Canada Mortgage Professionals Exam 2025 – 400 Free Practice Questions to Pass the Exam

Question: 1 / 435

What frequently characterizes homeowners insurance?

A single policy for home ownership

It is often called blanket insurance due to its multiple coverage types

Homeowners insurance is typically characterized by its provision of multiple types of coverage within a single policy, which is why it is often referred to as blanket insurance. This kind of insurance generally includes protection for the structure of the home, personal belongings, liability coverage, and sometimes additional living expenses if the property becomes uninhabitable due to a covered event.

Unlike a single policy for home ownership, homeowners insurance encompasses various aspects of property protection rather than focusing on a single element. Furthermore, it is distinct from specialized insurance types, which might focus on rental properties or solely on commercial properties, as homeowners insurance primarily caters to residential properties and their owners. This comprehensive nature of homeowners insurance is what distinguishes it and makes option B the most accurate characterization.

Get further explanation with Examzify DeepDiveBeta

A specialized type of insurance for rental properties

It provides coverage for commercial properties only

Next Question

Report this question

Download Canada Mortgage Professionals Exam 2025 – 400 Free Practice Questions to Pass the Exam PDF Study Guide
Subscribe

Get the latest from Examzify

You can unsubscribe at any time. Read our privacy policy