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Property & Casualty > Unit 6 > Flashcards

Unit 6 Flashcards

1
Q

coverage E

A

additional living expense
only applies if owner is living at dwelling
included with broad & special can be added to basic with endorsement

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2
Q

dwelling policy eligibility

A
  • 1 to 4 unit dwelling with renters/cannot exceed 4 units
  • vacation dwellings
  • income properties
  • dwelling under construction (endorsement)
  • mobile homes, on permanent foundation (endorsement)
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3
Q

monoline policies

A

insure only property

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4
Q

coverage C

A

personal property at the described location and is usually on premises

  • not animals, birds, fish, aircraft, motor vehicles, boats, accounts, bills or currency
  • off premises covered up to 10% of coverage c
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5
Q

additional supplementary coverages

A

BAILED
automatically included at no additional cost
pay in addition to maximum policy limit

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6
Q

DP - 3

A

special form
open perils - dwelling and other structures
broad perils - personal property
exclusions - internal damage, collapse, theft, freezing of plumbing, wear & tear, foundations

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7
Q

other coverages

A

automatically included in DP - 1
debris removal, property removed (5 days peril), reasonable repairs, renters improvements (10% coverage c), fire department service charge ($500 no deductible), worldwide personal property

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8
Q

DP - 2/ DP -3

other coverages

A

all DP - 1 coverages

  • trees, shrubs, and plants - max $500 each, total 5% of coverage a
  • collapse caused by covered peril
  • glass/ safety glass
  • ordinance or law (10% of coverage A)
  • removal 30 days (5 for DP- 1)
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9
Q

claim values

A

personal property- ACV

dwelling (DP-2 & DP -3) - replacement

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10
Q

coverage D

A

fair rental value in the event a covered loss makes the rental portion of a property unfit for normal use

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11
Q

coverage A

A
  • dwelling and structures attached

- materials and supplies for use in construction or repair

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12
Q

dwelling

A
  • unique from homeowners policy
  • not required to be owner occupied
  • covers risk like rental property, older homes, and hunting cabins
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13
Q

general exclusions in all dwelling policies

A 
ordinance or law
earthquake
flood
was
nuclear
intentional losses
government seizures
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14
Q

loss valuations

conditions/ claim settlements

A 
loss settlement - repair/ replace
our option - repair/replace 30 days
deductible
pair or set
loss payment- paid within 60 days
other insurance - each pay their portion
recovered property
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15
Q

personal liability supplements

coverage L

A

added by endorsement
personal liability at fault
bodily injury to others
on & off premises

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16
Q

personal liability supplements

coverage M

A 
added by endorsement
medical payments
medical & bills of others
no fault
3 year window
on and off premises
17
Q

DP - 1

A

basic form
fire, lightning, and internal explosion
explosion + WCSHAVVER (for additional premium)
V & MM if also explosion (for additional premium)

18
Q

endorsements

A
  • automatic increase in insurance - automatically increases dwelling and other structure overage at renewal
  • dwelling under construction (building remodeling)
  • mobile home on permanent foundation
19
Q

special limits

A
  • apply to certain classes of property
  • limit is total of each category
    coins, manuscripts, watercraft, trailers, jewelry, firearms, silverware
20
Q

residential theft exclusions

A

animals, credit cards, property in the mail, aircraft, other insurance property, tenants property (not related to insured), business property, property in others custody, motor vehicles (unless disabled)

21
Q

residential theft coverage

A
  • not automatically included in dwelling policy
  • can be added by endorsement
  • on and off premises
  • broad, owner occupied
  • limited not owner occupied
22
Q

coverage B

A

detached structures - buildings on the premises that are separated from the dwelling by a clear space or connected only by a fence, utility line etc. (10% of coverage A)

23
Q

DP - 2

A

broad form
all DP - 1 available perils plus BIG AFFECT
exclusions- weight of ice, snow, or falling objects on awnings, fences, patios, swimming pools, docks & retaining walls, accidental discharge of water, flood burglary if property vacant more than 60 days

Property & Casualty (9 decks)

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