Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

Property > 6 - Other Personal Property Policies > Flashcards

6 - Other Personal Property Policies Flashcards

1
Q

2 policies of Mobile Homeowners insurance

A
  • MH (C)

- MH (F)

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

Mobile Homeowners Policy

A
  • “named perils” basis with “open perils” available

- physical damage losses are settled on an actual cash value basis

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

MH (C) Coverage D

A

-$10/day up to a maximum of 60 days

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

Covered Perils under MH Policies

A
  • fire or lightning
  • windstorm or hail
  • explosion, smoke or smudge
  • aircraft and vehicles
  • flood and rising water
  • theft including vmm
  • falling objects
  • breaking glass or safety glazing material
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

Additional Perils for MH (C)

A
  • sinking
  • burning
  • collision
  • derailment of any conveyance transporting the mobile home
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

Additional Perils for MH (F)

A
  • collapse
  • steam/hot water, ac system
  • artificial electricity
  • freezing from plumbing, heating or ac
  • weight of ice, snow or sleet
  • discharge of water plumbing, hearting or ac
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

NFIP

A

-National Flood Insurance Program

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

FEMA

A

-Federal Emergency Management Agency

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

Flood insurance provides ____________ on single-family dwellings if the 80% co-insurance requirement is used.

A

-replacement cost

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

Flood Peril Definition

A
  • complete inundation of 2 or more acres
  • overflow of inland or tidal waters
  • runoff or surface waters
  • mudflow
  • collapse or subsidence of land along the shore of a lake as a result of erosion
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

Perils not covered by Flood Insurance

A
  • earthquakes
  • landslides
  • sewer backup
  • earth movement
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

Emergency Flood Insurance Program coverage of the Building Single-family home

A

-$35,000

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

Emergency Flood Insurance Program coverage of Contents Single-family home

A

-$10,000

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

Emergency Flood Insurance Program coverage of Building Other residential structures

A

-$100,000

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

Emergency Flood Insurance Program coverage Contents of Other residential structures

A

-$100,000

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

Emergency Flood Insurance Program coverage of Building nonresidential

A

-$100,000

17
Q

Emergency Flood Insurance Program coverage contents of nonresidential

A

-$100,000

18
Q

Regular Flood Insurance Program coverage Building Single-Family Home

A

-$250,000

19
Q

Regular Flood Insurance Program coverage Contents Single-Family Home

A

-$100,000

20
Q

Regular Flood Insurance Program coverage Building Other residential structures

A

-$250,000

21
Q

Regular Flood Insurance Program coverage contents other residential structures

A

-$100,000

22
Q

Regular Flood Insurance Program coverage building nonresidential structures

A

-$500,000

23
Q

Regular Flood Insurance Program coverage contents non residential structures

A

-$500,000

24
Q

Waiting Period for Emergency Flood

A
  • 12:01 am if during first 30 days of community becoming eligible
  • 30th calendar day if after the first 30 days of eligibility
  • if mortgage requires flood insurance is one exception to the 30-day rule
25
Q

FIRM

A

-Flood Insurance Rate Maps

26
Q

Two types of Flood Insurance Policies

A
  • Standard Risk Policy

- Preferred Risk Policy

27
Q

Cannot be eligible for PRP if:

A
  • Two (2) flood insurance claim payments, each more than $1,000;
  • Three (3) or more flood insurance claim payments, regardless of amount;
  • Two (2) federal flood disaster relief payments, each more than $1,000;
  • Three (3) federal flood disaster relief payments (including loans and grants), regardless of amount;
  • One (1) flood insurance claim payment and one (1) federal flood disaster relief payment (including loans and grants), each more than $1,000.
28
Q

Standard deductible for flood insurance

A

-$500 each for buildings and contents

29
Q

Contents Removal for flood

A

-45 days

30
Q

Property Excluded for Flood

A
  • money
  • lawns, trees, shrubs, plants, crops, livestock
  • fences, retaining walls, outdoor swimming pools, bridges and docks
  • buildings that are in, on or over water
  • underground structures
31
Q

When must claims be submitted for losses due to flood?

A

-within 60 days after the loss

32
Q

Section I of Watercraft/Yacht Policy

A

-“open perils” for physical damage, theft, sinking of the vessel, its tackle, passenger fittings, equipment, stores, and ordinances.

33
Q

The Watercraft/Yacht policy is designed to cover many of the same risk potentials that are found in the _______ policy.

A

-automobile

34
Q

The Preferred Risk Policy in the National Flood Insurance Program is for moderate to low risk properties. These properties account for how much of the claims filed with the National Flood Insurance Program (NFIP)?

A

-25%

35
Q

Under the Standard Risk Policy (of the NFIP), what amount of coverage is provided for contents of a dwelling?

A

-Nothing, The Standard Risk Policy can cover contents with a special endorsement to the policy. Contents coverage is provided in the Preferred Risk Policy.

36
Q

The National Flood Insurance Program (NFIP) provides contents coverage on ____________ basis.

A

-Actual Cash Value

37
Q

Physical Damage coverage found in the Watercraft/Yacht policy is also known as:

A

-Hull Damage

Property (8 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2024 Bold Learning Solutions. Terms and Conditions