Free Homeowners Policy Concepts Practice Questions
New Mexico Property & Casualty exam (series 18-31) — 74 practice questions.
Subtopics: Fire protection class change, Burglar alarm discount, 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 the New Mexico OSI issues a bulletin about an unfavorable change in a community's fire protection classification, insurers must notify affected customers within:
90 days of the bulletin
The OSI bulletin instructs insurers to notify customers who may be adversely affected within ninety days of publication.
2. Under New Mexico law, insurers writing homeowners insurance must provide a minimum premium discount for a house with an electronic burglar alarm system of:
10%
Homeowners insurers must provide a minimum 10% premium discount for houses with electronic alarm systems designed to prevent unauthorized entry.
3. The HO-3 (Special Form) provides what type of coverage?
Open perils on the dwelling and named perils on personal property
The HO-3 insures the dwelling and other structures on an open-peril basis and personal property on a named-peril basis.
4. Which Homeowners form is designed for tenants who rent their residence?
HO-4
The HO-4 is the contents and liability form for renters; it provides no coverage on the building itself.
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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.
