9- ISRR Pertinent to Property Insurance Only Flashcards
1
Q
Standard Fire Policy
A
Basis of coverage on both personal and commercial lines. Limited to property described in the policy.
2
Q
Standard fire policy excludes coverage for what?
A
- Accounts;
- Currency;
- Deeds;
- Bills; and
- Evidence of debt, money, or securities
3
Q
Standard Fire Policy covers direct losses from what 3 perils?
A
- Fire (hostile only, not friendly);
- Lightning;
- Removal of property from premises endangered by perils that were insured against, up to 5 days.
4
Q
What happens with a loss occured when a building is vacant or unoccupied for 60 days or more?
A
It is excluded from coverage
5
Q
NFIP
A
National Flood Insurance Plan
6
Q
3 main components of NFIP
A
- Insurance;
- Floodplain management;
- Floodplain mapping
7
Q
WYO Program
A
Write Your Own flood insurance.
8
Q
What is the waiting period for Flood insurance coverage?
A
30 days
9
Q
What is the required notice for a Cancellation Notice of the Standard Fire Policy in Idaho?
A
30 days
