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PFS Personal Lines > ON DEMAND: Types of Property Policies > Flashcards

ON DEMAND: Types of Property Policies Flashcards

1
Q

Dwelling Policy Overview

It’s NOT YOUR ______ POLICY. Designed primarily for ______ PROPERTY.

A

Dwelling Policy Overview

It’s NOT YOUR HOMEOWNER’S POLICY. Designed primarily for RENTAL PROPERTY.

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2
Q

Dwelling Policy Overview

2 key areas that are missing in a DWELLING policy that exists in a HOMEOWNER’S POLICY,

1) Coverage for ______
2) Coverage for ______

A

Dwelling Policy Overview

2 key areas that are missing in a DWELLING policy that exists in a HOMEOWNER’S POLICY,

1) Coverage for CONTENT
2) Coverage for LIABILITY

*If you’re not living there, and it’s your RENTERS CONTENT, you want RENTER TO COVER THEIR OWN CONTENT.

**You want them to cover the LIABILITY as well.

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3
Q

DP Key Features

Up to __ residential units

A

DP Key Features

Up to 4 residential units

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4
Q

DP Key Features

Up to _ roomers/boarders

A

DP Key Features

Up to 5 roomers/boarders

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5
Q

DP Key Features

____ or ____ occupied

A

DP Key Features

Owner or tenant occupied

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6
Q

DP Key Features

not for ____ property

A

DP Key Features

not for farm property

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7
Q

DP Key Features

can insure dwelling under _______

A

DP Key Features

can insure dwelling under construction

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8
Q

DP Key Features

covers mobile homes if ______ located on a private lot

A

DP Key Features

covers mobile homes if permanently located on a private lot

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9
Q

DP Key Features

incidental business - no more than __ persons working

A

DP Key Features

incidental business - no more than 2 persons working (in the dwelling)

Day care etc

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10
Q

Dwelling Policy Structure

ISO

A

Insurance service organization

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11
Q

Dwelling Policy Structure

DP ISO Form Structure
1) ______ - What is covered, who, etc

A

Dwelling Policy Structure

DP ISO Form Structure

1) Agreement - What is covered, who, etc

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12
Q

Dwelling Policy Structure

DP ISO Form Structure

2) _______ - defining terms

A

Dwelling Policy Structure

DP ISO Form Structure

2) Definitions - defining terms

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13
Q

Dwelling Policy Structure

DP ISO Form Structure

3) Deductible - ________

A

Dwelling Policy Structure

DP ISO Form Structure

3) Deductible - What it is and how implemented

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14
Q

Dwelling Policy Structure

DP ISO Form Structure

4) \_\_\_\_\_\_\_ - what is covered by the policy
A- Dwelling and attached
B- Not attached
C- Content (not covered on the dwelling)
D- Indirect coverage (loss of income)
A

Dwelling Policy Structure

DP ISO Form Structure

4) Coverages and other coverages - what is covered by the policy
A- Dwelling and attached
B- Not attached
C- Content (not covered on the dwelling)
D- Indirect coverage (loss of income)
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15
Q

Dwelling Policy Structure

DP ISO Form Structure

5) _____ insured against (cause of the loss, fire)

A

Dwelling Policy Structure

DP ISO Form Structure

5) Perils insured against (cause of the loss, fire)

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16
Q

Dwelling Policy Structure

DP ISO Form Structure

6) General _______ - What isn’t covered

A

Dwelling Policy Structure

DP ISO Form Structure

6) General exclusions - What isn’t covered

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17
Q

Dwelling Policy Structure

DP ISO Form Structure

7) _____ - What both parties are required to do to make the contract valid

A

Dwelling Policy Structure

DP ISO Form Structure

7) Conditions - What both parties are required to do to make the contract valid

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18
Q

Dwelling Policy Forms

3 types of forms / DP

A

FORM NAME | FORM # | PERIL TYPE

Basic | DP-1 | Named peril (lowest coverage)

Board | DP-2 | Named peril (better coverage)

Special | DP-3 | Open and Named peril (most amount of coverage)

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19
Q

Dwelling Policy Forms

The perils covered are specifically spelled out

A

Named peril

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20
Q

Dwelling Policy Forms

All the perils not covered are listed. Everything else is covered.

A

Open peril / All risk peril

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21
Q

Dwelling Policy Forms

Which policy form is the LEAST amount of coverage?

