Tuesday Class 3/7 Flashcards

1
Q

What is actual cash value?

A

Replacement cost minus depreciation

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2
Q

What is replacement cost?

A

Actual cash value without the depreciation

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3
Q

What’s key words that go with replacement policies?

A

co-insurance 80%

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4
Q

dwelling policy extensions, what is not part of basic?

A

glass breakage, collapse during construction, falling objects, water damage

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5
Q

Improvements, alterations, and additions, betterments is available on which HO?

A

HO4

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6
Q

What type of property loss is excluded under a dwelling policy?

A

animals

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7
Q

losses caused by perils having _____ potentials

A

catastrophic

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8
Q

paint for interior of house is what?

A

personal property that would be under coverage A

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9
Q

homeowners policy, what is standard Coverage C limit?

A

50% of coverage A

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10
Q

All of the following have a limitation due to theft except for?

A

money

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11
Q

In the event of a declared state of emergency, an insurer must provide payments for contents of _____

A

no less than 30% of policy limit

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12
Q

In the event of a covered loss relating to a state of emergency, how long is coverage for additional living expenses and how long is extension?

A

24 months, extension for 12 additional months, for a total of 36 months

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13
Q

What is definition of all risk?

A

covers all perils except for those excluded

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14
Q

how much is paid for grave markers?

A

up to 5,000

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15
Q

landlords furnishings, how much coverage?

A

2,500

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16
Q

fair market value is only used for what policy?

A

Auto

17
Q

personal articles floater can also cover what during an earthquake?

A

glassware

18
Q

What coverage is included on DP-1?

A

lightning, fire, explosion

19
Q

What additional coverage is included on DP-3 that is not included on DP-1?

A

COLLAPSE

20
Q

Personal articles floater is covered in what territories?

A

worldwide, except for fine arts (US/Canada)

21
Q

fine arts is covered in what territories?

A

US/Canada

22
Q

What policy is similar to boat owners?

A

Auto

23
Q

What policy is similar to auto?

A

boat owners

24
Q

yacht, hull insurance covers what?

A

vessel, engine, fuel

25
Q

vessel hits pier, what is covered?

A

damage to what you hit, people on pier, people on your boat

26
Q

large vessels can have coverage that includes what in the packages?

A

protection and indemnity

27
Q

what is SIR (Self insured retention)?

A

deductible on umbrella

28
Q

What is the deductible of an umbrella called?

A

self insured retention (SIR)

29
Q

What is the only policy standardized by law?

A

SFP, standard fire policy

30
Q

What are parts A, B, C, D for an auto policy?

A

A= liability
B= medical payments
C= Uninsured motorist
D= Physical damage

31
Q

what are the minimum coverages that are required for an auto policy?

A

15k/30k/5k

32
Q

“you and your” are used to refer to what?

A

named insured only

33
Q

what are the state programs?

A

FAIR plan,
CEA
State Fund
CAARP

34
Q

What are the federal programs?

A

NFIP
fdic
FCIC

35
Q

what do you need to qualify for FAIR Plan?

A

be located in designated urban or brush area, property must be in good condition

36
Q

What disqualifies you from FAIR plan?

A

faulty plumbing and electrical, house is run down

37
Q

what is definition of collision?

A

impact with object or vehicle or its upset

38
Q

what coverage has to be in writing for you to reject?

A

Uninsured motorist