Elements of Typical Homeowners' Insurance Policies - Part 4: Practice Questions and Solutions
1. Elements of Typical Homeowners' Insurance Policies - Part
4: Practice Questions and Solutions
This area of test problems as well as remedies is actually a a component of The Particular Actuary's
free study guide pertaining to Exam 5, authored by Mr. Stolyarov. This could be Section 108 in the
Research Guide. Notice an index of all sections simply by subsequent the hyperlink on this
paragraph. This area of the research guide is intended to supply practice problems and solutions to
be able to accompany all pages regarding Private Insurance, cited below. Students are generally
inspired to study these pages before attempting the particular problems. This particular research
manual can be totally a completely independent effort by Mr. Stolyarov and it is not affiliated using
any kind of organization(s) in order to whose textbooks it refers, nor can it represent such
organization(s). A Range Of with the concerns here request for brief created answers based around
the reading. This is designed to supply the student practice throughout answering questions in the
format that will appear on Exam 5. Students are inspired to type their own answers first then to
compare these answers using the solutions offered here. Please note that the solutions provided
here are not necessarily the sole feasible ones. Source: Nyce, Charles, ed. Private Insurance.
(Second Edition). 2008. Chapter 5, pp. 5.24-5.39. Original Difficulties and also solutions via The
Actual Actuary's Totally Free Research Guidebook Issue S5-108-1. Identify ten named perils which
are typically covered below Coverage C: personal Property regarding an HO-3 homeowner's
insurance policy. Remedy S5-108-1. This question is based about the dialogue inside Private
Insurance, pp. 5.25-5.27. The following named perils are usually typically covered beneath Coverage
C: 1. Fire or perhaps lightning; 2. Windstorm or even hail; 3. Explosion; 4. Riot or perhaps civil
commotion; 5. Aircraft; 6. Vehicles; 7. Smoke; 8. Vandalism or malicious mischief; 9. Theft; 10.
Falling objects; 11. Excess Weight associated with ice, snow, or perhaps sleet; 12. "Accidental
discharge or overflow involving water as well as steam"; 13. "Sudden as well as accidental tearing
apart, cracking, burning, as well as bulging"; 14. Freezing - "if the actual insured has brought
reasonable precautions to take good treatment of the heat as well as provides sut off and also
drained the actual system or perhaps appliances"; 15. "Sudden and also accidental discharge from
artificially generated electrical current"; 16. Volcanic eruption. Any Kind Of ten associated with the
aforementioned suffice as an answer. Issue S5-108-2. (a) list the actual nine exclusions that would
affect all coverages below Section I of the typical HO-3 homeowner's insurance policy. (b) Checklist
the particular 3 exclusions that will specifically connect with Coverage A: Dwelling as well as
Coverage B: Private Property of the typical HO-3 homeowner's insurance policy. solution S5-108-2.
This specific real question is based on the discussion throughout Private Insurance, pp. 5.27-5.34.
(a) The next nine exclusions would apply to most coverages under Section I of the typical HO-3
homeowner's insurance policy: 1. Ordinance or Law; 2. Earth Movement; 3. Drinking Water Damage;
4. Energy Failure; 5. Neglect; 6. War; 7. Nuclear Hazard; 8. Intentional Loss; 9. Governmental
Action. (b) The following three exclusions would specifically connect with Coverage A: Dwelling and
also Coverage B: Private Property of the typical HO-3 homeowner's insurance policy: 1. Weather
conditions; 2. "Acts or choices involving just about any person, group, organization, or governmental
body"; 3. Faulty workmanship. Difficulty S5-108-3. (a) What exactly are the two purposes with the
Insurable Fascination and limit associated with Liability condition in Section I of a typical HO-3
homeowner's insurance policy? (b) Identify 5 obligations that an insured could get pursuant for the
Your Current duties Right After Loss condition in Section I of the typical HO-3 homeowner's
insurance policy. Remedy S5-108-3. This particular real issue is based on the discussion inside
personal Insurance, pp. 5.35-5.36. (a) The subsequent are usually the 2 purposes with the Insurable
Fascination and also Restrict regarding Liability condition inside Section I of your typical HO-3
homeowner's insurance policy: 1. To be Able To restrict the most payments for practically any single
loss for the relevant limitations demonstrated on the declaration page. 2. to limit "loss payment in