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Property Exam

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Property Exam

1. What is the definition of insured location?

2. What is covered under Section I, Coverage A of the policy contract?

3. What is covered under Section I, Coverage B of the policy contract?

4. What are the four parts to the Auto Policy?

5. What is meant by “Extensions of Coverage”?

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Property ExamProperty Exam

Answer True or False to Question 6 thru 11:6. Materials and supplies used in the construction of the

dwelling or other structure are covered.7. Wall-to-wall carpeting attached to the dwelling is

considered to be part of the dwelling.8. Other structures are covered if they are used in whole or in

part for business purposes.

9. Under the HOB, loss by theft of gems, watches, jewelry, or furs is covered for up to $500 according to the policy

contract.

10. Aircraft and their parts are covered by the HOB policy contract.

11. Animals and birds are excluded under the HOB policy contract.

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Property ExamProperty Exam

12. What endorsement do you need to cover the loss of Jewelry off the Insured's property?

13. What do you have to exclude to write a home in Galveston or Brazoria County?

14. Can you write Renters policies in these areas?

15. What type of home do you not have to inspect before binding coverage?

16. What do you look for when inspecting homes?

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Property ExamProperty Exam

17. How many losses can a prospective insured have to be eligible for coverage in FIE?

18. How many losses can a prospective insured have to be eligible for coverage in Protector Plus?

19. What is the difference between the Clause I and Clause II deductibles on a homeowners policy?

20. What is the minimum amount of property and coverage an insured must have for a renters policy (HO-BT) to have replacement cost coverage?

21. What is the maximum single item and maximum aggregate total amount of coverage that can be written on the Scheduled Personal Property Endorsement (HO-160)on an HO-BT.

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Property ExamProperty Exam

22. What are the major differences in the Fire Insurance Exchange (FIE) and the Farmers Insurance Exchange (Protector Plus) policies?(Remember replacement cost, losses, endorsements,rates)

23. What are two other names for TDP policies?

24. Which Homeowners policy offers replacement cost coverage on the dwelling?

25. What endorsement must be added to the Homeowners Form A policy to include water, vandalism and other additional extended coverages?

26. Does an HOA provide dwelling coverage at replacement cost or actual cash value?

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Property ExamProperty Exam

27. Now explain the difference between replacement cost coverage and actual cash value.

28. Which Standard Fire policy most closely resembles the HOB?

29. What is the biggest difference between a Homeowners policy and a Standard Fire policy?

30. Which endorsement must be added to an HOB policy to include replacement cost coverage for contents? I s there an extra premium for this coverage on a Protector Plus policy?

31. What coverage does the HO301 add?

32. What endorsement extends liability from the Homeowners to a rental property owned by the insured?

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Property ExamProperty Exam

33. Which endorsement provides scheduled coverage for specific items of personal property?

34. When scheduling property, what is the maximum single item limit available on an HOB? Aggregate limit in FIE? In

Protector Plus?

35. Do you feel prepared to go out and write some good property risks?

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