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Property and casualty Insurance > Dwelling > Flashcards

Dwelling Flashcards

1
Q

Replacement cost coverage on contents on all dwelling policies

A

Can be added by endorsement

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2
Q

Under the provisions and conditions of a dwelling fire policy, and insurance company could suspend coverage if the insured were to

A

Leave the house vacant from January 1 to April 15

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3
Q

What best describes what is covered by Dwelling coverage A

A

Structure on the premise and anything attached to it

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4
Q

Susan purchases the required 80% of replacement cost coverage on her dwelling. However 10 mos. later, she has a small fire claim and is subject to the co-insurance penalty for not insuring the dwelling for the correct amount. What optional coverage should she have purchased?

A

Inflation Guard endorsement

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5
Q

Jim has a dwelling under construction endorsement on his dwelling policy for the dwelling he is building. The endorsement requires him to

A

insure the structure for 100% of its completed value from inception

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6
Q

Marcy owns a detached garage valued at $2000. He rents it for $500 a month to a friend who uses the building as a furniture refinishing business. A fire causes a $1500 loss to the garage. How much will the insurance pay for the damages caused?

A

$0

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7
Q

A dwelling basic form does NOT provide coverage for

A

Loss of rental value of an un-rented apartment, if held for rental

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8
Q

A dwelling building and personal property broad form protects an insured against what loss?

A

Damage to property caused by burglars

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9
Q

A dwelling property special form insures what if the named insured dies during the policy period?

A

Insured’s legal representative

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10
Q

What is covered by the DP-1 WITHOUT the necessity of adding and endorsement?

A

Damage caused by vehicles

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11
Q

Coverage provided by a dwelling special form does NOT include

A

Cash

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12
Q

Are medical payments to others included on a personal liability endorsement?

A

No

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13
Q

According to the personal liability endorsement, what people are not insured?

A

Any business entity that has custody or control of an animal owned by an insured ( Kennel, vet, etc.)

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14
Q

What is NOT an exclusion under the personal liability endorsement?

A

injuries caused by animals owned by the insured

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15
Q

What must be added by endorsement on the DP-1?

A

Vandalism damage

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16
Q

Replacement cost coverage for dwellings is available under what forms?

A

Broad and special forms

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17
Q

T or F Broad theft coverage endorsement automatically covers the property of roomers or boarders?

A

False

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18
Q

T or F In broad theft coverage, the insured is required to notify the police if a theft loss occurs.

A

True

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19
Q

T or F Broad theft coverage endorsement covers the property of the insureds non-relative, expense sharing roommate?

A

False

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20
Q

An owner occupant of a dwelling insured by a dwelling policy is eligible for what type of personal theft coverage?

A

Either limited or broad theft

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21
Q

The automatic increase in insurance endorsement to the dwelling program is sometimes referred to as?

A

Inflation guard

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22
Q

T or F The insured chooses the percentage by which amount limits will be increased in an inflation guard endorsement?

A

False

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23
Q

T or F Trees, plants, shrubs and lawns are covered under a DP-1?

A

False

24
Q

Under what dwelling form can the insured collect for the replacement cost when the dwelling is destroyed?

A

DP-2 and DP-3

25
Q

T or F Trees, shrubs and other plants are included on all dwelling forms?

A

False

26
Q

T or F Personal liability and medical payments to others would pay for medical payments to guest injured on your property?

A

True

27
Q

Damage to covered property caused by glass breakage is covered on what forms?

A

DP-2 and DP-3

28
Q

T or F Weight of ice and snow are covered under the dwelling basic form?

A

False

29
Q

A dwelling is insured for $60,000 and its contents for $30,000. According to the DP-1, what part of the insurance may the insured have applied to rental value coverage?

A

20% of the coverage of the dwelling

30
Q

A fire department service charge is payable when the fire dept. is called to save or protect property against a peril. The maximum payable amount is

A

$500 with no deductible

31
Q

T or F Theft is a covered peril on a DP-2 form

A

False

32
Q

T or F On a dwelling form, Coverage B-Other structures, a private garage rented to others is covered?

A

True

33
Q

T or F There is no coverage for vandalism if the dwelling has been vacant for more than 60 days

A

True

34
Q

An extension of coverage on a dwelling form may be used to provide worldwide personal property coverage for an amount up to ______ of the coverage C limit

A

10%

35
Q

T or F Two additional coverages provided by Broad and Special dwelling forms are building collapse and damage to lawns, trees and plants

A

True

36
Q

Which dwelling form covers theft of built-in fixtures?

A

Special

37
Q

On an all risk property policy, where would you look to determine if a loss is covered?

A

Exclusions

38
Q

When leaving a fully furnished house to go on an extended vacation, the house is considered what?

A

unoccupied

39
Q

T or F A grease fire in the kitchen is an example of a hostile fire

A

True

40
Q

T or F An auto service garage would qualify for a dwelling policy

A

False

41
Q

T or F A dwelling basic form is an all risk policy?

A

False

42
Q

T or F If a dwelling is covered by Coverage A, it would include all structures attached to the dwelling

A

True

43
Q

What coverage would include unattached structures and out buildings that are separate from the dwelling by a clear space

A

Coverage B - Other structures

44
Q

T or F If a loss occurs damaging the building, other structures, or contents it is considered an indirect loss

A

False

45
Q

T or F In a named peril policy, each peril to be covered is listed and named

A

True

46
Q

T or F An all risk policy covers all perils unless the peril is specifically excluded

A

True

47
Q

T or F Coverage C - Personal property is also known as contents insurance

A

True

48
Q

T or F Birds, animals and fish are included on the Coverage C - Personal property form

A

False

49
Q

T or F The DP-1 is called the basic form because it is a named peril form that covers the property listed for 11 named perils

A

True

50
Q

T or F Neglect, war, nuclear hazard, or intentional loss are included on all 3 dwelling forms

A

False

51
Q

T or F There is no coverage for vandalism unless it is purchased by endorsement

A

True

52
Q

T or F Vandalism or malicious mischief cost extra and is the first truly optional coverage available on a DP-1 policy

A

True

53
Q

T or F A DP-2 incorporates all coverage present in the DP-1 plus 4 additional perils

A

True

54
Q

T or F On a DP-1, all claims are settled on replacement cost value

A

False

55
Q

T or F ACV= actual cash value - depreciation

A

False

Property and casualty Insurance (1 decks)

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