A

Basic | DP-1 | Named peril (lowest coverage)

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22
Q

Dwelling Policy Forms

Which policy form is the MEDIUM amount of coverage?

A

Board | DP-2 | Named peril (better coverage)

Includes everything in DP-1

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23
Q

Dwelling Policy Forms

Which policy form is the MOST amount of coverage?

A

Special | DP-3 | Open and Named peril (most amount of coverage)
Includes everything in DP-1 and DP-2

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24
Q

Basic Coverage Form
DP-1 BASIC FORM

Losses paid on an ______ basis

A

Basic Coverage Form
DP-1 BASIC FORM

Losses paid on an actual cash value (ACV) basis

Replacement cost
- Depreciation
= ACV

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25
Q

Basic Coverage Form
DP-1 BASIC FORM

Formula for ACV Actual Cash Value

A

Replacement cost
- Depreciation
= ACV

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26
Q

Basic Coverage Form
DP-1 BASIC FORM

Covers 3 things

A

Basic Coverage Form
DP-1 BASIC FORM

Covers 3 things

  1. Fire
  2. Lightning
  3. Internal explosion

Anything that happens to your home as a result of these three things, you’re covered.

Absorbed from the STANDARD FIRE POLICY which is a more basic form of coverage below DP-1

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27
Q

Basic Coverage Form
DP-1 BASIC FORM

OPTION-_

Extended Coverage Endorsement: require ADDITIONAL PREMIUM

  1. Windstorm/hail
  2. Explosion
  3. Smoke
  4. Aircraft/vehicles
  5. Riot/civil commotion
  6. Volcanic eruption
A

Basic Coverage Form
DP-1 BASIC FORM

OPTION-1
“WHARVES”

Extended Coverage Endorsement: require ADDITIONAL PREMIUM

  1. Windstorm/hail
  2. Explosion
  3. Smoke
  4. Aircraft/vehicles
  5. Riot/civil commotion
  6. Volcanic eruption
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28
Q

Basic Coverage Form
DP-1 BASIC FORM

OPTION-_

Extended Coverage Endorsement: require ADDITIONAL PREMIUM

  1. VMM Vandalism and malicious mischief
A

Basic Coverage Form
DP-1 BASIC FORM

OPTION-2
“VMM”

Extended Coverage Endorsement: require ADDITIONAL PREMIUM

  1. VMM Vandalism and malicious mischief

**Cannot purchase this without purchasing WHARVES first

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29
Q

Basic Coverage Form
DP-1 BASIC FORM

“WHARVES” stands for

A

Basic Coverage Form
DP-1 BASIC FORM

Windstorm
Hail
Aircraft/vehicle
Riot/civil commotion
Volcanic eruption
Explosion
Smoke
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30
Q

Basic Coverage Form
DP-1 BASIC FORM

“W.C.SHAVER” stands for

A

Basic Coverage Form
DP-1 BASIC FORM

Windstorm
Civil commotion
Smoke
Hail
Aircraft/vehicle
Volcano
Explosion
Riot

STORY:
Tell yourself a story to help stack the items

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31
Q

Broad Coverage Form
DP-2 BROAD FORM

Includes everything from ____

  • extended perils
  • V&MM
  • broad form perils
A

Broad Coverage Form
DP-2 BROAD FORM

Includes everything from DP-1

  • extended perils
  • V&MM
  • broad form perils
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32
Q

Broad Coverage Form
DP-2 BROAD FORM

Losses on replacement cost basis as long as insured maintains a minimum amount of coverage equal to __% of the dwelling ________

A

Broad Coverage Form
DP-2 BROAD FORM

Losses on replacement cost basis as long as insured maintains a minimum amount of coverage equal to 80% of the dwelling replacement cost

*Losses are paid on a REPLACEMENT COST basis (not a deduction for depreciation), as long as you maintain 80%

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33
Q

Broad Coverage Form
DP-2 BROAD FORM

Perils added

A

Broad Coverage Form
DP-2 BROAD FORM

Perils added

  1. Burglary
  2. Falling objects
  3. Artificially generated electricity
  4. Weight of ice, snow, or sleet
  5. Accidental discharge or overflow
  6. Tearing apart, cracking, burning, or bulging
  7. Freezing of plumbing
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34
Q

Broad Coverage Form
DP-2 BROAD FORM

Broad form – additional coverages

  1. Lawns, trees, shrubs, and plants
    - *$____ each
    - max _% of dwelling
A

Broad Coverage Form
DP-2 BROAD FORM

Broad form – additional coverages

  1. Lawns, trees, shrubs, and plants
    - *$500 each
    - max 5% of dwelling
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35
Q

