Free Homeowners Policy Concepts Practice Questions
Wisconsin Property exam (series 22-05) — 138 practice questions.
Subtopics: Valued policy law, Valued policy - criminal fault, Valued policy - covered property, Valued policy - exclusions, Valued policy - razed property, Valued policy - multiple policies, 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. A Wisconsin owner-occupied home insured for $300,000 is wholly destroyed by fire with no criminal fault by the insured. Its actual cash value was $260,000. The insurer must pay:
$300,000, the policy limit
Under Wisconsin’s valued policy law, when owner-occupied dwelling real property is wholly destroyed without criminal fault of the insured, the loss is conclusively the policy limit.
2. Wisconsin’s valued policy law applies when insured real property is:
Owned and occupied by the insured primarily as a dwelling and wholly destroyed
Section 632.05(2) applies to real property owned and occupied by the insured primarily as a dwelling that is wholly destroyed without the insured’s criminal fault.
3. Wisconsin’s valued policy rule does NOT require payment of the full policy limit when the total loss results from:
Criminal fault on the part of the insured
The total loss rule applies only when the dwelling is wholly destroyed without criminal fault on the part of the insured or the insured’s assigns.
4. Which property is subject to Wisconsin’s total loss (valued policy) rule?
A three-unit building with one unit occupied by the owner
Ins 4.01 includes seasonal dwellings and owner-occupied buildings of up to four units; outbuildings, mobile homes and unoccupied property under construction are excluded.
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.
