Chapter 2 Flashcards

1
Q

Three Homeowners Forms

A
  • basic
  • broad
  • comprehensive
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2
Q

who can buy a homeowner’s form?

A
  • single family dwellings occupied year round.
  • dwellings containing more than one family.
  • insured’s having more than one principal dwelling
  • mobile homes situated on full basement
  • dwellings in the course of construction to be occupied by insureds upon completion
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3
Q

Common characteristics of homeowners forms

A
  • clear language approach
  • common format or structure
  • policy definitions uniform
  • insure same exposures to loss
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4
Q

define “insured”

A

The person named as insured on the coverage page, and, while living in the same household:

  • his/her spouse
  • the relatives of either
  • any person under 21 in their care (foster children, exchange students)
  • student attending school who is dependent on the insured even if temporarily living away
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5
Q

Property Coverages

A
  • dwelling building
  • detached private structures
  • personal property
  • additional living expense
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6
Q

Liability Coverages

A
  • Personal Liability
  • Voluntary Medical Payments
  • Voluntary payment for damage to property.
  • Voluntary compensation for residence employees
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7
Q

What is included under the coverage “dwelling building?”

A
  • dwelling and attached structures
  • outdoor swimming pool and attached equipment on the premises
  • materials/supplies on/next to the premises for construction of the dwelling/private structures
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8
Q

3 insuring agreements for personal property under coverage c

A
  • on premises
  • off premises
  • property of students
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9
Q

Three property items that are not covered under personal property.

A
  • motorized vehicles/equipment
  • aircraft/equipment
  • camper units/truck caps/trailers/equipment
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10
Q

Acronym for types of personal property items with special limits of insurance, regardless of loss

A

B-M-P-S-G-W-C-S

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11
Q

list of types of personal property items with special limits of insurance, regardless of loss (BMPSGWCS)

A
  • business property
  • securities
  • property of students temporarily away
  • money/bullion
  • garden tractors/accessories
  • watercraft
  • computer software
  • spare automobile parts
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12
Q

list types of property with special limits when they have been stolen

A
  • jewellery/watches/gems/furs/fur garments/garments trimmed with fur
  • numismatic property (coin collections)
  • manuscripts/stamps/philatelic property
  • collectible cards
  • each bicycle/its equipment
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13
Q

what is included in the coverage “additional living expense”

A
  • additional living expense
  • fair rental value
  • civil authority
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14
Q

3 conditions placed on the insured if policy includes Guaranteed Replacement Cost

A
  • must insure dwelling to 100% of the evaluation
  • insured must not have reduced amount of insurance lower than evaluation.
  • insured notifies insurer within 90 days of any construction/addition/renovation made to dwelling
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15
Q

Replacement Cost

A

repair or replace lost or damaged property without deduction for depreciation

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16
Q

special limit of business property

17
Q

special limit of securities

18
Q

special limit of property of students temporarily living away

19
Q

special limit of money/bullion

20
Q

special limit on garden tractors/equipment

21
Q

special limit on watercraft

22
Q

special limit on computer software

23
Q

special limit on spare automobile parts

24
Q

special limit on jewellery/watches/gems/furs

25
special limit on numismatic property (coin collections)
200
26
special limit on manuscripts, stamps, philatelic property
1000
27
special limit on collectible cards
1000
28
special limit on each bicycle/equipment/accessories
500
29
13 perils of homeowners form (VERTTIFFEWWGS)
- Fire/lightning - explosion - smoke - falling object - impact by aircraft/spacecraft/land vehicle - riot - vandalism/malicious acts - water damage - windstorm/hail - glass breakage - transportation - theft/damage caused by attempted theft - electricity
30
Acronym for 13 perils of homeowners form
V-I-R-T-T-I-F-F-E-W-W-G-S VIRTTIFFEWWGS (vurtifewgs)