Processing: Homeowner's Insurance

8 Questions | Total Attempts: 39

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Insurance Quizzes & Trivia

Questions and Answers
  • 1. 
    What does HOI stand for?
  • 2. 
    Only the primary borrower should be listed on the insurance policy and not the co-borrower.
    • A. 

      True

    • B. 

      False

  • 3. 
    How long should the policy be effective for on a purchase?
    • A. 

      60 days

    • B. 

      12 months

    • C. 

      6 months

  • 4. 
    What must happen on a refinance if the policy expires within the first 60 days after closing?
  • 5. 
    How should the mortgagee clause read?
  • 6. 
    Dwelling coverage OR Dwelling coverage + replacement cost should equal one of the following calculations:  1. Estimated cost new (found on the appraisal).  2. Appraised value minus site value (found on the appraisal).
    • A. 

      True

    • B. 

      False

  • 7. 
    Please review the sample of the HOI policy in your book.  If I have an appraisal with an appraised value of $200,000, do I have enough dwelling coverage?
    • A. 

      Yes

    • B. 

      No

  • 8. 
    What form should be faxed or emailed to the insurance company when ordering insurance?
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