Risk Management Flashcards
Coverage E (Personal Liability) and Coverage F (Medical Payments)
Common Exclusions
Intentional injury
Business and professional activities
Rental of property
Professional liability
Uninsured premises
Motor vehicles
Watercraft
Aircraft
War
Communicable disease
Sexual molestation or abuse
Nuclear exclusion
Workers’ compensation
Controlled substance
Coverage E (Personal Liability) Exclusions
Contractual liability
Injuries of insured person
Property owned by or in custody of insured
Coverage F (Medical Payments) Exclusions
Persons residing on premises
Residence of employee away from premises
Eight General HO Exclusions
- War
- Neglect
- Power failure
- Water damage
- Intentional loss
- Nuclear hazard
- Earth movement
- Ordinance or law
Twelve Basic Named Perils
- Fire
- Hail
- Theft
- Smoke
- Aircraft
- Vehicles
- Lightning
- Explosion
- Windstorm
- Volcanic eruption
- Riot or civil commotion
- Vandalism or malicious mischief
Eighteen Broad Named Perils
Basic Named Perils 1–12, plus
- Falling objects
- Weight of ice, snow, or sleet
- Accidental discharge or overflow of water or steam
- Sudden and accidental damage from artificially generated electrical current
- Freezing of a plumbing, heating, air-conditioning, or automatic fire sprinkler system or of a household appliance
- Sudden and accidental tearing apart, cracking, burning, or bulging of a steam, hot water, air-conditioning, or automatic fire protective sprinkler system, or from within a household appliance
HO-2 Coverages
A Dwelling: Broad
B Other struct: Broad
C Personal Prop: Broad
D Loss of Use: Broad
HO-3 Coverages
A Dwelling: Open
B Other struct: Open
C Personal Prop: Broad
D Loss of Use: Open
HO-4 Renters Coverages
A Dwelling: N/A
B Other struct: N/A
C Personal Prop: Broad
D Loss of Use: Broad
HO-5 Coverages
A Dwelling: Open
B Other struct: Open
C Personal Prop: Open
D Loss of Use: Open
HO-6 Condo Coverages
A Dwelling: Limited
B Other struct: N/A
C Personal prop: Broad
D Loss of use: Broad
HO-8 Coverages
A Dwelling: Basic
B Other struct: Basic
C Personal Prop: Basic
D Loss of Use: Basic
Auto Premium Factors
- Territory
- Credit score
- Driving record
- Driver education
- Use of automobile
- Good student discount
- Age, sex, and marital status
- Number and type of automobiles
HO 4, 6, 8
Renter’s
Condo
Historical homes
Biggest difference between HO 3, 5, and 15
HO 3 broad form (used to be most prevalent)
HO 5 open peril on everything
HO3 can be endorsed to make it an HO 5