Broad Coverage Form
DP-2 BROAD FORM

Broad form – additional coverages

  1. Glass breakage
    - ___ of the building
    - No coverage if ____ over 60 days
A

Broad Coverage Form
DP-2 BROAD FORM

Broad form – additional coverages

  1. Glass breakage
    - Part of the building
    - No coverage if vacant over 60 days
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36
Q

Broad Coverage Form
DP-2 BROAD FORM

Broad form – additional coverages

  1. Collapse (broad and special)
    - Broad form perils or specifically named perils
    - ________ settling, cracking, shrinking, bulging, or expansion
A

Broad Coverage Form
DP-2 BROAD FORM

Broad form – additional coverages

  1. Collapse (broad and special)
    - Broad form perils or specifically named perils
    - EXCLUDES settling, cracking, shrinking, bulging, or expansion
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37
Q

Broad Coverage Form
DP-2 BROAD FORM

Broad form – Covered Perils

B.B. BICE-GOLF

A

Bursting of heating systems
Burglary damage
Breaking of water heaters
Ice, snow, or sleet weight
Collapse of building or part of a building
Electrical damage (artificially generated)

Glass breakage
Objects falling from outside
Leakage of water or steam damage
Freezing of plumbing

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38
Q

Broad Coverage Form
DP-2 BROAD FORM

Broad theft coverage

Usually not the owner, but the __________

A

Broad Coverage Form
DP-2 BROAD FORM

Broad theft coverage

Usually not the owner, but the tenant/resident.

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39
Q

Broad Coverage Form
DP-2 BROAD FORM

Broad theft coverage

Added by ________ if the INSURED is the OWNER-OCCUPANT of the dwelling

A

Broad Coverage Form
DP-2 BROAD FORM

Broad theft coverage

Added by ENDORSEMENT if the INSURED is the OWNER-OCCUPANT of the dwelling

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40
Q

Broad Coverage Form
DP-2 BROAD FORM

Broad theft coverage

Covers PERSONAL PROPERTY of the _______

A

Broad Coverage Form
DP-2 BROAD FORM

Broad theft coverage

Covers PERSONAL PROPERTY of the INSURED

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41
Q

Broad Coverage Form
DP-2 BROAD FORM

Broad theft coverage

_________ if premises have been vacant for more than 6-consecutive days prior to loss.

A

Broad Coverage Form
DP-2 BROAD FORM

Broad theft coverage

NO COVERAGE if premises have been vacant for more than 6- consecutive days prior to loss.

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42
Q

Broad Coverage Form
DP-2 BROAD FORM

Broad theft coverage

Coverage Limits
$_____ - money, bank notes, bullion, gold, silver (excluding goldware and silverware, platinum, coins, and other metals

A

Broad Coverage Form
DP-2 BROAD FORM

Broad theft coverage

Coverage Limits
$200 - money, bank notes, bullion, gold, silver (excluding goldware and silverware, platinum, coins, and other metals

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43
Q

Broad Coverage Form
DP-2 BROAD FORM

Broad theft coverage

Coverage Limits

$______ Securities, accounts deeds, evidences of debt, letters of credit, notes other than bank notes, manuscripts, passports, tickets, stamps

A

Broad Coverage Form
DP-2 BROAD FORM

Broad theft coverage

Coverage Limits

$1,500 Securities, accounts deeds, evidences of debt, letters of credit, notes other than bank notes, manuscripts, passports, tickets, stamps

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44
Q

Broad Coverage Form
DP-2 BROAD FORM

Broad theft coverage

Coverage Limits

$_____ water craft and their trailers, furnishings, equipment, and outboard motors

A

Broad Coverage Form
DP-2 BROAD FORM

Broad theft coverage

Coverage Limits

$1,500 water craft and their trailers, furnishings, equipment, and outboard motors

