Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

Insurance License > Chapter 4 > Flashcards

Chapter 4 Flashcards

1
Q

The ______ policy is primarily used to insure personally owned residential dwellings containing 1-4 units that are either not eligible for coverage under a HO policy or occupied by a tenant.

A

Dwelling

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

Dwelling properties are up to 4 family resident units that are ______ occupied, ______ occupied or _______ /______dwellings.

A

owner, tenant, seasonal/ secondary

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

Dwellings must have principally for __________ dwelling purposes and can not have more than ____ units or ____ roomers/ boarders.

A

4 units, 5 roomers.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

_____ are eligible for dwelling programs if they are ________ to a foundation, but only for DP-1.

A

Mobile homes, permanently affixed

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

Dwellings located on a ________ are not eligible.

A

farm

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

True or false, some incidental business use of dwellings may be used in instances such as a school, studio or office occupancy.

A

TRUE

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

___ is the basic form that insures against fire, lighting and internal explosion.

A

DP-1

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

If an additional premium is paid for DP-1 to obtain EC (or extended coverage) for additional perils are included. examples are _____.

A

windstorm or hail, explosion, riot, aircraft, vehicles, smoke or volcanic eruption.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

The peril of vandalism or malicious mischief may be included on a DP-1 if _______________.

A

payment of an additional premium is received.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

A loss is not recognized if the dwelling was vacant for ___ days.

A

60+

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

All loses on DP1 are settled on a ____ basis.

A

ACV

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

____ insures for the same as DP-1, EC perils and VMM as well as damange by burglars, falling objects, weight of ice, snow or sleet, overflow from a stream or water, _______, accidental tearing apart, cracking, burning or bulging and sudden and accidental damage from articially generated electrical current.

A

Dp-2 freezing

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

The _____ peril includes damage to covered property caused by burglar, but not theft of property.

A

Damage by Burglars

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

Losses to the dwelling and other structures on a DP2 form are paid on a _______ and losses to personal property are paid on a ______.

A

Replacement cost, Actual Cash Value

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

The _____ coverage is provided for all causes of loss except for those perils specifically included. This is a special form.

A

DP-3

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

Dwelling, other structures, personal property, fair rental value and additional living expenses are coverages _ through _.

A

A through E.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
17
Q

Coverage A covers

A

Dwelling

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
18
Q

Coverage B covers

A

Other Structures

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
19
Q

Coverage C covers

A

Personal property

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
20
Q

Coverage D covers

A

Fair Rental Value

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
21
Q

Coverage E covers

A

Additional living Expense

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
22
Q

Coverage A/ Dwelling applies to dwelling described in the declarations used principally for resident purposes and including ___________ to the dwelling.

A

structures attached to (decks, garages, breeze ways, etc)

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
23
Q

Coverage A includes _________ on or next to described location used to construct, alter or repair the welling or other structures described at the location.

A

materials and supplies

24
Q

The coverage A limit of insurance appears on declarations as a _____ limit.

A

specific

25
Q

The dwellings replacement value is in Coverage ____.

A

A

26
Q

Coverage _ applies to other structures on the described location if they are separated or detached from the dwelling by a clear space, fence or a utility line.

A

B

27
Q

List a few structures Coverage B would cover.

A

Detached garage, shed, pool, outdoor storage building.

28
Q

True or false, Coverage a and b also provides coverage for land

A

false

29
Q

Coverage B is up to ___% of Coverage A limit.

A

10

30
Q

Coverage ___ applies to house hold and personal property usual to the occupancy as a dwelling.

A

C

31
Q

Name some properties NOT covered by Coverage C

A

accounts, bank notes, coins, currency, birds, animals and fish, aircraft and watercraft (other than rowboats or canoes), motor vehicles (unless used to service the location or assist the handicapped), hoover craft, data, water, grave markers, credit cards.

32
Q

As a coverage giveback, the insured may use up to __% of the Coverage C limit of insurance for loss caused by an insured peril to covered property anywhere in the world.

A

10

33
Q

Coverage _ pays for the loss of rents due to a direct loss to the dwelling from a covered peril

A

D, Fair rental value

34
Q

Coverage _ provides insurance for indirect losses and is automatically included in DP-2 and DP-3, but not DP-1.

A

E

35
Q

Coverage _ pays any necessary increases in living expenses incurred by the named insured when a covered loss makes the unit in which the named insured lives uninhabitable.

A

E

36
Q

Examples of additional living expenses by Coverage E include ____-

A

a hotel room, kenneling of the family pets and dining out.

37
Q

Coverage E does not cover living expenses such as _____.

A

Mortgage, cancellation of a lease, electric, etc.

38
Q

If property is being removed from the described location to protect it because it is endagered by a covered peril, coverage is provided for ____ by any peril while removed.

A

direct loss

39
Q

The limit of insurance for the Other Coverage Trees, Shrubs, and Other Plants is provided at which percentage of the Coverage A limit?

A

5

40
Q

will cover up to ______ of fire dept charge

A

$500

41
Q

Coverage for Other Coverage Glass or Safety glazing material are on which forms?

A

DP-2 and DP-3

42
Q

general exclusions on dwelling forms are _____

A

earth movement and water damage, neglect, war, nuclear hazard, power failure, non-concurrent exclusions

43
Q

Selected endorsements are required true or false

A

false

44
Q

What is the inflation guard of endorsement?

A

a form that helps offset inflation

45
Q

The automatic increase in insurance endorsement typically increases coverage and b by _______.

A

a percentage designated on the endorsement.

46
Q

TRUE OR FALSE there are NO dwelling forms that include theft.

A

true

47
Q

Personal liability endorsement requires payment of an additional premium true or false.

A

true

48
Q

Which of the following is TRUE of the Dwelling Under Construction Endorsement of a Dwelling Policy?
A

The premium is a percentage of the Coverage A limit
B

The insured has up to 90 days to notify the company that the dwelling is occupied
C

The liability limit is a percentage of the finished building’s value

A

C

49
Q

ll of the following are true regarding the Broad Theft Endorsement on a Dwelling policy, except:
A

It applies only to owner-occupied structures
B

It may be added to any of the Dwelling forms
C

It also includes vandalism resulting from theft
D

Only on-premises coverage is available

A

D

50
Q

True or false, on the dwelling special form contents are covered on an actual cash value basis.

A

true

51
Q

Damaged household and personal property in transit between the insured’s old and new residences is covered by the Dwelling Policy under:

A

Coverage C

52
Q

Which of the following coverage is not provided by the Personal Liability endorsement?
A

Injury caused to a regular resident of the dwelling
B

Defense costs
C

Medical payments to others
D

First aid expenses

A

A, injury caused to a regular resident of the dwelling

53
Q

true or false: he Special Form covers the building and other structures on an open perils basis

A

true

54
Q

Is theft covered by DP-2?

A

No

55
Q

Under the property removed coverage extension of a Dwelling Policy, WILL the policy provide any coverage while insured property is being removed from endangered property?

A

No

Insurance License (4 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2024 Bold Learning Solutions. Terms and Conditions