coverage to a set limit. If you insure a piece of jewelry separately, on a floater, and the jewelry is stolen can you claim it under both your regular HO coverage and the floater?
Yes, because the floater merely serves to add all-risk coverage
Yes, because it is
No, because you cannot collect twice for the items' value
Yes, as you have paid a separate premium for the floater
Mrs. Wright decided to remodel his home. He went online and ordered building materials for his project. While waiting for the tools to come in, he placed the materials next to his residence. Before the tools arrived, the building materials were destroyed. Under the HO-3 Homeowner Policy, the materials are covered:
If they have been at the location less than 30 days
Only if they are lost due to fire
Only if they are lost due to an insured peril
If they have been at the location more than 30 days
Bob sold his home after he was laid off and moved into an apartment so that he could save money until he found another job. Scott wanted to protect his furniture and belongings. He would need a ___ policy for this kind of protection
Mr. Snow has an auto policy with bodily injury limits of $30,000/$60,000. He injures two people in one accident. Mr. Pinon receives injuries of $39,000. Mr. Smith receives injuries of $25,000. Legal expenses to defend Mr. Snow total $10,000. How much is Mr. Snow liable for after his insurance company makes its payments?
Over 90% of the homes built in the newly developed area suffered roof damage from the wind and hail storm. As a last resort for coverage to their damaged property, the owners filed claims through their policies with ___ which was purchased through their local insurance agents.
If your score is below 70%, please Try Again.