Free Homeowners Policy Concepts Practice Questions
Indiana Property & Casualty exam — 102 practice questions.
Subtopics: Cancellation of property policy, Insured perils dwelling, Personal property valuation, Coinsurance dwelling, Liability coverage scope, Additional living expense, Medical payments scope, Loss settlement other structures, Ordinance or law, Residential termination scope, Inland marine exclusion, Residential cancellation notice form, Nonpayment cancellation, Cancellation after 60 days, Cancellation in first 60 days, Independent producer notice, Residential nonrenewal notice, Willingness to renew, Affiliate transfer, Failure to give nonrenewal notice, Explanation standard, Permitted cancellation reasons, Tax delinquency ground, Code violations, Prohibited termination grounds, Residual market history, Occupation as a ground, Termination defined, Aerial image nonrenewals, Aerial image age, Coverage forms, Coverage C territory, Liability coverages, Property coverages, Coverage D limit, Coverage E limit, Coverage F limit, HO-4 renters, HO-6 condominium, HO-3 special form, HO-5 comprehensive, HO-8 modified, Coverage F medical payments, Coverage E personal liability, Special limits of liability, Loss of use, Scheduled personal property, Coverage B percentage, Self-storage limit, Section II exclusions, Section I excluded perils, Definitions, Special limits, Personal property, Additional coverages, Perils insured against, Section I exclusions, Conditions, Section II additional coverages, Selected endorsements, Scheduled property endorsement, HO-6 special coverage, Replacement cost endorsement, HO-5 special limits, HO-5 Coverage C, HO-5 loss settlement
Read the Homeowners Policy Concepts study guide
Sample questions & answers
1. After a homeowners policy has been in effect more than 60 days, Indiana restricts mid-term cancellation to what?
Listed statutory reasons, with mailed notice
IC 27-7-12-6 permits cancellation after 60 days only for listed reasons such as nonpayment, fraud, increased hazard or code violations, with notice under IC 27-7-12-3.
2. Under an open-peril homeowners dwelling coverage, a loss is covered unless what is true?
The peril is specifically excluded
Open-peril coverage pays for direct physical loss unless the cause is specifically excluded in the policy.
3. Homeowners personal property is commonly settled on what basis unless replacement cost is added?
Actual cash value
Personal property is typically settled at actual cash value unless the insured adds replacement cost coverage by endorsement.
4. To receive replacement cost on the dwelling without a reduction under the HO-3 (2011) loss settlement condition, the insured must carry at least what amount?
80% of the full replacement cost
The HO-3 pays full replacement cost if the insurance is at least 80% of the building's full replacement cost immediately before the loss.
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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.
