Insurance Term
Homeowners Policy (HO-3 / HO-5)
A multiline property and liability insurance package for owner-occupied residential homes.
Detailed Explanation
HO-3 covers the dwelling on an open-peril basis and contents on a named-peril basis. HO-5 covers both dwelling and contents on an open-peril basis.
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Practice QuestionEasy
Which of the following best describes the concept of Homeowners Policy (HO-3 / HO-5)?
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