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Property Exam > Dwelling and Homeowners > Flashcards

Dwelling and Homeowners Flashcards

1
Q

Friendly Fire

A

a fire started intentionally to do a job which is under control and in an intended area (fire place)

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2
Q

unfriendly fire (hostile fire)

A

a fire you did not start intentionally or a friendly fire which is no longer doing what it was intended to do

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3
Q

Different Perils

A

Fire - fire and lightning
E.C. - wind, civil commotion, smoke, hail, aircraft, vehicles, explosion, riot
V &MM - vandalism, malicious mischief

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4
Q

Dwelling

A

owner or non-owner occupied 1-4 units

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5
Q

DP-1 (Basic / Named Peril)

A

Fire, E.C. and V&MM

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6
Q

DP-2 (Broad / Named Peril)

A

Fire, E.C. and V&MM + damage by burglary, falling objects, weight of ice/snow/sleet, artificial electricity, accidental discharge, tearing furnace/ac, freezing plumbing, glass breakage

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7
Q

DP-3 (Special / Open Peril)

A

Open to all perils except for whatever exclusions are included in policy

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8
Q

Dwelling details:

A

none of the fire forms provide THEFT coverage (needs to be added with Broad Theft Endorsement only for owner occupied)

Also, does not provide liability coverage (personal liability supplement endorsement available)

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9
Q

What type of peril coverage is afforded for contents if contents coverage purchased?

A

DP-1: dwelling = basic, contents = basic
DP-2: dwelling = broad, contents = broad
DP-3: dwelling = special, contents = broad

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10
Q

Dwelling fire forms do not allow:

A

Replacement cost on contents to be endorsed

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11
Q

Automatic Dwelling Coverage (DP-1 & DP-2)

A

a. Dwelling (anything permanently attached to the building)
- you pick the amount, replacement cost
b. Other structures (another structure seperated by clear space from original dwelling)
- 10% of coverage A
c. Personal property (contents, movable personal property)
- not unless you select it
d. Fair Rental Value (loss of rentail income due to a covered loss)
- 10% of coverage A
e. Additional living expense (additional costs incurred to stay somewhere else and eat out until can get back into home
- 10% of coverage A

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12
Q

Homeowners

A

owner occupied residential 1-4 units (owner must occupy at least 25%)

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13
Q

HO-1 (Basic)

A

Fire, E.C., V&MM, Theft, Glass Breakage, Volcano

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14
Q

HO-2 (Broad)

A

Fire, E.C., V&MM, Theft, Glass Breakage, Volcano, Damage by burglary, falling objects, weight of ice/snow, artificial electricity, accidental discharge, tearing furnace/ac. freezing of plumbing

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15
Q

HO-3 (Special)

A

Open perils unless excluded

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16
Q

What type of peril coverage is afforded for contents?

A

HO-1: dwelling = basic, contents = basic
HO-2: dwelling = broad, contents = broad
HO-3: dwelling = special, contents = broad
HO-5: dwelling = special, contents = open
HO-4/6: dwelling = n/a, contents = broad
HO-8: dwelling = basic, contents = basic

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17
Q

What cost does HO-8 settle at vs all other HO’s?

A

HO-8 settles at repair cost or AVC on the structure. All other Homeowners forms are Replacement value

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18
Q

HO-8 (functional replacement cost)

A

typically used on older homes, for example have woodwork that would be difficult to replace today or for homes that would not be rebuilt

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19
Q

Limited Fungi, Wet or Dry Rot or Bacteria Coverage Endorsment

A

applies only when the fungi or rot result from a covered peril (pipe burst, water to put out fire). Covers cost to remove fungi, tear out and replace damaged parts of the building, test air

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20
Q

Following coverages are automatically included in a Homeowner’s Policy (the dwelling is replacement cost as long as insured to at least 80% of replacement value, if not automatically becomes AVC)

A

a. Dwelling
- replacement cost
b. Other Structures
- 10% of A
c. Personal Property
- 50% of A
d. Loss of Use (combines loss of rental income and additional living expense)
- 30% of A
e. Personal Liability
- $100,000 per occurence
f. Medical Payments
- $1,000 per person

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21
Q

Liability for HO policy

A

1) conditions of the premises
2) personal actions of insured (negligent actions not intentional)
3) includes coverage for golf carts

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22
Q

Medical payments for HO policy

A

1) doesn’t pay med bills to insured
2) can occur on or away from premises
3) expenses occurred within 3 years

23
Q

How much is allocated for fire department under HO policy?

