What is a 'first-party claim'?

• A claim presented by you to your insurer when your house burns down.

• A claim made by a third party against your insurance policy.

• A claim for damages caused by natural disasters to your property.

• A claim for reimbursement of medical expenses from your health insurer.

Do all HO policies cover flood?

• Yes, all HO policies cover flood.

• No, all HO policies exclude coverage for flood.

• Only some HO policies cover flood.

• HO policies cover flood only in certain areas.

What does Section II (liability) of an HO cover regarding loss assessments?

• Covers loss assessments made against an insured by a property owners association (POA) up to $1,000, but not assessments made by governmental bodies.

• Covers all loss assessments made by governmental bodies without limit.

• Covers loss assessments made against an insured by a property owners association (POA) up to $5,000.

• Covers loss assessments made against an insured by a property owners association (POA) with no limit on the amount.

What additional coverage does Section II (liability) provide for damage to the property of others?

• Up to $500 per occurrence.

• Up to $1,000 per occurrence.

• Up to $2,000 per occurrence.

• Up to $5,000 per occurrence.

Does a mortgagee have to accept a binder for insurance upon renewal?

• Yes, a mortgagee must accept a binder for insurance upon renewal.

• No, a mortgagee does not have to accept a binder for insurance upon renewal.

• A mortgagee can choose to accept a binder but is not required to.

• A mortgagee must accept a binder only if the insurance company is reputable.

Does an unendorsed HO policy cover damages from off premises power failure?

• Yes, it covers such damages.

• No, it will not cover such damages.

• It covers damages only if the power failure is due to a natural disaster.

• It covers damages if the power failure lasts more than 24 hours.

Does the bankruptcy of an insured relieve the insurer of their obligations?

• Yes, it relieves the insurer of their obligations.

• No, it does not relieve the insurer of their obligations.

• Only if the bankruptcy is declared by a court.

• It depends on the type of insurance policy.

What is 'severability' in Section II of an HO policy?

• A condition stating that coverage applies separately to each insured, but will not increase the limits of liability for any one occurrence.

• A clause that allows the insurer to deny coverage based on the actions of one insured.

• A provision that increases the total coverage limit for multiple insureds under the same policy.

• A requirement that all insureds must be named on the policy for coverage to apply.

Does an HO policy provide coverage for contents worldwide?

• Yes, including theft.

• No, it only covers contents within the home.

• Yes, but only for certain items.

• No, it does not provide any coverage for contents.

Where is the insurer's duty to defend a lawsuit stated on an HO?

• In the insuring agreement.

• In the policy exclusions.

• In the declarations page.

• In the endorsements section.