Free Homeowners Policy Concepts Practice Questions
Arkansas Property exam — 142 practice questions.
Subtopics: Cancellation reasons, Cancellation notice, New policy cancellation, Scope of cancellation rule, Membership dues, Age of home, Earthquake exclusion, Eligibility, HO-3 special, HO-4 renters, HO-6 condo, HO-8 modified, Coverage C limit, Coverage B limit, Loss of use, Coverage E liability, Coverage F medical payments, Replacement cost requirement, Special limits, Standard mortgage clause, Vacant vs unoccupied, Open vs named perils, Loss assessment, Debris removal, Trees and shrubs, Ordinance or law, Appraisal condition, Business pursuits, Home day care, Personal injury, Watercraft endorsement, Fungi limitation, Permitted incidental occupancies, Identity fraud, Earthquake endorsement, Scheduled personal property, Water and sewer backup, HO-2 broad form, HO-5 comprehensive form, Coverage A dwelling, Section I vs Section II, Medical payments exclusions, Credit card and forgery coverage, Collapse additional coverage, Glass or safety glazing, Landlords furnishings, Fire department service charge, Reasonable repairs, Property removed coverage, Damage to property of others, Money special limit, Volcanic eruption, Firearms theft limit, Business property on-premises limit, Personal property replacement cost, Grave markers, Refrigerated food spoilage, Concealment or fraud condition, Intentional loss exclusion, Neglect exclusion, Power failure exclusion, Nuclear hazard exclusion, Motor vehicle liability exclusion, Aircraft liability exclusion, Severability of insurance, Loss payment condition, Our option to repair or replace, Definition of insured, Full-time student, Residence premises, HO civil authority, HO-4 Coverage C, HO-4 additions and alterations, HO-6 Coverage A, HO-3 Coverage C perils, Theft from dwelling under construction, Theft - rented to others, Watercraft property limit, Securities limit, Jewelry theft limit, Silverware theft limit, Business property off premises, Property not covered, Coverage C worldwide, Personal property at other residence, Debris removal additional amount, Tree removal, Trees perils, Loss assessment limit, Ordinance or law limit, Grave markers limit, Landlord furnishings limit, Property removed duration, Replacement cost holdback, HO underinsured RC calc, Loss settlement - contents, Medical payments time limit, Section II additional - claim expenses, First aid expenses, Watercraft liability exclusion, Business exclusion, Coverage E exclusion - insured injury, Rented property liability, Expected or intended, Section II other insurance, Section I other insurance, HO cancellation - new policy, HO nonrenewal notice, Death of named insured, Mold exclusion HO-3, Animals owned exclusion, Vacancy - vandalism HO, Inflation guard HO, Additional living expense example, Section II, HO-5 vs HO-3, HO-5 special limits, HO-8 loss settlement, HO-8 theft, HO-8 perils, Water backup, Identity fraud expense
Read the Homeowners Policy Concepts study guide
Sample questions & answers
1. An Arkansas homeowners policy has been in force for five months. Which is a permitted reason for the insurer to cancel it mid-term?
A material change in risk that substantially raises a hazard
Ark. Code 23-66-206(15)(B): after 60 days, cancellation is permitted only for listed reasons, including a material change in risk that substantially increases any hazard insured against.
2. To cancel an Arkansas property policy that has been in force more than 60 days for a permitted reason other than nonpayment, the insurer must mail or deliver notice at least:
20 days before the cancellation date
Ark. Code 23-66-206(15)(C)(i): notice must be mailed or delivered at least twenty days before the effective date of cancellation.
3. When an Arkansas property insurer cancels a policy for nonpayment of premium, it must give at least:
10 days' notice, stating the reason
Ark. Code 23-66-206(15)(C)(ii): when cancellation is for nonpayment of premium, at least ten days' notice accompanied by the reason shall be given.
4. Arkansas law requires notice of cancellation of a property policy to be mailed or delivered to the named insured and also to:
Any lienholder or loss payee named in the policy
Ark. Code 23-66-206(15)(C)(i): notice must be mailed or delivered to the named insured and to any lienholder or loss payee named in the policy.
Practice: Homeowners Policy Concepts
Answer choices are shuffled every time, and every question comes with an explanation.
Practice questions are study aids generated for exam preparation and are not actual exam questions. Content is provided for educational purposes and is not legal advice. Verify current statutes, rules, and exam specifications with the Insurance Department and the exam administrator before relying on it.
