Homeowners Policy (HO)Pregunta 292 de 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
Explicación
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.
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- Coverage F (Medical Payments to Others) under a Homeowners policy pays medical expenses for an injured guest:
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- 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:
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