Tuesday Class 3/7 Flashcards
What is actual cash value?
Replacement cost minus depreciation
What is replacement cost?
Actual cash value without the depreciation
What’s key words that go with replacement policies?
co-insurance 80%
dwelling policy extensions, what is not part of basic?
glass breakage, collapse during construction, falling objects, water damage
Improvements, alterations, and additions, betterments is available on which HO?
HO4
What type of property loss is excluded under a dwelling policy?
animals
losses caused by perils having _____ potentials
catastrophic
paint for interior of house is what?
personal property that would be under coverage A
homeowners policy, what is standard Coverage C limit?
50% of coverage A
All of the following have a limitation due to theft except for?
money
In the event of a declared state of emergency, an insurer must provide payments for contents of _____
no less than 30% of policy limit
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?
24 months, extension for 12 additional months, for a total of 36 months
What is definition of all risk?
covers all perils except for those excluded
how much is paid for grave markers?
up to 5,000
landlords furnishings, how much coverage?
2,500
fair market value is only used for what policy?
Auto
personal articles floater can also cover what during an earthquake?
glassware
What coverage is included on DP-1?
lightning, fire, explosion
What additional coverage is included on DP-3 that is not included on DP-1?
COLLAPSE
Personal articles floater is covered in what territories?
worldwide, except for fine arts (US/Canada)
fine arts is covered in what territories?
US/Canada
What policy is similar to boat owners?
Auto
What policy is similar to auto?
boat owners
yacht, hull insurance covers what?
vessel, engine, fuel
vessel hits pier, what is covered?
damage to what you hit, people on pier, people on your boat
large vessels can have coverage that includes what in the packages?
protection and indemnity
what is SIR (Self insured retention)?
deductible on umbrella
What is the deductible of an umbrella called?
self insured retention (SIR)
What is the only policy standardized by law?
SFP, standard fire policy
What are parts A, B, C, D for an auto policy?
A= liability
B= medical payments
C= Uninsured motorist
D= Physical damage
what are the minimum coverages that are required for an auto policy?
15k/30k/5k
“you and your” are used to refer to what?
named insured only
what are the state programs?
FAIR plan,
CEA
State Fund
CAARP
What are the federal programs?
NFIP
fdic
FCIC
what do you need to qualify for FAIR Plan?
be located in designated urban or brush area, property must be in good condition
What disqualifies you from FAIR plan?
faulty plumbing and electrical, house is run down
what is definition of collision?
impact with object or vehicle or its upset
what coverage has to be in writing for you to reject?
Uninsured motorist
