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Idaho Property Insurance > 4- Homeowners Policy > Flashcards

4- Homeowners Policy Flashcards

1
Q

Boarder

A

a person who lives with someone else for an agreed upon price, usually for a considerable amount of time

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2
Q

Counterfeit

A

fraudulent imitation/ forgery

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3
Q

Incidental

A

something occurring as a minor accompaniment to something else

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4
Q

Third party

A

a person (or group) other than the two involved in the insurance contract (insured & insurer)

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5
Q

Homeowners Policy

A

a form of insurance used to insure residential risks

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6
Q

Situations a homeowners policy may be used for:

A
  • 1- to 4- family owner-occupied residences;
  • No more than 2 families or 2 roomers or boarders per unit
  • Insuring a tenant of non-owned dwelling (renter’s form)
  • A residential condo or coop
  • Seasonal dwellings or secondary residences
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7
Q

Businesses may be accommodated when

A

they are incidental and are conducted by the insured on the dwelling premises

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8
Q

Broad form number and uses

A
  • HO 00 02 or HO2
  • Named perils
  • 1-4 unit owner occupied
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9
Q

Special form number and uses

A
  • HO 00 03 or HO3
  • Open and Named Peril
  • 1-4 unit owner occupied
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10
Q

Renters or Tenants form number and uses

A
  • HO 00 04 or HO4
  • Named Peril
  • Occupied by tenant
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11
Q

Comprehensive form number and uses

A
  • HO 00 05 or HO5
  • Open Peril
  • 1-4 unit owner occupied
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12
Q

Condominium form number and uses

A
  • HO 00 06 or HO6
  • Named Peril
  • Condominium unit, owner occupied
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13
Q

Modified form number and uses

A
  • HO 00 08 or HO8
  • Named Peril
  • 1-4 unit owner occupied, historic or older home
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14
Q

Exclusions to HO2 (broad)

A
  • Inside of building damaged by rain, snow, sleet, sand, or dust
  • Inside of building loss by falling object
  • Fences, driveways, and walks
  • Damage from water or steam if vacant for more than 60 days
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15
Q

Exclusions to HO3 (special)

A
  • Damage caused by freezing when location is vacant
  • Theft in or to a dwelling
  • Vandalism or malicious mischief
  • gradual, preventable losses
  • Faulty, inadequate, or defective planning
  • Losses because of weather
  • Acts, decisions, or failure to act
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16
Q

Exclusions to HO4 (contents/tenant broad form)

A

May be written for tenant specifically, but not cover the dwelling

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17
Q

Exclusions to HO5 (comprehensive)

A

Covers both dwelling and other structures on an open peril basis, with exception of landlord furnishing. Limit $2,500 and provided on named peril basis.

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18
Q

Exclusions to HO6 (condo unit owners)

A
  • Land, real property, or structures
  • Structures rented by anyone that is not the tenant
  • Structures form which business is conducted
  • Structures used to store business property
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19
Q

Bodily Injury

A

bodily harm, sickness or disease, including required care, loss of services, and death that result from bodily injury

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20
Q

Insured location is defined as

A
  • the residence premises;
  • Part of other premises used by the named insured
  • Premises not owned by insured, but that they are living in temporarily (hotel room)
  • Vacant land (excluding farmland)
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21
Q

Residence premises

A
  • The one family dwelling where insured resides

- the 2-,3-, or 4- family dwelling where insured residesq

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22
Q

Property damage

A

physical injury, destruction, or loss of use of tangible property

23
Q

Residence employee

A

employee of insured whose duties are related to the maintenance or use of the home, including doing similar duties elsewhere

24
Q

Coverage A-Dwelling property covered:

A
  1. Dwelling on described premises and all attached structures;
  2. Any materials or supplies located on or next to the residence used to construct, alter, or repair dwelling
  3. HO6 include alterations, appliances, and fixtures
25
Q

Coverage A-Dwelling property NOT covered:

A

Land

26
Q

Coverage B-Other Structures property covered:

A
  1. Other structures on residence premise that are separated by a clear space or only connected by a fence
  2. Structures rented to anyone other than a tenant, but only used as a garage
  3. Structures used to store business property of the insured or tenant of the dwelling
27
Q

Coverage B-Other Structures property NOT covered:

A
  1. Land
  2. Structures rented and not used as a garage
  3. Structures used to conduct any business
28
Q

Coverage C-Personal Property covered:

A
  1. Property owned or used by the insured while it is anywhere in the world
  2. Property of roomers and boarders related to an insured
  3. Hobby aircraft and parts
  4. Motor vehicles used to service premise or help handicapped (i.e. Lawnmower)
  5. Blank computer software
29
Q

Coverage C-Personal Property NOT covered:

A
  1. Items separately described
  2. Animals, birds, fish
  3. Aircrafts or hovercrafts designed to carry people
  4. Motor vehicles
  5. Business data in books of accounts or computers
  6. Property of roomers not related to insured
  7. Property of apartment regularly rented by an insured
  8. Credit cards, debit cards, etc.
  9. Water or steam damage
30
Q

Coverage D- Loss of Use

A

A combination of Fair Rental Value and Additional Living Expense in dwelling property policy.