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45
Q

Broad Coverage Form
DP-2 BROAD FORM

Broad theft coverage

Coverage Limits

$______ other trailers

A

Broad Coverage Form
DP-2 BROAD FORM

Broad theft coverage

Coverage Limits

$1,500 other trailers

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46
Q

Broad Coverage Form
DP-2 BROAD FORM

Broad theft coverage

Coverage Limits

$______ jewelry, watches, first, and precious and semi-precious stones

A

Broad Coverage Form
DP-2 BROAD FORM

Broad theft coverage

Coverage Limits

$1,500 jewelry, watches, first, and precious and semi precious stones

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47
Q

Broad Coverage Form
DP-2 BROAD FORM

Broad theft coverage

Coverage Limits

$_____ firearms and related equipment

A

Broad Coverage Form
DP-2 BROAD FORM

Broad theft coverage

Coverage Limits

$2,500 firearms and related equipment

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48
Q

Broad Coverage Form
DP-2 BROAD FORM

Broad theft coverage

Coverage Limits

$_____ Silver and silver-plated wear, gold and gold-plated ware, pewterware (e.g. tea sets, trays, trophies

A

Broad Coverage Form
DP-2 BROAD FORM

Broad theft coverage

Coverage Limits

$2,500 Silver and silver-plated wear, gold and gold-plated ware, pewterware (e.g. tea sets, trays, trophies

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49
Q

Broad Coverage Form
DP-2 BROAD FORM

EXCLUSIONS

A

Broad Coverage Form
DP-2 BROAD FORM

EXCLUSIONS

> Animals, birds, or fish
Credit cards and fund transfer
aircraft, hovercraft, and their parts (except model or hobby aircraft)
property while in the mail
property held as a sample or for sale
property specifically described and insured by any other insurance
property of tenants, rumors, and boarders (other than relatives)
Business property of the insured or resident employee
property in the custody of a laundry, cleaner, tailer, presser, or dryer except lost by burlary or robbery
property at any other location around, Brenton, or occupied by the insured, except if the insured is temporarily residing there
Motor vehicles, other than motorized vehicles used to service the premises that are not subject to motor vehicle registration, and vehicles designed to assist the handicapped)
Motor vehicle Quitman and accessories including sound receiving, translating for recording devices, while in the vehicle

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50
Q

Special Coverage Form
DP-3 SPECIAL FORM

This is ____ or ALL RISK PERIL

A

Special Coverage Form
DP-3 SPECIAL FORM

This is OPEN or ALL RISK PERIL

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51
Q

Special Coverage Form
DP-3 SPECIAL FORM

____ perils are insured against except those specifically excluded.

A

Special Coverage Form
DP-3 SPECIAL FORM

All perils are insured against except those specifically excluded.

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52
Q

Special Coverage Form
DP-3 SPECIAL FORM

The special in broad form also includes three other coverages

A

Special Coverage Form
DP-3 SPECIAL FORM

The special in broad form also includes three other coverages

  • Breakage of glass
  • Collapse
  • Lawns, trees, shrubs and plants
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53
Q

Special Coverage Form
DP-3 SPECIAL FORM

DP-3 is the most _____ form used because you get the most bang for your buck

A

Special Coverage Form
DP-3 SPECIAL FORM

DP-3 is the most common form used because you get the most bang for your buck

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54
Q

Special Coverage Form
DP COVERAGES

Coverage _ | Dwelling

A

Special Coverage Form
DP COVERAGES

Coverage A | Dwelling
- All attached property. The building itself. 100% of the coverage

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55
Q

Special Coverage Form
DP COVERAGES

Coverage _ | Other Structures

A

Special Coverage Form
DP COVERAGES

Coverage B | Other Structures
10% of coverage A
- Unattached garage

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56
Q

Special Coverage Form
DP COVERAGES

Coverage _ | Personal Property

A

Special Coverage Form
DP COVERAGES

Coverage C | Personal Property

  • C = CONTENT …
  • Added by ENDORSEMENT
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57
Q

Special Coverage Form
DP COVERAGES

Coverage _ | Fair rental value

A

Special Coverage Form
DP COVERAGES

Coverage D | Fair rental value

  • 20% of A
  • D & E work the same.
  • D is fair rental value. IF destroyed by covered period, you get compensation for lost rent (indirect loss)
  • Also called consequential loss (consequence)
  • also called time-element loss (takes time to rebuild)
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58
Q

Special Coverage Form
DP COVERAGES

Coverage _ | Additional living expenses (not included in basic form)

A

Special Coverage Form
DP COVERAGES

Coverage E | Additional living expenses (not included in basic form)

  • If not renting but actually living there
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59
Q

