Policy Structure

Question 1

Declarations Page

Answer 1

-Name of insured/Address
-Name of insurer/Address
-Effective Dates
-Coverage
-Premium
-First page of policy

Question 2

Coverage A

Answer 2

Dwelling

Question 3

Coverage B

Answer 3

Other Structures
-10% of A

Question 4

Coverage C

Answer 4

Personal Property
-50% of A

Question 5

Coverage D

Answer 5

Loss of Use
-30% of A

Question 6

Coverage E

Answer 6

Liability

Question 7

Coverage F

Answer 7

Medical Payments

Question 8

Definitions

Answer 8

Insured
Name Insured
First Named Insured
Additional Insured

Question 9

First Named Insured

Answer 9

The person who is listed first on the policy

Question 10

Insured

Answer 10

Anyone covered

Question 11

Name Insured

Answer 11

Person who bought policy

Question 12

Additional Insured

Answer 12

Business added to the policy in regard to specific interest
-Example: Mortgage, loanholder; these are added as an endorsement

Question 13

Insuring Agreement

Answer 13

-Explains in detail how all the coverages work
-Promise to pay
—Parties
—Perils
—Period
*Premium is on the declarations page

Question 14

Insuring Agreement VS Declarations Page

Answer 14

Insuring agreement lists the perils, parties, period, and promise to pay
Declarations page lists the name of insured, name of insurer, address, dates, and coverage

Question 15

Additional/Supplementary Coverages

Answer 15

Built-in automatic coverages included on all policies; can’t be removed (side dishes in restaurant)

Question 16

Conditions

Answer 16

-Rules, duties, obligations, ways of behaving
-Liberalization
-Changes to the policy
-Inspections
-Return of premiums

Question 17

Liberalization

Answer 17

Says the insurer can change the policy without permission as long as the changes are better without increasing premium

Question 18

Changes to the policy

Answer 18

Must be done in writing

Question 19

Inspections

Answer 19

The insurer is allowed to inspect the property

Question 20

Return of premiums

Answer 20

Explains how premium is returned if the policy is cancelled.

Question 21

Endorsements

Answer 21

Written changes
-Additional Insureds
-Water Sewer back up
-Earthquake
-Home day care
-Permittable incidental occupancies

Question 22

Policy Exclusions

Answer 22

-Lists out perils not covered
-Earth movement
-Water Damage/Flood
-Power failure
-War