Cram Flashcards
The insuring clause (agreement) section of a policy describes:
Perils that are covered
Which of the following best describes an assignment in the Conditions of a property policy?
Ownership of the policy may not be transferred without the insurer’s written permission
The Conditions part of the policy
contains the general rules and duties under the policy.
The insuring clause (agreement) section of a policy describes:
Perils that are covered
and the insurer’s promises to the insured.
A hostile fire
one that leaves the area in which it was intended to be kept.
a consequential loss
same as indirect (loss of rent)
A ___________ construction material has a fire-resistance rating between one and two hours for walls, floors and roofs.
Modified fire-resistive
Off-premises utility failure
is a common exclusion in property policies.
Which of the following is provided by the Additional Coverages part of a property insurance policy?
The Additional and Supplementary coverages are coverages for incidental expenses that often accompany the losses insured against by the policy.
Punitive damages
are awarded to punish a negligent party for extremely objectionable conduct.
Special damages
are paid for tangible loss or damage, and general damages are paid when losses cannot be calculated objectively.
Bodily injury
does not include personal injury
Most no-fault laws restrict the rights of the injured party to sue unless
the injuries are severe, such as paralysis or death, and meet a threshold.
Typical of No-Fault Liability
Negligence is not determined;
Typically applies to auto insurance;
Injured party collects from own insurance.
Statute of Limitations
statutory defense, not a common law defense.
An accident
sudden, unforeseen, unintended, and unplanned.
Dwelling Fire Department Service Charge
policy deductible does not apply
is additional insurance
coverage does not apply if property locating in city furnishing the fire department response.
Dwelling Policy “Personal Liability Supplement”
It provides coverage for claim expenses
Dwelling policy limit on coverage for imporvements and betterments by insured tenant
10% cover C
Dwelling form - Material on premises intended for repair or alterations included A, B, C
coverage A
Dwelling form is Vandalism included in Dwelling basic form with or without EC
No it must be endorsed with added premium after 60 days no good.
Dwelling Form Perils (WC SHAVER)
Fire, Lightning, interal explosion (with EC) WC Shaver
W - Windstorm
C - Civil Comotion
S - Smoke (excluded fireplace, agricultural smuding industrial opps
H- hail
A - Aircarft including space craft falling objects
V - Vehicles (excludes owners or tenants, also Valcanic action
E - Explosion, except steam pipes
R - Riot (glass breaking from any covered peril)
*VMM added by endoresment supends 60 days vacant
Dwelling Coverages listed
A - dwelling
B - Other Structures — 10% of A in “other coverage”
C - Personal Property
D Fair Rental Value — 20% of A in “other coverage”
Dwelling Other Coverage DP1 RIOT ROD
***Not additional amount of insurance (RIOT ROD)
R- Rental Value 30% A
I - Imporvemnts 10% of C
O - Other Structures - 10% of A
T Tempry moving of stuff to saftey 5 DAYS
R - Repairs to prevent damage
O - Off premises 10% of C - World Wide - no boats
D - Debris Removal
