CORRECT ANSWER: HO-2, HO-3, HO-4, HO-5, HO-

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Cheat Sheet - Property & Casualty Exam Questions and Answers 100% Pass

Question 1: What are the forms of homeowner policies?

CORRECT ANSWER: HO-2, HO-3, HO-4, HO-5, HO-

6, HO-8

Question 2: What is the HO-2 homeowner policy?

CORRECT ANSWER: Broad form; owner occupant

Question 3: What is the HO-3 homeowner policy?

CORRECT ANSWER: Special Form; owner occupant

Question 4: What is the HO-4 homeowner policy?

CORRECT ANSWER: Tenants or Renters

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Question 5: What is the HO-5 homeowner policy?

CORRECT ANSWER: Comprehensive Form; owner-

occupant (open to all except exclusions)

Question 6: What is the HO-6 homeowner policy?

CORRECT ANSWER: Condominium Owners

Question 7: What is the HO-8 homeowner policy?

CORRECT ANSWER: Modified Form for Special

Risks (such as older homes that would cost more to rebuild than they're worth)

Question 8: What is the Dwelling Basic Form (DP-1)?

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CORRECT ANSWER: Dwelling basic form that

provides certain other coverages that are automatically

included for no additional premium:

• Other structures allows use of up to 10% of the

Coverage A limit of liability for covered losses to other structures as described in coverage B.

• Debris removal pays for the expense of removing debris

as the result of a loss covered by the policy.

• Reasonable repairs pays for reasonable costs to make

necessary repairs to protect property from further damage following a covered loss.

• Improvements, alterations, and additions provide

coverage for insureds who are tenants for improvements or alterations made to the dwelling at the tenant's expense.

• Fire department service charge - pays up to $500 for fire

department charges incurred when they're called to save or protect property.

• Worldwide coverage provides 10% of coverage C

(personal property on premises).

• Rental value - provides up to 20% of Coverage A

(dwelling) limit of liability for loss of fair rental value.

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Question 9: What is the Dwelling Broad Form (DP-2)?

CORRECT ANSWER: Includes all the coverages in

DP-1 plus some other coverages that are not found in DP-

1. + BIG AFFECT:

• Trees, shrubs, and other plants pays up to 5% of

Coverage A limit for damage to trees, shrubs, plants, etc.Policy will not pay more than $500 for damage.

• Collapse pays for the collapse of the dwelling caused by

a specified list of perils. To be considered a collapse, the loss must involve the building or part of building abruptly falling or caving.

• Glass or safety glazing material pays for the breakage of

glass or safety glazing material and damage to covered property caused by glass breakage.

• Ordinance or law coverage allows payment of up to

10% of coverage A limit of liability for the increased cost to repair or rebuild a dwelling or other structure to conform to applicable building and land use codes.