Special Coverage Form
COVERAGE EXTENSIONS - ALL FORMS

  1. Other structures
    __% of DP coverage
A

Special Coverage Form
COVERAGE EXTENSIONS - ALL FORMS

  1. Other structures
    10% of DP coverage
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60
Q

Special Coverage Form
COVERAGE EXTENSIONS - ALL FORMS

  1. ______ removal
    Reasonable cost to remove debris after a loss
A

Special Coverage Form
COVERAGE EXTENSIONS - ALL FORMS

  1. Debris removal
    Reasonable cost to remove debris after a loss
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61
Q

Special Coverage Form
COVERAGE EXTENSIONS - ALL FORMS

  1. _______ Improvements, Alterations, and additions
    Up to 10% of the personal property limit
A

Special Coverage Form
COVERAGE EXTENSIONS - ALL FORMS

  1. Tenants’ Improvements, Alterations, and additions
    Up to 10% of the personal property limit
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62
Q

Special Coverage Form
COVERAGE EXTENSIONS - ALL FORMS

  1. ______ Personal Property
    Up to 10% of personal property limit
A

Special Coverage Form
COVERAGE EXTENSIONS - ALL FORMS

  1. Worldwide Personal Property
    Up to 10% of personal property limit
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63
Q

Special Coverage Form
COVERAGE EXTENSIONS - ALL FORMS

  1. ______ Value/additional living expense
    - Up to 20% of Coverage A Limit
A

Special Coverage Form
COVERAGE EXTENSIONS - ALL FORMS

  1. Rental Value/additional living expense
    - Up to 20% of Coverage A Limit
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64
Q

Special Coverage Form
COVERAGE EXTENSIONS - ALL FORMS

  1. Reasonable cost of repairs
    Repairs necessary to protect property from further loss or damage
A

Special Coverage Form
COVERAGE EXTENSIONS - ALL FORMS

  1. Reasonable cost of repairs
    Repairs necessary to protect property from further loss or damage
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65
Q

Special Coverage Form
COVERAGE EXTENSIONS - ALL FORMS

  1. Property _______
    Damage to property removed;
    basic - 5 days
    broad/special - 30 days
A

Special Coverage Form
COVERAGE EXTENSIONS - ALL FORMS

  1. Property removal
    Damage to property removed;
    basic - 5 days
    broad/special - 30 days
66
Q

Special Coverage Form
COVERAGE EXTENSIONS - ALL FORMS

  1. ____ department service charge
    Coverage up to $500; no deductible
A

Special Coverage Form
COVERAGE EXTENSIONS - ALL FORMS

  1. Fire department service charge
    Coverage up to $500; no deductible
67
Q

DP Conditions

All dwelling policy forms include the following conditions:

A

DP Conditions

All dwelling policy forms include the following conditions
- Policy period
Insurable interest and limit of insurance
- Concealment or fraud
- Duties after a loss
- Loss settlement
- Pair or set
- Appraisal
- Other insurance
- Subrogation
- Suit against the insurer
- Insurer's option to repair or replace
- Loss payment
- Abandonment
- Mortgage holders
- No benefit to bailee
- Cancellation and nonrenewal
- Liberalization
- Assignment
- Death
- Nuclear hazard
- Recovered property
- Volcanic eruption
- Loss payable
68
Q

Homeowners Policy Purpose And Eligibility

Key features
- Insures residential risk

A

Homeowners Policy Purpose And Eligibility

Key features
- Insures residential risk

69
Q

Homeowners Policy Purpose And Eligibility

Key features
- Includes coverage for personal property and personal liability

A

Homeowners Policy Purpose And Eligibility

Key features
- Includes coverage for personal property and personal liability

70
Q

Homeowners Policy Purpose And Eligibility

ELIGIBLE PROPERTIES
- Up to 4 owner-occupied residences

A

Homeowners Policy Purpose And Eligibility

ELIGIBLE PROPERTIES
- Up to 4 owner-occupied residences

71
Q

Homeowners Policy Purpose And Eligibility

ELIGIBLE PROPERTIES
- No more than 2 roomers/boarders

A

Homeowners Policy Purpose And Eligibility

ELIGIBLE PROPERTIES
- No more than 2 roomers/boarders

72
Q

Homeowners Policy Purpose And Eligibility

ELIGIBLE PROPERTIES
- Residential condominium

A

Homeowners Policy Purpose And Eligibility

ELIGIBLE PROPERTIES
- Residential condominium

73
Q

Homeowners Policy Purpose And Eligibility

ELIGIBLE PROPERTIES
- Seasonal dwellings and secondary residences

A

Homeowners Policy Purpose And Eligibility

ELIGIBLE PROPERTIES
- Seasonal dwellings and secondary residences

74
Q

Definitions

HO policies define the INSURED AS:
- The NAMED INSURED

A

Definitions

HO policies define the INSURED AS:
- The NAMED INSURED

75
Q

Definitions

HO policies define the INSURED AS:
- Relatives of the named insured who reside with the named insured

