Homeowners Policy (HO)Câu 298 / 474
A covered dwelling loss under the HO-8 modified form is settled on the basis of:
a.repair cost using common construction materials
b.the original purchase price plus improvements
c.full replacement cost with no depreciation taken off
d.the home's market value on the day of the loss
Giải thích
The modified form exists for an older home whose replacement cost far exceeds its market value, and it pays the cost to repair or replace using common construction materials and methods rather than reproducing ornate original work. The full-replacement-cost answer describes the dwelling settlement on an HO-3, which is exactly what the modified form is designed to avoid.
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Câu hỏi liên quan cùng chủ đề
- A unit-owner buys a standard HO-6. Before any endorsement, the built-in Coverage A limit for building property is:
- Which Homeowners form covers both the dwelling and the personal property on an open-perils basis?
- On the HO-2 broad form, the dwelling and the personal property are insured:
- Under an open-perils dwelling form, the burden of proof at claim time works this way:
- A home carries Coverage A of $280,000. A detached garage is destroyed and costs $34,000 to rebuild. On an unendorsed form, Coverage B pays at most:
- Which of these is insured under Coverage B rather than under Coverage A?
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