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Idaho Property Insurance > 3- Dwelling Policy > Flashcards

3- Dwelling Policy Flashcards

1
Q

Debris

A

remains of anything broken down or destoryed

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2
Q

Incidental occupancy

A

minor uses that are accessory to or support the predominant occupancy (ex. piano teacher giving in-home lessons)

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3
Q

Ordinance

A

a law that must be complied with

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4
Q

Overinsurance

A

when a property’s insurance coverage exceeds its cash value

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5
Q

Premises

A

a house or building (including land and outer buildings) utilized by a business

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6
Q

Vandalism

A

intentional destruction of damage to property

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7
Q

Dwelling Property policies can be purchased to do what?

A

Insure properties for residential purpose under specific situations (usually rental properties)

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8
Q

What are some of the situations that can be insured under a dwelling policy?

A
  • Up to 5 roomers or boarders;
  • Up to 4 residential units;
  • Properties in the course of construction
  • Owner occupied, tenant occupied, or both
  • Mobile homes in basic form
  • Seasonal dwellings unoccupied for 3 or more months
  • Not designated as farm property
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9
Q

Structure of dwelling property (DP) forms.

A
  1. Agreement
  2. Definitions
  3. Deductible
  4. Coverages
  5. Perils Insured Against
  6. General Exclusions
  7. Conditions
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10
Q

Form number for a Basic form.

A

DP 00 01 or DP1

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11
Q

Form number for a Broad form.

A

DP 00 02 or DP2

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12
Q

Form number for a Special form.

A

DP 00 03 or DP3

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13
Q

Perils covered in a Basic form.

A

Named Peril

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14
Q

Perils covered in a Broad form.

A

Named Peril

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15
Q

Perils covered in a Special form.

A

Open Peril

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16
Q

What are extended coverage perils?

A

WHARVES

  • Windstorm;
  • Hail;
  • Aircraft/vehicles;
  • Riot/Civil Commotion;
  • Volcanic Eruption;
  • Explosion;
  • Smoke
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17
Q

What else can coverage be added for in the Basic form?

A

Vandalism and Malicious mischief (VMM)

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18
Q

What are the restrictions of explosion coverage on the basic form?

A

Only internal explosions are covered, unless otherwise stated in an extended coverage plan

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19
Q

What is included in aircraft coverage in the basic form?

A

Damage from planes, self-propelled missiles, and spacecraft.

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20
Q

What is NOT covered under windstorm/hail policies?

A
  • Damage to awnings/signs
  • Rowboats and canoes
  • Trees, shrubs, plants, or lawns
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21
Q

What perils does the broad form expand coverage on?

A
  • Breakage of glass and safety glazing material is covered under vandalism
  • Explosion peril no longer has listed exceptions
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22
Q

What acronym is used for broad form coverage perils?

A

B.B. BICE-GOLF

  • Bursting Heating systems;
  • Burglary;
  • Breaking water heaters;
  • Ice, Snow, Sleet weight;
  • Collapsed buildings or part of buildings;
  • Electrical damage;
  • Glass breakage;
  • Objects falling from outside;
  • Leaking water or steam damage;
  • Freezing of plumbing
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23
Q

What are the exceptions for broad form coverage perils regarding Damage from Burglars?

A

No coverage if the property has been vacant for more than 60 days prior to burglar

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24
Q

What are the exceptions for broad form coverage perils regarding Falling Objects?

A

Except damage to awnings, fences, outdoor equipment, etc. Damage to interior of a building is only covered if it is secondary to falling object damage.

25
What are the exceptions for broad form coverage perils regarding water or steam damage?
Doesn't pay for damage of repeated seepage over a period of weeks, months, or years. Also doesn't cover repair of sump pumps, gutters, or sewer pipes.
26
What are the exceptions for broad form coverage perils regarding Freezing?
Freezing is only covered if the insured took reasonable steps to maintain heat in the building or shut off water and drained pipes and appliances.
27
What other additional coverage is included in Broad form plans?
- Lawns, trees, shrubs, and plants - Breakage of glass - Collapse
28
What is the formula for broad form coverage?
DP-2 = Basic form + Extended coverage perils + V&MM + Broad Form Perils
29
What is different about the special form?
DP-3 is an open peril form, all risks except those specifically excluded are covered.
30
What standard deductible applies to almost all property coverages?
$250
31
Coverage A covers what?
Dwellings. Areas typically used for residential purposes.
32
What is not included in Coverage A-Dwellings?
Land, including the land a dwelling is located on.
33
Coverage B covers what?
Other structures. | Ex. Detached garages and other outbuildings.
34
What is not included in Coverage B-Outbuildings?
Land, Structures rented for someone other than the tenant, business structures, and gravemarkers.
35
Coverage C covers what?
Personal property usual to a residence. Model aircraft, vehicles used for the premises, rowboats/canoes, computer media
36
What is not included in Coverage C-Personal Property?
- Coins, money, passports, etc.; - Animals; - Aircraft designed for flight; - Watercraft other than rowboats/canoes - Water or steam - Gravemarkers or mausoleums
37
Coverage D covers what?
Fair Rental Value. Applies if property from A,B, or C comes damaged or destroyed by a covered peril.
38
What does coverage D do?
Pays fair rental value that would have been lost due to tenants not being able to live there.
39
Coverage E covers what?
Additional Living Expenses.
40
What are the general exclusions on all three dwelling forms?
- Ordinance or law - Earth movement - Water damage - Power failure - Neglect - War - Nuclear hazard - Intentional loss - Govt Action
41
Under Basic form, how are property losses settled?
at Actual Cash Value (ACV)
42
Under Broad form, structures are insured to at least what percentage of replacement cost?
80%
43
When are loss payments received?
Within 60 days of receiving proof of loss.
44
How many days' notice are required for cancelling a policy for nonrenewal?
10 days.
45
In the event of insured's death who will be considered an insured?
A legal representative, but only in respect to property covered at the time of death.
46
Nuclear hazard
Any nuclear reaction, radiation, or radioactive contamination however caused. Will not be covered.
47
What are the three selected endorsements?
1. Automatic increase in Insurance 2. Broad Theft Coverage 3. Dwelling under Construction
48
What is automatic increase in insurance?
An endorsement that may be added to increase amount of insurance by an annual percentage to offset inflation.
49
What is off-premises coverage?
Coverage of stolen items when an insured is off-property with the item. Ex: A laptop at a coffee shop.
50
What do dwelling policies NOT include?
Coverage for personal liability
51
What is Coverage L?
personal liability
52
What is Coverage M?
Medical payments to others
53
Basic (DP1) Characteristics
- Named peril - No min. amount of insurance required - Basic perils
54
Broad (DP2) Characteristics
- Named peril | - Basic perils + extended coverage perils + V &MM + Broad form perils
55
Special (DP3) Characteristics
- Open Peril | - Basic perils + extended coverage + V&MM
56
DP-2 Broad Theft coverage may be added when
the insured is the owner-occupant of the dwelling
57
What is the time frame for multiple volcanic activities to be considered one.
72 hours. 0
58
A basic dwelling policy automatically protects against fire, lightning, and what?
Internal Explosion
59
Replacement of trees, bushes, or other plants are limited to what?
Not more than $500 for any one tree or plant and not to exceed 5% of Coverage A in total.

Idaho Property Insurance (9 decks)

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