Homeowners Insurance Coverage Terms and Definitions, Quizzes of Credit and Risk Management

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Personal Liability Pays damages for BI and PD plus defense caused by insureds negligence.Arising from insureds premises and activities, insureds animalsLimits of $100-300, TERM 2 Medical Payments DEFINITION 2 Without regard to legal liabilityArising from insured premises and activities, insureds animals.No coverage for the insured, regular residents of the household, tenantsCoverage for residence employeesMinimum limit of $1, TERM 3 Exceptions DEFINITION 3 Dead storageService of the premises (Riding Mower)Assist handicapped (Motorized wheelchair)Recreational vehicle on premises (ATV)Non-owned recreational vehicleGolf cart: TERM 4 ATV Covered Under Homeowners Off Residence Premises yes/no? DEFINITION 4 No TERM 5 Martha rents a snowmobile at a ski resort and accidentally collides with a skier. Martha is sued for $200,000 by the injured skier. yes/no? DEFINITION 5 Yes

Watercraft Exclusion Sailboats under 26Watercraft 25 HP or less outboardWatercraft over 25 HP outboard acquired during policy periodCoverage until renewal dateWatercraft not owned or rented (borrowed is covered TERM 7 Jet Ski Covered? yes/no DEFINITION 7 No TERM 8 14 foot no engine Sunfish Sailboat Covered? yes/no DEFINITION 8 yes TERM 9 Business Activities Excluded Except DEFINITION 9 Less than $2,000 annual compensationUnder age 21 self employed, part-time (lawn mowing, baby sitting)Volunteer activitiesFor other incidental business activities, add Home Business Endorsement TERM 10 The Johnson family decides to rent their SE Charlotte home for two weeks during the Democratic National convention Does the HO policy provide liability coverage for rental during the DNC? yes/no DEFINITION 10 yes

Jerry and Lois Gower own and operate Gower Painting Company Jerry left a ladder standing against a house that he was painting. While Jerry is at lunch, the ladder falls and injures a neighbor visiting the premises HO policy provide coverage? yes/no No TERM 12 Additional Liability Coverages DEFINITION 12 $1,000 damage to property of others without regard to legal liabilityNo coverage for intentional property damage by an insured age 13 +$1,000 loss assessment by homeowners association (town home or condo) like a time share commonly owned propertyFire Legal Liability TERM 13 Jim leaves a frying pan on the stove, while taking a phone call. Grease in the pan catches fire, causing $10,000 damage to Jims apartment. The landlord sues Jim. HO policy provide liability coverage for fire damage? yes/no DEFINITION 13 yes TERM 14 Homeowners Liability Endorsements DEFINITION 14 Personal InjuryFalse arrest, wrongful eviction, libel, slander Watercraft out board motor, motor with more than 25 hpCovers watercraft otherwise excluded Incidental Home Business (office, studio, sales) TERM 15 Business Activities of Insured on Premises Covered or Not Covered? yes/no DEFINITION 15 No

Insured Nurse Administers the Wrong Medication-Covered or Not Covered? yes/no No TERM 17 Injury to residence employee who slips and falls on the premises-Covered or Not Covered Under MP? yes/no DEFINITION 17 Yes TERM 18 Med Pay: During softball game, insured releases softball bat and hits teammate in dug-out - Covered or Not Covered? yes/no DEFINITION 18 yes TERM 19 Insureds dog bites neighbors child- Covered or Not Covered? yes/no DEFINITION 19 Yes TERM 20 Neighbors Child falls from swing set on insured premises - Covered or Not Covered? yes/no DEFINITION 20 yes

Insureds child falls from swing set on insured premises-Covered or Not Covered? yes/no no