Capturing The Details Of A Home! Capstone Test Trivia Quiz

13 Questions | By Cuniversity | Last updated: Mar 21, 2022 | Total Attempts: 250

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Capturing The Details Of A Home! Capstone Test Trivia Quiz - Quiz

This brief exam will test your retention of knowledge from Home Insurance Self Study Chapter 3: Capturing the details of a Home

Questions and Answers

1.

Which of the following is not included in the calculation of a home's replacement cost?
- A.
  
  Cost of labor
- B.
  
  Estimated costs of permits and surveys needed for construction
- C.
  
  Removal of debris prior to construction
- D.
  
  Fair market value of the home at the time of loss
2.

It is very common for the replacement cost estimate provided by our carriers to be substantially higher than the coverage currently carried by the insured. Which of the following could be a valid reason for this discrepancy in coverage?
- A.
  
  Carriers apply different philosophies when creating a proprietary replacement cost calculation formula
- B.
  
  Many customers have not had their reconstruction cost adjusted to reflect inflation in the home
- C.
  
  Our carriers are more preferred than the competition, so they offer higher coverage as an added policy benefit
- D.
  
  Many customer hold policies written in the mid-2000's that reflect lower replacement costs due to the crash of the housing and mortgage market
- E.
  
  The customer is likely to have made improvements to the home (either through general maintenance or due to a claim) that are not reflected on the current policy
3.

You are speaking to a customer who lives in the pictured home. The customer indicates that this a one-story home with a fully finished basement and an attic used for storage. For the purposes of calculating square footage and assessing the replacement cost of the home, how many sites should you indicate in the carrier's replacement cost estimation software?
- A.
  
  1
- B.
  
  1.5
- C.
  
  2
- D.
  
  1.75
4.

How would you indicate the style and number of stories for the pictured home?
- A.
  
  Ranch home, 1 story
- B.
  
  Raised ranch home, 2 stories, half or partial basement
- C.
  
  Split-level home, 1.5 stories, slab foundation
- D.
  
  Bi-level home, 2.5 stories, slab or partial slab foundation
5.

The customer states that she owns a single story, 1200 sq foot home. Additionally she states that the home sits on a full basement foundation. Looking at the house through 3rd party software leads you to believe that the basement is fully below-grade. That basement is 100% finished up to the standard of the rest of the home. Which best indicates the correct way to assess the foundation and square footage of the home?
- A.
  
  1200 Sq Ft, Daylight basement foundation
- B.
  
  2400 Sq Ft, Slab foundation
- C.
  
  1200 Sq Ft, Basement foundation - 100% Finished
- D.
  
  Not enough information is provided to accurately answer the question
6.

Which of the following situations would be included in the square footage estimate of the home?
- A.
  
  The insured has finished his attic with pluming, heating, and electric
- B.
  
  The insured has converted her detached garage into living space for an elderly family member
- C.
  
  The home has an attached garage through which the insured may enter the home
- D.
  
  The insured has extended the living space of the 2nd floor of the home over the attached garage
- E.
  
  The insured has a fully finished daylight basement
7.

For homes with more than one exterior covering / finish (e.g. partial siding, partial masonry veneer)
- A.
  
  Indicate each finish type by percentage
- B.
  
  Homes with a mixed exterior finish type are ineligible for coverage through our agency
- C.
  
  The presence of any masonry (full masonry, masonry veneer) constitutes a masonry home for the purposes of rating and replacement cost calculation
- D.
  
  Indicate vinyl siding as it is the most finish type
8.

Which of the following roof types should typically be replaced once every 20 years?
- A.
  
  Slate tile
- B.
  
  Asphalt shingle
- C.
  
  Composite shingle
- D.
  
  Clay tile
- E.
  
  Metal roofing
9.

Which of the following heating systems would be acceptable as the primary system for coverage with all of our carriers?
- A.
  
  Basement coal stoker
- B.
  
  Oil, forced air
- C.
  
  Electric space heaters
- D.
  
  Professionally installed exterior pellet stove
10.

Which of the following home utility items is typically covered by a homeowners insurance policy?
- A.
  
  Modernized mechanical well system
- B.
  
  Hot water heater in the insured's crawspace
- C.
  
  Sewage line buried within the insured's front yard
- D.
  
  None of the listed items are insured by our carriers
11.

The pictured kitchen has acrylic finish appliances, pre-fabricated wood cabinetry, and laminate counter-top surfaces. How would you best classify this kitchen for the purposes of creating an accurate replacement cost estimate?
- A.
  
  Builder's grade
- B.
  
  Semi-custom
- C.
  
  Custom
- D.
  
  Designer
12.

The customer describes her bathroom as having laminate counter-tops, linoleum flooring, a combo tub and shower, and a large mirror. With no picture to see the bathroom, how would you best classify this bathroom for the purposes of creating an accurate replacement cost estimate?
- A.
  
  Builder's grade
- B.
  
  Semi-custom
- C.
  
  Custom
- D.
  
  Designer
13.

Your customer lives in the pictured home. How would you list the exterior sitting area seen in this photo to ensure an accurate replacement cost estimate?
- A.
  
  Deck
- B.
  
  Porch
- C.
  
  Patio
- D.
  
  Sun room