FREE MHIC Knowledge Questions and Answers

What coverage that can protect you from a range of claims of at least $50,000?

Subcontractor

General liability insurance

Contractor

Workers compensation

Correct! Wrong!

The fund reimburses homeowners for genuine losses caused by the act or omission of a licensed contractor.

Home Improvement Guaranty Fund

Income Statement

Subcontractor

Home Improvement Contract

Correct! Wrong!

An individual who offers home improvement contracts.

Subcontractor

Buyer

Broker

Sales Person

Correct! Wrong!

A person who does or offers house improvements.

Contractor

Project Manager

Superintendent

Owner

Correct! Wrong!

Person who organizes and coordinates construction projects to satisfy the overall aims of the project and serves as the primary contact with the owner.

Contractor

Project manager

Owner

Superintendent

Correct! Wrong!

A person who conducts all or part of a house improvement but does not engage into an agreement with the homeowner.

Project Manager

Contractor

Subcontractor

Owner

Correct! Wrong!

What is the maximum amount of money that the Commission will award to any single claimant from the Guaranty Fund?

$5,000.00

$120,000.00

$20,000.00

$10,000.00

Correct! Wrong!

___________ refers to the expense of restoration, repair, replacement, or completion caused by poor workmanship, insufficient materials, or unfinished house renovation.

Actual loss

Punitive damages

Liquidated damages

Perceived loss

Correct! Wrong!

If the contractor fails to re-pay the commission within _________________, the Commission may sue for nonpayment.

1 year

15 days

6 months

30 days

Correct! Wrong!

A contract's primary elements

implied and expressed

description of home improvement

offer, acceptance, and consideration

acceptance, consideration, assent, and a legal object

Correct! Wrong!

How long must employers keep OSHA Form 301?

1 year

2 years

5 years

15 days

Correct! Wrong!