Who is ho 4 designed for - Study guides, Class notes & Summaries

State Farm License - Homeowner and Auto policies Exam Questions With 100% Correct Answers What are the parts and sections in HP policy? Section I: Property Coverages Coverage A - Dwelling Coverage B - Other structures Coverage C - Personal Property Coverage D - Loss of Use Deductible: at least $250 Section II: Liability Coverages Coverage E - Personal Liability Coverage F - Medical Payment to Others No Deductible name insured person named on the Dec page and their spouse, if a res...

Defense Costs - •Defense costs can be huge. Good thing the Liability Section covers loss IN ADDITION to the policy limits. •This means that the costs of defense will not erode the coverage limits available for payment of claims. •But, the duty to defend ENDS when limits have been exhausted through actual payment of claims Part C: Why do we need this? - • A compulsory insurance law requires motorists to carry at least a minimum amount of liability insurance before the vehicle can be ...

State Farm License - Homeowner and Auto policies Exam Questions With 100% Correct Answers What are the parts and sections in HP policy? Section I: Property Coverages Coverage A - Dwelling Coverage B - Other structures Coverage C - Personal Property Coverage D - Loss of Use Deductible: at least $250 Section II: Liability Coverages Coverage E - Personal Liability Coverage F - Medical Payment to Others No Deductible name insured person named on the Dec page and their spouse, if a res...

Property and Casualty Licensing Exam - CH 5 (Homeowners Policy) Which HO forms require the named insured to be the owner? - Correct Answer -HO 2 - HO 3 - HO5 - HO 8 What are HO 4 and HO 6 written to insure? - Correct Answer - personal property and personal liability of named insured who does not own the building in which he/she lives Who is HO 4 designed for? - Correct Answer Tenants Who is HO 6 designed for? - Correct Answer owners and tenants of condos/cooperative units Wha...

Bailee An individual or organization who has taken into its care, custody, and/or control the property of another for servicing, repair, or storage Hazard Something that increases the chance or likelihood of a loss occuring. (physical or moral or morale) Market Value A property policy provision that changes the valuation method otherwise applicable (ACV or RV) to a valuation method that allows reimbursement to the insured, according to the price a willing buyer would pay for ...

Quorum requirements conflicts are resolved by: a. state statute b. the board of directors c. a vote of those present at a meeting d. appointment of a person as a proxy A Fidelity insurance provides coverage to ensure that the: a. board will meet its fiduciary obligations. b. manager will faithfully follow all document provisions. c. association will be covered for shortfalls in the reserve accounts. d. association will recover any funds lost through employee dishonesty D Br...

Analyze how training and development is strategically important in an organization. The basic aim of training and development programs is to help the organization achieve its mission and goals by improving individual and ultimately, organizational performance. Differentiate between training and development. Training is generally regarded as an organization's planned effort to facilitate employees' learning of job-related knowledge, skills, and competencies for the current job. Developme...

Under Section 1, homeowners insurance must include A. Liability coverage B. Immediate coverage C. Negligence coverage D. Property Coverage D. Property coverage An insured has a personal property replacement cost endorsement under her homeowners policy. If an expensive painting and an antique chair are stolen from the insured's home, what will the insured receive on the claim under that endorsement? A. 70% of the replacement cost B. 80% of the replacement cost C. 100% of the actual ...

TEXAS ALL LINES ADJUSTER EXAM 2023/2024 LATEST!! (More than 250 QUESTIONS AND VERIFIED ANSWERS) 100% CORRECT ANSWERS 1. Which of the following protects against legal liability for loss or damage to baggage? ~ Answer: Cargo Liability coverage. 2. Which of the following coverages is included as "no-fault" coverage on the standardized Personal Auto policy? ~ Answer: Medical Payments and Physical Damage. 3. Which of the following types of insurance companies is a non-pro...

What types of business are excluded from a BOP? - ANSWER-banks, auto dealers, and bars Which of the following risks is eligible for coverage under a businessowners policy? - ANSWER-Condos The authority granted to an agent through the agent's contract is referred to as - ANSWER-Express authority Which of the following dwelling policy forms primarily insures a structure on an actual cash value basis? - ANSWER-DP-1 Under the workers compensation system, who is responsible for the expen...