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Chapter 6 Quiz
This quiz will test your knowledge on the material presented. Some questions may also test your knowledge on material not yet presented.
Can you claim stolen jewelry under both your regular HO coverage and the floater?
Yes, because the floater merely serves to add all-risk coverage
Yes, because it is "named jewelry" on the floater
No, because you cannot collect twice for the items' value
Yes, as you have paid a separate premium for the floater
Homeowner policies do not cover:
Vandalism caused by a neighbor's children
Lightning damage to insured's garage
Erosion that causes the foundation to crack
Theft of a jacket left on the front porch overnight
Susan’s residence sustained severe flood damage. Some of the items damaged were her kitchen stove, wall-to wall carpeting, motor boat, and fire extinguisher. The ___ was the only item not included under Coverage A of a Building and Personal Property Coverage form.
With a HO-3 form, all of the following would fall under "insured location", EXCEPT:
A hotel room where the insured is temporarily residing
A furnished garage used as a residence
Property in an apartment rented to others away from the insured's residence premises
Family cemetary plots
On the HO-2 policy, damage caused by wind to personal property would be covered if:
If wind blew a hole in the roof allowing the wind to damage items in the house
Caused by a concurrent causation
Other structures are excluded from coverage under the HO-3 when they are:
Used for business purposes
Used for storage purposes
Smaller than 100 square feet or larger than 1,000 square feet
Smaller than 100 square feet or larger than 500 square feet
An insured is covered under a homeowner policy with the HO-3 form and $100,000 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.
While Jackie was moving her store furniture from her store furniture from her old location to her old location to her new location in the city, it was covered under ___ in case a loss occurred during that time.
Paul and David have caused bodily injury to a third party. What would they be considered in law:
Parties to comparative negligence.
Gross negligent parties.
When both parties must perform certain acts in an insurance contract that makes it legally enforceable is called:
Utmost good faith
Which of the following is an example of a standard for a claim denial?
The adjuster completes a partial investigation and denies the claim based only on those findings.
The adjuster denies liability coverage to the insured because a third party requested the denial of a claim.
The adjuster denies a claim without stating the reasons for the denial in his report, but he does provide pictures.
The adjuster refuses to pay an uncovered claim.
Under a garage policy, which of the following is true regarding dealers physical damage coverage?
It is a blanket limit for covered autos
It is an annual maximum limit for comprehensive and collision losses
It is a maximum limit per auto
It extends coverage to customers' autos
Scott 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.
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