A

Definitions

HO policies define the INSURED AS:
- Relatives of the named insured who reside with the named insured

76
Q

Definitions

HO policies define the INSURED AS:
- Nonrelative residents in the care of the name insured or resident relatives under the age of 21

A

Definitions

HO policies define the INSURED AS:
- Nonrelative residents in the care of the name insured or resident relatives under the age of 21

77
Q

Definitions

HO policies define the INSURED AS:
- Full-time students under the age of 24 who are relatives of the named insured and who were residents prior to attending school (nonrelatives are covered only until the age of 21)

A

Definitions

HO policies define the INSURED AS:
- Full-time students under the age of 24 who are relatives of the named insured and who were residents prior to attending school (nonrelatives are covered only until the age of 21)

78
Q

Definitions

HO policies define the INSURED AS:
- Any person legally responsible for the insured’s animals, watercraft, or certain types of motorized vehicles (section II liability only)

A

Definitions

HO policies define the INSURED AS:
- Any person legally responsible for the insured’s animals, watercraft, or certain types of motorized vehicles (section II liability only)

79
Q

Definitions

Insured location is any of the following:

  • Resident premises
  • Part of other premises used by the named insured as a resident or newly acquired during the policy period
  • Premise not owned by the insured, but where the insured is living temporarily (motel room)
  • Vacant land owned or rented by the insured (except Farmland)
  • Land owned or rented by the insured where a residential dwelling is being constructed
  • Individual or family cemetery plots or burial vaults of the insured
  • Any part of premises occasionally rented to an insured, but NOT for business purposes.
A

Definitions

Insured location is any of the following:

  • Resident premises
  • Part of other premises used by the named insured as a resident or newly acquired during the policy period
  • Premise not owned by the insured, but where the insured is living temporarily (motel room)
  • Vacant land owned or rented by the insured (except Farmland)
  • Land owned or rented by the insured where a residential dwelling is being constructed
  • Individual or family cemetery plots or burial vaults of the insured
  • Any part of premises occasionally rented to an insured, but NOT for business purposes.
80
Q

HO Coverage Forms

Form = Policy

A

HO Coverage Forms

Form = Policy

81
Q

HO Coverage Forms

Broad Form
Special Form
Renters or Tenants Form
Comprehensive Form
Condominium Form
Modified Form
A

HO Coverage Forms

Broad Form
Special Form
Renters or Tenants Form
Comprehensive Form
Condominium Form
Modified Form
82
Q

HO Coverage Forms

Broad Form
HO 00 02 or HO-2
Owner-occupied
Named Peril

A

HO Coverage Forms

Broad Form
HO 00 02 or HO-2
Owner occupied
Named Peril

83
Q

HO Coverage Forms

Special form
HO 00 03 or HO-3
Owner Occupied
Open and named peril (if not stated as an exclusion, its covered. Large exclusion section)

A

HO Coverage Forms

Special form
HO 00 03 or HO-3
Owner Occupied
Open and named peril (if not stated as an exclusion, its covered. Large exclusion section)

84
Q

HO Coverage Forms

Renters or tenants Form
HO 00 04 or HO-4
Tenant occupied
Named peril

A

HO Coverage Forms

Renters or tenants Form
HO 00 04 or HO-4
Tenant occupied
Named peril

85
Q

HO Coverage Forms

Comprehensive (Cadillac of coverage)
HO 00 05 or HO-5
Owner occupied
Open peril (large exclusions)

A

HO Coverage Forms

Comprehensive (Cadillac of coverage)
HO 00 05 or HO-5
Owner occupied
Open peril (large exclusions)

86
Q

HO Coverage Forms

Condominium
HO 00 06 or HO-6
Condominium unit owner occupied
Named peril

A

HO Coverage Forms

Condominium
HO 00 06 or HO-6
Condominium unit owner occupied
Named peril

87
Q

HO Coverage Forms

Modified form
HO 00 08 or HO-8
Historic or older homes, owner occupied
Named peril

A

HO Coverage Forms

Modified form
HO 00 08 or HO-8
Historic or older homes, owner occupied
Named peril

