Dwelling

Question 1

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

Answer 1

Designed primarily for rental property as opposed to your home

Question 2

What two big items are missing from dwelling policy?

Answer 2

Content and liability

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

Renters insurance will cover liability

Question 3

How many units can a dwelling policy cover?

Answer 3

Up to 4 units

Or 5 room and boarders

Can cover mobile homes

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

Question 4

What does peril mean again?

Answer 4

The cause of the loss …. Ex Fire

Question 5

What is the general exclusion in a dwelling form structure

Answer 5

Policy outlines for you what is NOT covered

Example . HOUSE GOT SMASHED IN A WAR

Question 6

What are the 3 types of dwelling forms?

Answer 6

Basic - named peril [specifically named causes]

Broad- named peril [specifically named causes]

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

Question 7

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

Answer 7

Dwelling policy or DP

Question 8

What is the DP-1 Basic Form ?

Answer 8

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

Question 9

What does the basic for or DP-1 cover?

Answer 9

FIRE, LIGHTNING ,AND INTERNAL EXPLOSION

Question 10

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

Answer 10

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

Question 11

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

Answer 11

VMM
OR
vandalism & malicious mischief

OPTION 1 is required to be purchased before obtaining this

Question 12

WHAT IS WHARVES?

Or

W.C. SHAVER?

Answer 12

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

Question 13

What is the DP 2- Broad form ?

Answer 13

A step up from basic , absorbs basic as well

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

Question 14

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

Answer 14

80%

Question 15

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

Answer 15

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

Question 16

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

Answer 16

500$

Max % of 5% of dwelling

Question 17

What does collapse under broad form EXCLUDE?

Answer 17

Settling, cracking , shrinkage , bulging, or expansion

Question 18

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

Answer 18

2,500

Question 19

What are some broad theft coverage exclusions?

Answer 19

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

Question 20

Biggest difference of DP -3 special form ?

Answer 20

All perils insured except for those that are specifically excluded

Also include the first two forms … basic and broad

Question 21

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

Answer 21

DP 3 or special form due to the most coverage

Question 22

What is 100% of the Dwelling policy Coverage?

Answer 22

The dwelling itself

Question 23

What is other structures in a dwelling coverage?

Answer 23

10%
Unattached structures such as unattached garage

Question 24

What is coverage C? C =?

Answer 24

Content or personal property

Question 25

What are the conditions under a dwelling policy form?

Answer 25

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

Question 26

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

Answer 26

72 hours

Question 27

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

Answer 27

2 years

Question 28

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

Answer 28

10 days

Question 29

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 ?

Answer 29

30

Question 30

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

Answer 30

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