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Terms in this set (50)
Select the false statement listed below: In the HO-3 E. ALE payments will not exceed 20% of Coverage A limits.
policy, the ALE payments will be made only for:
Select the single best answer:
A. The shortest time necessary to repair or replace the
damaged property, but not to exceed 24 months.
B. If the insured does not rebuild, the time necessary for
the insured to relocate in permanent living quarters, but
not to exceed 24 months.
C. ALE payments can run beyond the expiration of the
policy.
D. ALE payments are limited to incurred costs for the
shorte
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The insured has a HO-3 policy in force. All of the losses B. Detached garage used to operate a lawnmower repair shop
are covered except:
Select the single best answer:
A. Shed rented to a tenant, to store furniture
B. Detached garage used to operate a lawnmower repair
shop
C. Garage rented to the neighbor to store an antique
automobile
D. Basement used as an office for insured's bookkeeping
business
E. Garage (attached) rented to tenant to store fishing
boat
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Jennifer Marco has a HO-3 policy, with a Coverage B limit A. Coverage for personal property applies for perils listed under Section I -
of $75,000, a $500 deductible, and no Option AI, ID, FA Losses Insured, Coverage B - Personal Property and Section I - Additional
or JF. Which of the following statements is true Coverages.
concerning her personal property?
Select the single best answer:
A. Coverage for personal property applies for perils
listed under Section I - Losses Insured, Coverage B -
Personal Property and Section I - Additional Coverages.
B. Coverage B applies only for items Jennifer owns, while
anywhere in the world.
C. The limit of liability
Under an HO-3 policy, deductibles apply to which of the B. Fire Department Service Charges
following type(s) of losses.
Select the single best answer:
A. Credit Card, Bank Fund Transfer Card, Forgery and
Counterfeit Money
B. Fire Department Service Charges
C. Rekey locks after keys are stolen
D. Debris Removal Charges
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