Description
Please loge in to this account and do the fourth quiz.
https://ccp.instructure.com/login?needs_cookies=1
User: qqww_11
Password:12345Qq
Explanation & Answer
Here is the completion of 4th assignment that covers chapter 20 and 21 :)
Chapter 20: Review Questions
1. Identify the basic types of homeowners policies that are used today.
The following forms are used in the current ISO (Insurance Services Offices) homeowners (HO)
program:
•
•
•
•
•
•
2.
HO-2 (broad form) - Homeowners 2 is a named-perils policy that insures the dwelling,
other structures, and personal property against loss from certain listed perils. Covered
perils include fire, lightning, windstorm, hail, explosion, and other perils.
HO-3 (special form) - Homeowners 3 insurer the dwelling and other structures against
direct physical loss to property. This means that all direct physical losses to the dwelling
and other structures are covered, except those losses specifically excluded.
HO-4 (contents broad form) - Homeowners 4 is designed for tenants who rent
apartments, houses, or rooms. Homeowners 4 covers the tenant’s personal property
against loss or damage and also provides personal liability insurance.
HO-5 (comprehensive form) – The Homeowners 5 form insures the dwelling, other
structures, and personal property against direct physical loss to property. This provision
means that all direct physical losses are covered except those losses specifically
excluded.
HO-6 (unit-owners form) – Homeowners 6 is designed for the owners of condominium
units and cooperative apartments. The condominium association carries insurance on the
building and other property owned in common by the owners of the different units.
HO-8 (modified coverage form) – Homeowners 8 is a modified coverage form that
covers loss to the dwelling and other structures on the basis of repair cost, which is the
amount required to repair or replace damaged property using common construction
materials and methods.
Identify the persons who are insured under a homeowners policy.
The following persons are considered insureds under the policy:
•
•
•
Named insured and residents of the household who are your relatives.
o The named insured is the person or the persons named in the declarations page of
the policy.
Other persons under age 21.
o Other persons under age 21 who are in the care of the named insured or the care
of a household resident who is a relative.
Full-time student away from home.
o The definition of “insured” includes a full-time student away from home who was
a resident of the named insured’s household before moving out to attend school,
provided the student is under the age of 24 and a relative of the maned insured, or
is under age 21 and in the care of the named insured or the care of a household
resident who is your relative.
3.
The Section 1 property coverages provide different types of coverages to an insured.
For each of the following coverages, briefly describe the type of coverage provided, and
give an example of a loss that would be covered.
• Coverage A - Dwelling: Coverage A covers the dwelling on the residence premise as
well as any structure attached to the dwelling. Coverage A specifically excludes land.
The home and an attached garage or carport would be insured under this section.
•
Coverage B - Other Structures: Coverage B insurers other structure on the residence
premises that are separated from the dwelling by clear space. The coverage includes a
detached garage, tool shed, or horse stable. Structures connected to the dwelling only by
a fence, utility line, or other similar connections are considered to be “other structures”.
•
Coverage C - Personal Property: Personal property owned or used by an insured is
covered anywhere in the world. This provision also includes borrowed property. In
addition, after a loss and at the named insured’s request, the insurance can be extended to
cover the personal property of a guest or resident employee while the property is in any
residence occupied by an insured. For example, if a guest is over and their coat is
damaged while on the property, the loss can be covered under the insured’s policy.
•
Coverage D - Loss of Use: Coverage D provides protection when the residence premises
cannot be used because of a covered loss. The amount of additional insurance under this
coverage s 30 percent of the amount of insurance on the dwelling. Three benefits are
prov...