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Idaho - Property & Casualty Insurance > Dwelling / Homeowner Policies > Flashcards

Dwelling / Homeowner Policies Flashcards

1
Q

What is a DP1 Policy?

A

The most basic version with the most basic coverage of all the rental property options.

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2
Q

What type of risk insurance is DP1?

A

Named Risk Insurance

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3
Q

What is named risk insurance?

A

Only covers perils that are specifically listed or named in the policy itself.

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4
Q

What are some common DP1 Named Perils?

A

Fire/Lightning, Internal/External Explosion, Riot & Civil Commotion, Smoke, Aircraft, Vehicles, Volcanic Eruption, Vandalism & Malicious Mischief

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5
Q

What valuation is DP1 based upon?

A

Actual Cash Value

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6
Q

What is a DP2 Policy?

A

The average amount of protection.

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7
Q

What is DP2 often referred to?

A

The dwelling fire form 2

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8
Q

What type of risk insurance is DP2?

A

Named Risk Insurance

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9
Q

What are some common DP2 Named Perils?

A

Fire/Lightning, Internal/External Explosion, Riot & Civil Commotion, Smoke, Aircraft, Vehicles, Volcanic Eruption, Vandalism & Malicious Mischief, glass breakage, Weight of Ice & Snow, Freezing of Pipes, Electrical Damage, Collapse, Falling Objects, Accidental Discharge or Overflow of Water or Steam.

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10
Q

What valuation is DP2 based upon?

A

Replacement Cost

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11
Q

What is a coverage that is often included in DP2 insurance?

A

Loss of Rents - Provides the insured with continued rental income while home is being repaired due to damage from a covered peril.

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12
Q

Who is DP2 good for?

A

Landlords

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13
Q

What is a DP3 Policy?

A

Rental Home Insurance Policy

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14
Q

What is DP3 best suited for?

A

Rental Properties / Non-owner occupied homes

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15
Q

What type of risk insurance is DP3?

A

All Risk Insurance

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16
Q

What is the difference regarding perils for DP3 vs DP2/DP1?

A

DP3 is an open peril policy and DP2/DP1 are named peril policies.

17
Q

What valuation is DP3 based upon?

A

Replacement Cost

18
Q

True or False: Loss of rents are NOT included in DP3?

A

False - loss of rents is included.

19
Q

What is a DP3 policy similar to?

A

A standard home insurance policy.

20
Q

What is the primary difference between dwelling fire insurance and home insurance?

A

Loss of use and Loss of Rents

21
Q

What is key part of a DP3 policy?

A

Loss of rents

22
Q

What does loss of rents cover?

A

Provides the insured with continued rental income while home is being repaired due to damage from a covered peril.

23
Q

Where is loss of use insurance primarily used?

A

Home owner insurance policies where occupied.

24
Q

What type of form is HO-2?

A

Broad Form - Think of this as the basic policy.

25
Q

What type of form is HO-3?

A

Special Form - Think of this as a upgrade of HO-2

26
Q

What type of form is HO-4?

A

Contents Broad Form - This is for renters to cover personal property.

27
Q

What type of form is HO-5?

A

Comprehensive Form - Covers on an open peril basis. Think of this as the best possible option.

28
Q

What type of form is HO-6?

A

Unit Owners Form - This is for owners of a condominium or a cooperative unit.

29
Q

What type of form is HO-8?

A

Modified Coverage Form - This is best for owner-occupied older homes.

30
Q

What does HO-2 cover?

A

Named perils that are specifically listed on the policy.

31
Q

What does HO-3 cover?

A

Provides coverage for all losses unless specifically excluded. - General exclusions include ordinance or law, earth movement, flood and surface water, power failure, neglect and intentional acts.

32
Q

What does HO-4 cover?

A

The contents broad or tenants form cover personal property against the same perils as HO-2 or HO-3 with liability coverage.

33
Q

What does HO-5 cover?

A

Covers the dwelling and contents on an open peril basis. As long as the cause of loss is not excluded it will provide coverage.

34
Q

What does HO-6 cover?

A

Covers a condo or cooperative unit provided that the unit is primarily used for residence.

35
Q

What does HO-8 cover?

A

Property whose replacement cost exceeds the property market value and homeowner wishes to recover the actual cash value of the home.

36
Q

What is a characteristic of a DP policy?

A

It is for renters typically where building is tenant occupied.

37
Q

What is a characteristic of a HO policy?

A

It is for owner occupied homes.

Idaho - Property & Casualty Insurance (14 decks)

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