88
Q

HO Covered Perils

COVERED PERILS
HO-2
Fire or lightning
Windstorm or hail
Explosion
Riot or civil commotion
Aircraft
Vehicle 
Smoke
Vandalism or theft
Falling objects
Weight of ice, snow or sleet
Accidental discharge or overflow of water or steam
- Sudden and accidental tearing apart, cracking, burning, or bulging
- Freezing or appliances
- Damage from artificially generated electricity
- Volcanic eruption
A

HO Covered Perils

WHARVES 
COVERED PERILS
HO-2
Fire or lightning
Windstorm or hail
Explosion
Riot or civil commotion
Aircraft
Vehicle 
Smoke
Vandalism or theft
Falling objects
Weight of ice, snow or sleet
Accidental discharge or overflow of water or steam
- Sudden and accidental tearing apart, cracking, burning, or bulging
- Freezing or appliances
- Damage from artificially generated electricity
- Volcanic eruption
89
Q

HO Covered Perils

COVERED PERILS
HO-3
- HO-2 +

  • Building - open peril
  • Contents - same perils as Form HO-2
A

HO Covered Perils

COVERED PERILS
HO-3
- HO-2 +

  • Building - open peril
  • Contents - same perils as Form HO-2
90
Q

HO Covered Perils

COVERED PERILS
HO-3
- HO-2 +

  • Building - open peril
  • Contents - same perils as Form HO-2
A

HO Covered Perils

COVERED PERILS
HO-3
- HO-2 +

  • Building - open peril
  • Contents - same perils as Form HO-2
91
Q

HO Covered Perils

COVERED PERILS
HO-4

  • same perils as Form HO-2
A

HO Covered Perils

COVERED PERILS
HO-4

  • same perils as Form HO-2
92
Q

HO Covered Perils

COVERED PERILS
HO-5

  • Building and contents - Open Peril
A

HO Covered Perils

COVERED PERILS
HO-5

  • Building and contents - Open Peril
93
Q

HO Covered Perils

COVERED PERILS
HO-6
- Same perils as Form HO-2

A

HO Covered Perils

COVERED PERILS
HO-6
- Same perils as Form HO-2

94
Q

HO Covered Perils

COVERED PERILS
HO-8

  • Fire or lightning
  • Windstorm
  • Explosion
  • Riot or civil commotion
  • Aircraft
  • Vehicles
  • Smoke
  • Vandalism
  • Theft
  • Volcanic Eruption
A

HO Covered Perils

COVERED PERILS
HO-8

  • Fire or lightning
  • Windstorm
  • Explosion
  • Riot or civil commotion
  • Aircraft
  • Vehicles
  • Smoke
  • Vandalism
  • Theft
  • Volcanic Eruption
95
Q

HO Covered Perils

2 Sections
SECTION I - Property Coverages
SECTION II - Liability Coverages

A

HO Covered Perils

2 Sections
SECTION I - Property Coverages
SECTION II - Liability Coverages

96
Q

HO Covered Perils

SECTION I - Property Coverages

  • Coverage A - Dwelling
  • Coverage B - Other Structures
  • Coverage C - Personal Property (Contents)
  • Coverage D - Loss of Use

All coverage forms include a basic deductible of $250, which applies to all coverages unless noted in the policy

A

HO Covered Perils

SECTION I - Property Coverages

  • Coverage A - Dwelling
  • Coverage B - Other Structures
  • Coverage C - Personal Property (Contents)
  • Coverage D - Loss of Use

All coverage forms include a basic deductible of $250, which applies to all coverages unless noted in the policy

97
Q

HO Covered Perils

SECTION II - Liability Coverages

  • Coverage E - Personal liability
  • Coverage F - Medical payments to others
A

HO Covered Perils

SECTION II - Liability Coverages

  • Coverage E - Personal liability
  • Coverage F - Medical payments to others
98
Q

HO Property Coverages

COVERAGE A - DWELLING

  • Dwelling itself
  • Structures attached to the dwelling
  • Materials and supplies
A

HO Property Coverages

COVERAGE A - DWELLING

  • Dwelling itself
  • Structures attached to the dwelling
  • Materials and supplies
99
Q

HO Property Coverages

COVERAGE B - OTHER STRUCTURES

  • Basic amount of insurance equal to 10% of Coverage A limit
  • not applicable in HO-4 or HO-6
A

