Which of the following endorsements is used to insure coverage C personal property for values beyond the limitations of the homeowners policy?
Which of the following endorsements is used to insure Coverage C (personal property) for values beyond the limitations of the homeowners policy? Items that are scheduled and insured under a scheduled personal property endorsement are covered on a valued basis.
Who is not considered an insured under an HO 3 policy?
Select the person who is not considered an insured under an HO-3 policy? A friend who is renting a bedroom in the insured’s house since it is only three blocks away from work – Since the friend is a tenant, not a relative or a person in the care of the insured, he/she would not be an insured under the policy.
Which of the following is true regarding single dwellings that are insured to at least 80% of the replacement value?
Which of the following is true regarding single dwellings that are insured to a least 80% of the replacement value? They are automatically provided with replacement cost coverage.
Which insurance principle states that if a policy allows for greater?
*The principle of indemnity stipulates that the insured can only collect for the amount of the loss even if the policy is written with greater benefit limits.
What is an HO 3 insurance policy?
An HO-3 insurance policy is a form of home insurance that protects policyholders against property damage, legal liabilities and other expenses associated with unexpected disasters befalling your home.
Who is covered by an HO 4 policy?
Who needs HO-4 insurance? Anyone who rents an apartment, condominium or home needs renters insurance. Landlords require tenants to carry renters insurance to relieve them of liability for personal property losses.
What is the difference between an HO3 and HO5 policy?
HO5 policies cover your contents at replacement cost. This means you’ll be paid enough money to buy a new item. An HO3 policy pays you actual cash value for your contents. This takes into account depreciation and pays you the amount your items would sell for on the open market.
What do policy conditions define?
Policy conditions are the provisions in an insurance policy that often require the insured to comply with certain requirements to obtain coverage under the policy. Policy conditions can be overlooked because they are not in the insuring agreement, the exclusions, or the definitions.
Which policy part in property or casualty insurance policies will explain who the named insured is under the policy?
Common policy declarations are located in a separate section of a property or casualty insurance policy and contain all of the basic information that defines the policy. These declarations include the name of the insured, the amount of coverage, and the policy terms.
What are the 3 basic levels of coverage that exist for homeowners insurance?
Homeowners insurance policies generally cover destruction and damage to a residence’s interior and exterior, the loss or theft of possessions, and personal liability for harm to others. Three basic levels of coverage exist: actual cash value, replacement cost, and extended replacement cost/value.