South Carolina Personal Lines Practice Exam

What is the name for a HO-6 Form?

1. Condo Form

2. Co-op Form

3. Tenant Form

4. Mobile Home Form

The correct answer is: Condo Form

The HO-6 Form is known as the Condo Form because it is specifically designed for homeowners in condominium units. This type of insurance is tailored to meet the unique needs of condo owners, providing coverage for personal property, structural improvements within the unit, and liability protection. Unlike standard homeowners insurance, which covers entire homes, the HO-6 recognizes that condo owners typically share common areas and structures with other residents, which are insured separately by the condo association's master policy. Therefore, the HO-6 only covers the interior of the unit and personal belongings, making it essential for condo owners to have this specific form to protect their individual assets. Other forms mentioned in the options are designed for different living situations and do not apply to condominiums. The Co-op Form, for example, caters to those living in cooperative housing, while the Tenant Form is for renters, and the Mobile Home Form addresses the needs of mobile or manufactured home owners. Thus, the designation of the HO-6 as the Condo Form accurately reflects its specific application in the realm of personal lines insurance.