unit6

Question 1

what is unique about a dwelling policy

Answer 1

not required to be owner occupied

covers risk like rental property, older homes, and hunting cabins

Question 2

3 dwelling polices

Answer 2

DP-1 Basic
DP-2 Broad
DP-3 Special

monoline policies because they insure only property

Question 3

dwelling policy eligibility

Answer 3

1-4 unit dwellings with boarders, vacation, rental mobile, under construction homes

farms not eligible

Question 4

dwelling policies can provide what coverages for the named insured

Answer 4

A-dwelling

B-other structures (detached) 10% of A

C-insured’s personal property on premise
off premise 10% limit

D-fair rental value 20% of A

E-additional living expense 10% of A. included in DP-2 and 3 can be added to DP-1 by endorsement

other coverages are not included for an additional premium

insurance residents not commercial business

Question 5

other coverages included in DP-1

Answer 5

1 .debris removal

2. property removed-5 days
3. reasonable repairs
4. tenant’s improvements 10%C
5. fire department 500
6. world personal property 10% of C

Question 6

other coverages included in DP-2 and 3

Answer 6

1. trees max $500 each total 5% of coverage A
2. collapse
3. glass
4. ordinance or law 10% of A
5. property removed- 30days (5 days DP-1)

Question 7

how losses are paid for DP-1,2,3

Answer 7

DP-1 ACV (replacement cost - depreciation)

DP-2 and 3 to the dwelling and other structures on a replacement cost basis no deduction for depreciation

Question 8

perils automatically covered by DP-1

Answer 8

Fire covers unfriendly fire not friendly (fireplace), lighting, internal explosion

Question 9

are extended coverage perils automatically included in dwelling policy.

Answer 9

No, but can be added for additional premium.

Question 10

what is basic peril coverage

Answer 10

EC perils of WCSHAVVER and the perils of V&MM

Question 11

basic and broad form policy covers what

Answer 11

only named perils

Question 12

covered perils for DP-2

Answer 12

this broad form peril covers All DP-1 (Basic +EC) and Big affect

Question 13

what is DP-3

Answer 13

special form coverage

open peril coverage -dwelling and other structures

Broad perils - personal property

Question 14

DP-2 Broad Exclusions Weight of ice, snow, or falling objects on what

Answer 14

awnings, fences, patios, swimming pools, docks, and retaining walls

Question 15

General exclusions in All dwelling policies

Answer 15

1. ordinance or law
2. earthquake
3. flood
4. war
5. nuclear
6. intentional losses
7. government seizure

Question 16

loss settlement condition

Answer 16

DP-2 and 3 to personal property paid on ACV

losses to dwelling paid on replacement cost basis if carries insurance equal to 80%

Question 17

dwelling policy property insurance condition

Answer 17

our option - gives insurer the right to repair or replace damaged property with similar material within 30 days of receiving statement of loss

Question 18

Loss valuations

conditions concerning how losses will be paid.

Answer 18

Loss settlement 80%
Our option 30 days
Deductible
Pair or set
Loss payment (paid within 60 days)
Other insurance
Recovered property

Question 19

what is coverage L

coverage M

Answer 19

personal liability-L

medical payments to others -M 3yrs 1,000 limit

Question 20

what 3 additional coverages to personal liability an d medical payments are included

Answer 20

claim expenses, first aid to others, and damage to property of others

Question 21

if insured causes damage to the property of other…

Answer 21

the policy will provide replacement cost coverage of up to 1,000 for each occurrence or loss

Question 22

BAILED

Answer 22

additional coverages

Bonds
Aid (first aid)
Interest 
Loss earnings
Expenses
Defense costs

Question 23

theft coverage may be added with what

Answer 23

A broad theft coverage endorsement or a limited coverage endorsement.

not automatically included in dwelling policy

Question 24

limited theft coverage available for what

Answer 24

dwelling not owner occupied

Question 25

broad theft only available for what

Answer 25

owner occupied dwellings applied on and off premise theft

Question 26

residential theft coverage endorsement exclusions

Answer 26

animals,
credit cards,
property in mail,
aircraft,
other insurance property, tenant’s property, business property, property in custody or
9. others motor vehicles (unless assisting disabled)

Question 27

the policy minimum limit for coverage L-personal liability is

Answer 27

$100,000

Question 28

special limit for firearms, silverware, goldware, or pewterware

limit for money

Answer 28

$2,500

limit for money is 200

Question 29

damage to an attached garage is covered under what

Answer 29

coverage A, because it is seen at apart of the main dwelling. not coverage B which is other dwellings