Póliza de Propietarios (HO)Pregunta 332 de 531
A 90-year-old house has a market value of $150,000, while rebuilding it with its original plaster and millwork would cost $480,000. The suitable form is:
a.an HO-3, written at full replacement cost
b.an HO-5, bought for its open-perils breadth
c.an HO-6, written for a unit interior
d.an HO-8, settling losses on a repair-cost basis
Explicación
The modified form exists for exactly this gap: replacing $480,000 of ornate construction on a house worth $150,000 would let the insured collect far more than the property is worth, so the form settles losses using common modern materials of like use. Writing the special form at full replacement cost would demand a $480,000 dwelling limit and the premium behind it. The unit-owners form covers a condominium interior, not a detached house.
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Preguntas relacionadas de este tema
- Under most Homeowners forms, certain categories of personal property such as jewelry, cash, and firearms are subject to:
- On a standard HO-3, the personal property of the insured is insured against:
- An insured moving from an HO-3 to an HO-5 gains coverage because the HO-5:
- The built-in Coverage A on a standard HO-6 is meant to insure:
- A burglar takes a $3,000 coin collection from a home insured on an unendorsed HO-5 with $90,000 of Coverage C. The policy pays:
- Coverage A is $250,000. One fire destroys a detached garage costing $19,000 to rebuild and a shed costing $8,000. Coverage B on an unendorsed form pays:
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