Dwelling Policies

Question 1

What is a dwelling?

Answer 1

A place of residence (house, appt, etc.)

Question 2

What does a dwelling policy insure?

Answer 2

A dwelling that’s either:

1. Not eligible for coverage under a homeowners policy, or..
2. Occupied by a tenant

Question 3

True or False

In order for a dwelling to be eligible for the Dwelling Property Policy, it must be a residential dwelling

Answer 3

True

Question 4

The covered perils on the ____ form are fire/lightening & internal explosion

Answer 4

DP-1 (Basic Form)

Question 5

The Extended Coverage perils of a ____ form are:

Windstorm or hail
Riot or civil commotion
Aircraft & vehicles
Volcanic eruptions

Answer 5

DP-1 (Basic Form)

Question 6

Which form pays for losses to the dwelling on an actual cash value basis

Answer 6

DP-1 (Basic Form)

Question 7

The ____ form covers all of the DP-1 perils as well as:

Damage by burglars
Falling objects
Weight of ice, snow or sleet

Answer 7

DP-2 (Broad Form)

Question 8

In the DP-2 form, losses to DWELLING & OTHER STRUCTURES are paid on a ____ basis

Answer 8

Replacement Value

Question 9

In the DP-2 form, losses to PERSONAL PROPERTY are paid on a ____ basis

Answer 9

Actual Cash Value

Question 10

In the DP-3 form, coverage is provided on an OPEN PERIL basis. What does this mean?

Answer 10

Coverage is provided for all causes of loss except for the perils that are specifically excluded

Question 11

In the DP-3 form, losses to the DWELLING & OTHER STRUCTURES are paid on a ____ basis

Answer 11

Replacement Value

Question 12

In the DP-3 form, losses to PERSONAL PROPERTY are paid on a ____ basis

Answer 12

Actual Cash Value