Dwelling Policy

Question 1

What are the 7 components of General Form Structure?

Answer 1

1. Agreement
2. Definitions
3. Deductible
4. Coverages, including other Coverages
5. Perils Insured Against
6. General Exclusions
7. Conditions

Question 2

Agreement

Answer 2

Insuring agreement in return for the premium paid and compliance with all policy provisions

Question 3

Definitions

Answer 3

Limited in Nature

Question 4

Deductible

Answer 4

applies to every covered loss unless otherwise noted in policy form

Question 5

Coverages, Including Other Coverages

Answer 5

defines direct and indirect property coverages, and other coverages that are included in the premium

Question 6

Perils Insured Against

Answer 6

Vary by form and is a key differentiator in selecting a form

Question 7

General Exclusions

Answer 7

Perils that are not covered in all forms

Question 8

Conditions

Answer 8

specify when coverage applies

Question 9

Dwelling and Contents Policy

Answer 9

Created by the ISO to be used mainly as property coverage. Can be used to insure only the dwelling, only its contents, or both.

Question 10

What are the 3 seperate coverage forms?

Answer 10

Basic, Broad, Special