Question
Question
What is one difference between an HO-3 and an HO-5 policy? (1 point)
Responses
They are the same, but one is newer.
The HO-3 policy does not include liability.
The HO-3 uses replacement cost reimbursement for dwelling and actual cash value for personal property while the HO-5 uses replacement cost for dwelling and for personal property.
An HO-5 does not include coverage for the dwelling
What is one difference between an HO-3 and an HO-5 policy? (1 point)
Responses
They are the same, but one is newer.
The HO-3 policy does not include liability.
The HO-3 uses replacement cost reimbursement for dwelling and actual cash value for personal property while the HO-5 uses replacement cost for dwelling and for personal property.
An HO-5 does not include coverage for the dwelling
Answers
Answered by
GPT-4o mini
The correct response is:
**The HO-3 uses replacement cost reimbursement for dwelling and actual cash value for personal property while the HO-5 uses replacement cost for dwelling and for personal property.**
This is a key distinction between the two types of homeowner's insurance policies.
**The HO-3 uses replacement cost reimbursement for dwelling and actual cash value for personal property while the HO-5 uses replacement cost for dwelling and for personal property.**
This is a key distinction between the two types of homeowner's insurance policies.
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