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INSURANCE MODULE 13 2025; Brand
New Actual Exam With Correct
Answers.
________________________ is known as HOI and is commonly called
'hazard' or 'property' insurance. - Correct-answer-Homeowners
insurance
True or False: All lenders and investors require homeowners insurance
on properties to ensure the collateral remains sufficient security for the
loan. - Correct-answer-True
True or False: If a borrower is not using an escrow account, the HOI
does not have to be reviewed and meet lender requirements. - Correct-
answer-False. Regardless of whether a borrower has an escrow
account, the HOI must be reviewed and meet lender requirements.
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_______________ is a basic policy that provides coverage on a property
against 11 listed hazards, including fire or lightning, windstorm or hail,
vandalism or malicious mischief, theft, damage from vehicles and
aircraft, explosion, riot or civil commotion, glass breakage, smoke,
volcanic eruption, and personal liability. Exceptions include floods,
earthquakes. The property contents are generally included in coverage,
but must be explicitly enumerated. - Correct-answer-HO-1
True or False: Most states offer HO-1 insurance - Correct-answer-False.
Most states do not offer HO-1 insurance anymore.
______________ is a general form of homeowners insurance that
covers only named hazards. The hazards may be fire, lightning, hail,
explosions, and so on. But if a hazard is not listed, it is not covered by
the insurance. HO-2 is the least expensive type of homeowners
insurance. - Correct-answer-HO-2
True or False: The borrower's name on a homeowners insurance policy
must match the name on the loan. - Correct-answer-True
INSURANCE MODULE 13 2025; Brand
New Actual Exam With Correct
Answers.
________________________ is known as HOI and is commonly called
'hazard' or 'property' insurance. - Correct-answer-Homeowners
insurance
True or False: All lenders and investors require homeowners insurance
on properties to ensure the collateral remains sufficient security for the
loan. - Correct-answer-True
True or False: If a borrower is not using an escrow account, the HOI
does not have to be reviewed and meet lender requirements. - Correct-
answer-False. Regardless of whether a borrower has an escrow
account, the HOI must be reviewed and meet lender requirements.
, 2|Page
_______________ is a basic policy that provides coverage on a property
against 11 listed hazards, including fire or lightning, windstorm or hail,
vandalism or malicious mischief, theft, damage from vehicles and
aircraft, explosion, riot or civil commotion, glass breakage, smoke,
volcanic eruption, and personal liability. Exceptions include floods,
earthquakes. The property contents are generally included in coverage,
but must be explicitly enumerated. - Correct-answer-HO-1
True or False: Most states offer HO-1 insurance - Correct-answer-False.
Most states do not offer HO-1 insurance anymore.
______________ is a general form of homeowners insurance that
covers only named hazards. The hazards may be fire, lightning, hail,
explosions, and so on. But if a hazard is not listed, it is not covered by
the insurance. HO-2 is the least expensive type of homeowners
insurance. - Correct-answer-HO-2
True or False: The borrower's name on a homeowners insurance policy
must match the name on the loan. - Correct-answer-True