Covers expenses of lost rent and living expenses for shortest time it takes to either repair or find somewhere new to settle.

31
Q

Debris Removal

A

Will pay reasonable expense for removal of debris related to a covered cause of loss

32
Q

What is the coverage for tree removals?

A

Total $1,000, with sublimit of $500 for any one tree.

33
Q

How much will insurance cover in legal fees relating to a stolen credit card?

A

Up to$500

34
Q

What does ordinance or law cover?

A

Allows insured to use up to 10% of the limit of liability to Coverage A for increased costs incurred from enforcement of flaws or ordinances.
Ex: Reconstruction of undamaged part of building because of damage to another part.

35
Q

What doesn’t Ordinance or Law cover?

A
  • Loss of value to any covered building or structure because of the requirements for ordinances or laws (ADA compliance)
  • Costs to comply with ordinances or laws to test for, clean up, or respond to pollutants
36
Q

How much can be paid for grave markers or mausoleums?

A

Up to $5,000 for loss caused by a peril inured against.

37
Q

Coverage E-Personal Liability covers:

A
  • Policy’s limit of liability for the damages for which an insured is legally liable.
  • Provide defense at insurer’s expense, even if the suit is groundless, false, or fraudulent
38
Q

What is the basic limit of liability for Coverage E?

A

$100,000, but more can be purchased at a higher premium

39
Q

Coverage F-Medical Payments to Others covers:

A

A person injured on the residence premise with the insured’s permission to be there. Covers expenses incurred within 3 years of an accident

40
Q

Coverage F-Medical Payments to Others does NOT apply to what?

A

The insured or to regular residents of the insured’s household, except for residence employees.

41
Q

What additional coverages can be added to Personal Liability?

A
  • Claims Expense ($250/day for lost income)
  • First Aid to Others (expenses from administering first aid)
  • Damage to property ($1,000 per occurrence for damage insured causes to other’s property)
  • Loss Assessment Covg
42
Q

General property exclusions for HO polices are

A
  • Ordinance or law;
  • Earth movement;
  • Water damage;
  • Power failure;
  • Neglect;
  • War;
  • Nuclear Hazard;
  • Intentional Loss;
  • Govt Action
43
Q

Motor Vehicle liability only covered under what conditions?

A
  • In dead storage on insured location;
  • Used solely to service residence premise;
  • Used to assist handicapped;
  • Designated for use off public roads and not owned by insured;
  • Golf cart meeting specific speed criteria
44
Q

Watercraft liability NOT covered under what conditions?

A
  • While watercraft is operated in a race or speed contest;
  • Rented to others;
  • Used to carry persons/cargo for a fee;
  • Used for any business purposes
45
Q

Expected or Intended Injury Exclusion

A

Intended injury by the insured even if to a different degree than expected

46
Q

Business Liability exclusion

A

Coverage is only granted to partial rentals of the residence, but only if the portion is rented to no more than two boarders.

47
Q

What are the 3 sections of conditions?

A
  1. Property;
  2. Liability;
  3. Conditions that apply to both
48
Q

In the case of theft, who must the insured notify.

A

Both insurance and the police.

49
Q

Home Day Care endorsement

A

May be added to the policy to cover associated business, premium is determined by the number of children kept in home

50
Q

Identity Fraud expense

A

Provides up to $15,000 to over expenses incurred from direct result of identity fraud

51
Q

9 classes of property covered under Scheduled Personal Property endorsement.

A
  1. Jewelry;
  2. Furs;
  3. Cameras;
  4. Musical instruments
  5. Silverware;
  6. Golfers equipment;
  7. Fine arts;
  8. Postage stamps
  9. Rare and current coins.
52
Q

When must new property be reported to be covered by Scheduled Personal Property?

A

Within 30 days of acquisition.

53
Q

What are the benefits to a Scheduled Personal Property endorsement?

A
  • Covers things not covered by Coverage C
  • Covers eligible property worldwide
  • Fine arts and antiques can be cover on ACV basis
  • No special limits of liability
  • No deductible applied when property is lost

Idaho Property Insurance (9 decks)

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