Insurance Flashcards

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1
Q

Section 1 coverages (A-D)

A

A: dwelling
B: Other structures
C: personal property
D: loss of use

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2
Q

Section 2 coverage (E-F)

A

E: personal liability
F: medical payments to others

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3
Q

Basic Perils

A
  1. Fire 2. Vehicles 3. Lightning 4. Smoke 5. Windstorm 6. Vandalism 7. Hail 8. Explosion 9. Riot 10. Theft 11. Aircraft 12. Volcano
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4
Q

Broad perils

A
  1. Falling objects 14. Weight of ice, snow sleet 15. Accidental overflow of water 16. Bursting appliances 17. Freezing of appliances 18. Damage from electrical current
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5
Q

Open peril

A

Protects against all perils except those specifically excluded
Exclusions: neglect, flood and earthquake

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6
Q

Exclusions from all HO policies

A

Movement of ground
Ordinance of law
Damage from water
War or Nuclear hazard
Power failure
Intentional act
Neglect

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7
Q

Coverage A

A

Dwelling
Covers repair or replacement cost of house and attached structures
Must carry 80% of replacement cost

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8
Q

Coverage B

A

Other structures
10% of amount of coverage A
Not covered if used for business

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9
Q

Coverage C

A

Personal property
50% of the amount of coverage A
Limited places on personal property losses

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10
Q

Coverage D

A

Loss of use
Additional living expenses incurred while home is damaged and
Rental income lost

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11
Q

Coverage E

A

Personal Liability
Protects against claims of bodily injury and property damage

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12
Q

Coverage F

A

Medical payments to others regardless of fault

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13
Q

HO -1

A

Basic coverage

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14
Q

HO-2

A

Broad coverage

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15
Q

HO-3

A

Open perils coverage

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16
Q

HO-4

A

Renters insurance
Broad form

17
Q

HO-6

A

Condo
Broad coverage

18
Q

HO-8

A

Basic perils
Covers repairs vs replacement

19
Q

HO-15

A

Endorsements

20
Q

The Principal of Indemnity

A
  • insured only entitled to compensation to the extent of the insured financial loss
  • cannot make a profit from an insurance contract
21
Q

Auto Insurance limits

A

Shown as 3 numbers ex: 50k/ 100k/ 30k
1) max amount for bodily injuries per person
2) total amount of bodily injuries per accident
3) max amount for property damage per accident

22
Q

Aleatory contract

A

Agreement effected by chance occurring when the involved parties pay an unequal $

23
Q

Unilateral contract

A

One sided contract

24
Q

Contract of adhesion

A

Terms of contract set by one party and agreed to and accepted by the other