CPRM Practice Questions - CPRM Certified Personal Risk Manager Exam

What is the key difference between an HO-3 and an HO-5 form on a $5M HNW home?

HO-3 covers more perils than HO-5 HO-5 provides open-perils (all-risk) coverage on personal property; HO-3 covers personal property on a named-perils basis HO-5 excludes liability coverage HO-3 is reserved for HNW carriers only

Correct Answer:

HO-5 provides open-perils (all-risk) coverage on personal property; HO-3 covers personal property on a named-perils basis

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