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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
Q

What are the exceptions for broad form coverage perils regarding water or steam damage?

A

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
Q

What are the exceptions for broad form coverage perils regarding Freezing?

A

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
Q

What other additional coverage is included in Broad form plans?

A
  • Lawns, trees, shrubs, and plants
  • Breakage of glass
  • Collapse
28
Q

What is the formula for broad form coverage?

A

DP-2 = Basic form + Extended coverage perils + V&MM + Broad Form Perils

29
Q

What is different about the special form?

A

DP-3 is an open peril form, all risks except those specifically excluded are covered.

30
Q

What standard deductible applies to almost all property coverages?

A

$250

31
Q

Coverage A covers what?

A

Dwellings. Areas typically used for residential purposes.

32
Q

What is not included in Coverage A-Dwellings?

A

Land, including the land a dwelling is located on.

33
Q

Coverage B covers what?

A

Other structures.

Ex. Detached garages and other outbuildings.

34
Q

What is not included in Coverage B-Outbuildings?

A

Land, Structures rented for someone other than the tenant, business structures, and gravemarkers.

35
Q

Coverage C covers what?

A

Personal property usual to a residence. Model aircraft, vehicles used for the premises, rowboats/canoes, computer media

36
Q

What is not included in Coverage C-Personal Property?

A
  • Coins, money, passports, etc.;
  • Animals;
  • Aircraft designed for flight;
  • Watercraft other than rowboats/canoes
  • Water or steam
  • Gravemarkers or mausoleums
37
Q

Coverage D covers what?

A

Fair Rental Value. Applies if property from A,B, or C comes damaged or destroyed by a covered peril.

38
Q

What does coverage D do?

A

Pays fair rental value that would have been lost due to tenants not being able to live there.

39
Q

Coverage E covers what?

A

Additional Living Expenses.

40
Q

What are the general exclusions on all three dwelling forms?

A
  • Ordinance or law
  • Earth movement
  • Water damage
  • Power failure
  • Neglect
  • War
  • Nuclear hazard
  • Intentional loss
  • Govt Action
41
Q

Under Basic form, how are property losses settled?

A

at Actual Cash Value (ACV)

42
Q

Under Broad form, structures are insured to at least what percentage of replacement cost?

A

80%

43
Q

When are loss payments received?

A

Within 60 days of receiving proof of loss.

44
Q

How many days’ notice are required for cancelling a policy for nonrenewal?

A

10 days.

45
Q

In the event of insured’s death who will be considered an insured?

A

A legal representative, but only in respect to property covered at the time of death.

46
Q

Nuclear hazard

A

Any nuclear reaction, radiation, or radioactive contamination however caused.

Will not be covered.

47
Q

What are the three selected endorsements?

A
  1. Automatic increase in Insurance
  2. Broad Theft Coverage
  3. Dwelling under Construction
48
Q

What is automatic increase in insurance?

A

An endorsement that may be added to increase amount of insurance by an annual percentage to offset inflation.

49
Q

What is off-premises coverage?

A

Coverage of stolen items when an insured is off-property with the item. Ex: A laptop at a coffee shop.

50
Q

What do dwelling policies NOT include?

A

Coverage for personal liability

51
Q

What is Coverage L?

A

personal liability

52
Q

What is Coverage M?

A

Medical payments to others

53
Q

Basic (DP1) Characteristics

A
  • Named peril
  • No min. amount of insurance required
  • Basic perils
54
Q

Broad (DP2) Characteristics

A
  • Named peril

- Basic perils + extended coverage perils + V &MM + Broad form perils

55
Q

Special (DP3) Characteristics

A
  • Open Peril

- Basic perils + extended coverage + V&MM

56
Q

DP-2 Broad Theft coverage may be added when

A

the insured is the owner-occupant of the dwelling

57
Q

What is the time frame for multiple volcanic activities to be considered one.

A

72 hours. 0

58
Q

A basic dwelling policy automatically protects against fire, lightning, and what?

A

Internal Explosion

59
Q

Replacement of trees, bushes, or other plants are limited to what?

A

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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