Dwelling Policy Flashcards
What are the 3 coverage forms?
Basic
Broad
Special
What coverages are included in Basic Form DP1
Coverage A: Dwelling
Coverage B: Other Structures
Coverage C: Personal Property
Coverage D: Fair Rental Value
What are the perils that are insured under Basic Form DP1?
Fire
Lightning
Removal
Internal Explosion
Under Basic Form DP1, what additional Coverage can be added?
Windstorm or Hail Explosion Volcanic Eruption Riot or Civil Commotion Aircraft or Vehicles not owned by resident Smoke
Under Basic Form DP1, if the insured gets extended coverage (EC), what else are they eligible for an additional premium?
Vandalism & Malicous Mischief (V&MM)
What does V&M damage to property exclude?
Coverage for glass or theft of property
How long does a property need to be vacant in order for V&MM, accidental discharge or overflow of water or steam, or burglary damage not be covered?
More than 60 days
What form are losses covered on replacement cost basis if insured maintains coverage to at least 80% of the replacement cost?
Broad Form DP2
What form expands the coverage of smoke to include smoke from a fireplace?
Broad Form DP2
What form expanded vehicle coverage to cover damage to fences, driveways, & walks when the vehicle is driven by someone who is not a member of the household?
Broad Form DP2
What form is considered an open peril form?
Speacial Form DP3
___ all perils covered with replacement cost unless specifically excluded.
Open Peril Form
What additional coverages are included in Broad & Special forms?
Lawns, trees, shrubs, & plants
Breakage of glass
Collapse
What is the standard deduction for property coverage?
$250 per occurence
What coverages are available for property?
A: Dwelling B: Other Structures C: Personal Property D: Fair Rental Value E: Additional Living Expense
___includes a;; structures & outdoor equipment used to maintain premises used for construction, alteration, or repair.
A: Dwelling
___ includes seperate structures at same location seperated by clear space like garage or connected by utility or fence (10% of coverage A is limit)
B: Other Structures
___ property of insured family members & guests at location. (coverage may be limited)
C: Personal Property
___ if property covered on A,B, & C, the policy will pay for lost rent
D: Fair Rental Value
___ is only for DP2 & DP3 & pays for living expenses while dwelling is unfit/repaired. (Coverage limit may be 2 weeks.
E: Additional Living Expense
___ dwelling endorsement that provides an annual increas in the Coverage A limit of a fixed percentage.
Automatic increaes in insurance
What are the 2 endorsements for theft that may be added to any DP forms?
Broad theft coverage
Limited theft coverage
___ is available only if the insured is an owner-occupant
Broad theft coverage
What does Broad theft coverage include?
Theft
Attempted theft
V&MM as a result of a theft or attemtped theft