A

$500

24
Q

HO policy has certain types of personal property limits to a specific dollar amount:

A 
Money = $200
Watercraft = $1500
Trailers = $1500
25
Q

The following are limited only for the peril of theft under a HO policy:

A

Jewelry, fur, watches = $1500
Silverware = $2500
Guns = $2500

26
Q

Personal Articles Floater (endorsement on HO)

A

Benefits:

1) all risk coverage
2) stated amount
3) world wide coverage (expect fine arts)
4) no deductible

27
Q

Home Day Care liability (endorsement on HO)

A

Endorsed on, extra cost

28
Q

Drones (under HO policy)

A

used for personal use are covered as personal property. when used legally, liability is covered under personal liability

29
Q

Backup of sewer/sump pump discharge

A

if insured purchased the coverage, the water back up endorsement applies to the sewage as well as water itself. If caused by a flood, this would not be covered.

30
Q

Mobile Home Insurance (think HO-3)

A

a. Dwelling (structure itself and anything permanently attached - including LP tanks)
- value of mobile home
b. Other structures (separated by clear space from the original structure)
- 10% of A
c. Personal Property (movable contents)
- ACV
d. Loss of Use (combines living expense and loss of rents)
- 30% of A

31
Q

Additional coverage for mobile home:

A

$500 for reasonable expenses incurred in removing and returning a mobile home threatened by a Covered Peril

32
Q

Endorsements to add to Mobile home policy

A

AVC transportation/permission to move

  • covers wanting to move the mobile home
  • covers while mobile home is being moved
33
Q

Mobile home has what type of peril power?

A

Open perils

34
Q

What qualifies a mobile home?

A
  • not a pop up campers
  • not RV
  • not tent
  • needs to be (portable (tied down to foundation), year round living, at least 10’x40’ (400 sq ft)
35
Q

HO-1 Basic

A

Basic perils dwelling & contents

Owner occupied home

36
Q

HO-2 Broad

A

Broad form perils dwelling & contents

Owner occupied home

37
Q

HO-3 Special

A

open perils dwelling & broad form perils contents

owner occupied home

38
Q

Ho-4 Renters

A

No Dwelling coverage & Broad form contents

39
Q

HO-5

A

Open Perils dwelling & contents

owner occupied home

40
Q

HO-6 Condo

A

$1,000 dwelling

Broad form perils dwelling & contents

41
Q

HO-8

A

Functional replacement cost - older home

42
Q

Who is the primary insurer of flood insurance?

A

Federal Government

43
Q

What is the minimum deductible for flood insurance?

A

$1000 (applies separately to building and contents)

44
Q

Maximum coverage of building and contents for Flood insurance?

A

$250,000 on building and $100,000 on contents

45
Q

Waiting period for flood ins?

A

30 days

46
Q

Is sewer backup included in flood ins?

A

no it is excluded

47
Q

Earthquake peril endorsement

A

provides protection against earthquake and volcanic eruption

48
Q

What is the time period for earthquake shocks to happen within in for residential and commercial property

A 
Residential = 72 hours
Commercial = 168 hours
49
Q

Earthquake insurance deductible?

A

% of the dwelling/building coverage and applies separately to each building and the contents of that building

50
Q

Watercraft can be covered under 3 types of policies:

A

1) homeowner’s
2) boat-owner’s
3) yacht

51
Q

Homeowner’s policy auto provides coverage for watercraft furnishings, trailers, equipment and outboards up to:

A

$1500
Wind and hail peril are only covered if boat was in a fully enclosed building
Theft is only covered if ON the premises
Liability is auto protected for watercraft with less than 25 horsepower and less than 26 ft long

52
Q

Boat-owner’s policy

A

boat = permanently attached equipment
loss settled at ACV
Medical payments included in liability (can add underinsured boaters BI)
In order for a replacement boat to be covered by policy, you must notify insurance company within 45 days

53
Q

Yacht Policy

A

is an Ocean marine contract

  • covers inboard boats/larger sailboats
  • open peril
  • repairs are replacement cost basis
  • coverage for hull includes: masts, ropes, navigation equip, and tenders
54
Q

Watercraft exclusions

A

not covered while:

  • carrying people or property for a fee
  • loss caused while racing
  • war & nuclear
  • Workers Comp

Property Exam (4 decks)

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