Dwelling & Homeowner

Question 1

What are the 3 Dwelling forms?

Answer 1

DP-1/Basic: only covers 3 perils (fire, lightning and internal explosion)

DP-2/Broad Form: perils for Cov. A/Dwelling, Cov. B/Other Structures and Cov. C/Personal Property

DP-3/Special Form: open peril/all-risk on Cov. A and Cov. B; broadform perils for Cov. C

Question 2

What is the difference between DP-2 and DP-3?

Answer 2

Plumbing leakage; Cov. A and B perils.

The special form will cover damage to insured’s property from the neighbors plumbing.

Question 3

How are Dwelling policies settled?

Answer 3

DP-1/Basic settles Cov A, B & C using ACV

DP-2/Broad & DP-3/Special Cov. A and B using replacement cost if the 80% co-insurance is met

All DP & HO settle Cov. C using ACV.

Question 4

Fire department service charge, reasonable repairs, debris removal are considered what on an HO policy?

Answer 4

Additional coverages

Question 5

DP - Indirect Loss Coverages

Answer 5

Cov. D = Loss of Rents
Non-owner occupied = 10% of A on DP-2 & DP-3

Cov. E = Additional Living Expense
10% of A on DP-2 & DP-3

Question 6

Section II of an HO provides what two major coverages…

Answer 6

Medical payments and Personal liability

Question 7

Power failure, ordinance or law and gov’t action are considered what under Coverage C of a HO policy?

Answer 7

Exclusion

Question 8

What perils are included in a standard fire policy?

Answer 8

Fire, lightning and removal

Question 9

Damage by burglars is excluded from what dwelling form?

Answer 9

DP-1/Basic

Question 10

The homeowner’s form normally referred to as the renters or tenants form is?

Answer 10

HO-4

Question 11

Which forms would be used to insure a single family detached home or private residence?

Answer 11

HO-8, HO-2, HO-3, HO-5

Question 12

Loss of Use is known as..

Answer 12

Additional living expenses

Question 13

Paint that is to be applied to the interior is considered personal property and insured under which Cov. And HO-3?

Answer 13

Dwelling