Homeowners Policy (HO)Question 292 of 474
Eligibility for an owner-occupied Homeowners form such as the HO-3 requires that:
a.the dwelling be leased to a tenant year round
b.the dwelling be under a written one-year lease
c.the named insured own and live in the dwelling
d.the named insured hold the mortgage on the home
Explanation
A Homeowners policy is a package written for an owner who occupies the dwelling as a residence, which is why it can bundle building, contents and liability in one contract. The answer about holding the mortgage confuses the lender's interest with occupancy; a mortgagee is simply named on the declarations and is not the person who must be eligible.
This topic, taught in full in the Personal Lines Insurance Producer guide. Personal Lines Insurance Producer — Complete Study Guide (2026) — PDF + EPUB, $19.99 · 14-day refund →
Practice all 474 questions free — no signup required.
Own the complete Personal Lines Insurance Producer guide — PDF + EPUB, $19.99 →
Related questions on this topic
- Coverage F (Medical Payments to Others) under a Homeowners policy pays medical expenses for an injured guest:
- Under a Homeowners policy, categories such as jewelry, watches, and firearms are subject to:
- The HO-8 modified Homeowners form is intended for:
- An investor buys a house solely to rent out and does not live there. A Homeowners policy cannot be written because:
- A tenants form (HO-4) differs from the owner-occupied forms mainly because it:
- A unit-owner buys a standard HO-6. Before any endorsement, the built-in Coverage A limit for building property is:
Last reviewed: · editorial process
PrepPass team · Verified against California Personal Lines Insurance License Exam · How we review