AIC 304 : (ANALYZING
PROPERTY COVERAGES) EXAM
QUESTIONS AND THEIR REVIEWED
SOLUTIONS
How does the language of the ISO Residence
Premises Definition endorsement change the
definition of "residence premises"?
changes it to require residency at the inception date of the
policy.
If an insured has to move out of their home (under an
HO) due to renovations or a long-term stay, when is
their policy discontinued?
renewal
What does the Broadened Residence Premises
endorsement do on an HO policy?
It provides a starting and ending date to the residency
requirement. The endorsement could be used to suspend
the residency requirement if an insured purchases a new
home and does not intend to occupy the premises for the
first few months.
What are 3 exclusions for Coverage B (HO)?
1. Rented to others, not occupants of the dwelling
2. A structure used for business purposes
3. A structure used to store business property
, How much coverage is available under Coverage C for
property usually located at a residence other than the
one listed on the declarations?
10% of Coverage C or $1,000 (whichever is greater)
What categories of personal property are excluded
under the HO3?
1. Articles separately described and insured
2.Animals, birds or fish
3.Motor Vehicles, their parts and electronic equipment
4.Aircraft and Hovercraft
5.Property of a home sharing occupant
6.Property of a person as a result of any home-sharing
activities.
7.Property of roomers or boarders unrelated to the insured
8.Property in an apartment rented to others
9.Business data stored on paper or electronically
10.Property rented or held for rental
11. Credit cards or electronic funds transfer cards
12.Water or steam
13.Property primarily used for home-sharing host activities
What does BPP stand for?
Building and Personal Property Coverage Form
What are 3 broad categories of property covered
under the BPP?
*Building
*Your Business Personal Property
*Personal Property of Others
What does the main insuring agreement of the BPP
state?
PROPERTY COVERAGES) EXAM
QUESTIONS AND THEIR REVIEWED
SOLUTIONS
How does the language of the ISO Residence
Premises Definition endorsement change the
definition of "residence premises"?
changes it to require residency at the inception date of the
policy.
If an insured has to move out of their home (under an
HO) due to renovations or a long-term stay, when is
their policy discontinued?
renewal
What does the Broadened Residence Premises
endorsement do on an HO policy?
It provides a starting and ending date to the residency
requirement. The endorsement could be used to suspend
the residency requirement if an insured purchases a new
home and does not intend to occupy the premises for the
first few months.
What are 3 exclusions for Coverage B (HO)?
1. Rented to others, not occupants of the dwelling
2. A structure used for business purposes
3. A structure used to store business property
, How much coverage is available under Coverage C for
property usually located at a residence other than the
one listed on the declarations?
10% of Coverage C or $1,000 (whichever is greater)
What categories of personal property are excluded
under the HO3?
1. Articles separately described and insured
2.Animals, birds or fish
3.Motor Vehicles, their parts and electronic equipment
4.Aircraft and Hovercraft
5.Property of a home sharing occupant
6.Property of a person as a result of any home-sharing
activities.
7.Property of roomers or boarders unrelated to the insured
8.Property in an apartment rented to others
9.Business data stored on paper or electronically
10.Property rented or held for rental
11. Credit cards or electronic funds transfer cards
12.Water or steam
13.Property primarily used for home-sharing host activities
What does BPP stand for?
Building and Personal Property Coverage Form
What are 3 broad categories of property covered
under the BPP?
*Building
*Your Business Personal Property
*Personal Property of Others
What does the main insuring agreement of the BPP
state?
