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LM > Dwelling > Flashcards

Dwelling Flashcards

1
Q

What does a dwelling policy primarily pertain to ? [think nick]

A

Designed primarily for rental property as opposed to your home

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2
Q

What two big items are missing from dwelling policy?

A

Content and liability

content isn’t yours if you aren’t living there. It’s your renters

Renters insurance will cover liability

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3
Q

How many units can a dwelling policy cover?

A

Up to 4 units

Or 5 room and boarders

Can cover mobile homes

Incidental Business. No more that 2 people working [daycare example]

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4
Q

What does peril mean again?

A

The cause of the loss …. Ex Fire

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5
Q

What is the general exclusion in a dwelling form structure

A

Policy outlines for you what is NOT covered

Example . HOUSE GOT SMASHED IN A WAR

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6
Q

What are the 3 types of dwelling forms?

A

Basic - named peril [specifically named causes]

Broad- named peril [specifically named causes]

Special- open peril [Lists every peril that is NOT covered]

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7
Q

What is an interchangeable name for the 3 forms of dwelling?

A

Dwelling policy or DP

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8
Q

What is the DP-1 Basic Form ?

A

Losses paid on actual cash value basis
[ACV]
Replacement cost - depreciation = ACV

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9
Q

What does the basic for or DP-1 cover?

A

FIRE, LIGHTNING ,AND INTERNAL EXPLOSION

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10
Q

Dp-1 basic OPTION 1 gives you the option to acquire endorsements of what ? WHARVES

A

Windstorm
Explosion
Smoke
Aircraft/ vehicles
Riot/ civil commotion
Volcanic eruption

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11
Q

Dp- 1 Option 2 allows which endorsement to be added?

A

VMM
OR
vandalism & malicious mischief

OPTION 1 is required to be purchased before obtaining this

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12
Q

WHAT IS WHARVES?

Or

W.C. SHAVER?

A

Windstorm
Hail
Aircraft/vehicle
Riot/ civil commotion
Volcanic eruption
Explosion
Smoke

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13
Q

What is the DP 2- Broad form ?

A

A step up from basic , absorbs basic as well

Basic + extended coverage perils + v&MM + broad peril forms

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14
Q

At what percentage will there not be a deduction for depreciation under the Broad form ?

A

80%

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15
Q

What additional coverage come with the broad form rather than basic?

A

Burglary , falling objects, weight of ice or snow, freezing of plumbing

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16
Q

How much money on the braid form is covered for lawns, trees, shrubs and plants ?

A

500$

Max % of 5% of dwelling

17
Q

What does collapse under broad form EXCLUDE?

A

Settling, cracking , shrinkage , bulging, or expansion

18
Q

What is the max amount that Broad Theft coverage can pay out ?

A

2,500

19
Q

What are some broad theft coverage exclusions?

A

Animals, aircraft, mail , credit cards, property of tenants

20
Q

Biggest difference of DP -3 special form ?

A

All perils insured except for those that are specifically excluded

Also include the first two forms … basic and broad

21
Q

What is the most common form used under the dwelling policy ?

A

DP 3 or special form due to the most coverage

22
Q

What is 100% of the Dwelling policy Coverage?

A

The dwelling itself

23
Q

What is other structures in a dwelling coverage?

A

10%
Unattached structures such as unattached garage

24
Q

What is coverage C? C =?

A

Content or personal property

25
Q

What are the conditions under a dwelling policy form?

A

Policy period [length]
Limit or insurance
Concealment or fraud
Duties after a loss
Loss settlement
Pair or set
Appraisal
Other insurance

26
Q

what is the maximum time limit during which multiple volcanic activities are part of one occurrence?

A

72 hours

27
Q

within how many years of a loss may an insured bring a lawsuit against an insurer to the dwelling policy?

A

2 years

28
Q

within the first 60 days of coverage under a dwelling policy how much notice is required before cancellation ?

A

10 days

29
Q

Under the dwelling policy , if an insurer chooses to repair or replace damaged or lost property , it must inform the insured within how many days ?

A

30

30
Q

A domestic animal destroys the house including a couch, window pane , and curtains .. how much will the payout be ?

A

$0 , domestic animals is excluded under special forms dwelling policy

LM (5 decks)

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