HO Property Coverages

COVERAGE B - OTHER STRUCTURES

  • Basic amount of insurance equal to 10% of Coverage A limit
  • not applicable in HO-4 or HO-6
100
Q

HO Property Coverages

COVERAGE C - PERSONAL PROPERTY

  • Full Coverage C limit worldwide
  • Property of others covered on the residence premises
  • Property at another premises covered for $1,000 or 10% of Coverage C
A

HO Property Coverages

COVERAGE C - PERSONAL PROPERTY

  • Full Coverage C limit worldwide
  • Property of others covered on the residence premises
  • Property at another premises covered for $1,000 or 10% of Coverage C
101
Q

HO Property Coverages

COVERAGE D - LOSS OF USE
Pays either additional living expenses or fair rental value

A

HO Property Coverages

COVERAGE D - LOSS OF USE
Pays either additional living expenses or fair rental value

102
Q

Additional Property Coverages

DEBRIS REMOVAL
- Included in the policy limit; covers reasonable expenses for removing debris after a loss

A

Additional Property Coverages

DEBRIS REMOVAL
- Included in the policy limit; covers reasonable expenses for removing debris after a loss

103
Q

Additional Property Coverages

LAWNS, PLANTS, SHRUBS AND TREES
5% of coverage A, but no more than $500 for any one tree, plant, shrub, etc

A

Additional Property Coverages

LAWNS, PLANTS, SHRUBS AND TREES
5% of coverage A, but no more than $500 for any one tree, plant, shrub, etc

104
Q

Additional Property Coverages

REMOVAL
30 days for property removed to protect from covered peril

A

Additional Property Coverages

REMOVAL
30 days for property removed to protect from covered peril

105
Q

Additional Property Coverages

REASONABLE COST OF REPAIRS
Repairs necessary to protect property from further loss or damage

A

Additional Property Coverages

REASONABLE COST OF REPAIRS
Repairs necessary to protect property from further loss or damage

106
Q

Additional Property Coverages

FIRE DAMAGE SERVICE CHARGE
Up to $500; no deductible

A

Additional Property Coverages

FIRE DAMAGE SERVICE CHARGE
Up to $500; no deductible

107
Q

Additional Property Coverages

CREDIT CARDS
Up to $500 for loss due to theft or unauthorized use; no dedictible

A

Additional Property Coverages

CREDIT CARDS
Up to $500 for loss due to theft or unauthorized use; no dedictible

108
Q

Additional Property Coverages

GLASS OR SAFETY GLAZING MATERIAL
any peril except earth movement’ no peril vacancy more than 60 days

A

Additional Property Coverages

GLASS OR SAFETY GLAZING MATERIAL
any peril except earth movement’ no peril vacancy more than 60 days

109
Q

Additional Property Coverages

COLLAPSE
Coverage A & B; limits/conditions/exclusions apply

A

Additional Property Coverages

COLLAPSE
Coverage A & B; limits/conditions/exclusions apply

110
Q

Additional Property Coverages

LOSS ASSESSMENT
up to $1000

A

Additional Property Coverages

LOSS ASSESSMENT
up to $1000

111
Q

Additional Property Coverages

LANDLORD’S FURNISHINGS
Up to $2,5000; must be on residence premises

A

Additional Property Coverages

LANDLORD’S FURNISHINGS
Up to $2,5000; must be on residence premises

112
Q

Additional Property Coverages

BUILDING ADDITIONS AND ALTERATIONS
10% of Coverage C; HO-4 only

A

Additional Property Coverages

BUILDING ADDITIONS AND ALTERATIONS
10% of Coverage C; HO-4 only

113
Q

Additional Property Coverages

ORDINANCE LAW
Up to 10% of Coverage A; limits and conditions apply

A

Additional Property Coverages

ORDINANCE LAW
Up to 10% of Coverage A; limits and conditions apply

114
Q

Additional Property Coverages

GRAVE MARKERS
up to $5000; on or off residence premises

A

Additional Property Coverages

GRAVE MARKERS
up to $5000; on or off residence premises

115
Q

Insured Duties After A Loss

If a loss occurs, the insured is required to do the following:
- provide prompt notice of loss

A

Insured Duties After A Loss

If a loss occurs, the insured is required to do the following:
- provide prompt notice of loss

116
Q

Insured Duties After A Loss

If a loss occurs, the insured is required to do the following:
- notify the police if a loss is caused by theft

A

Insured Duties After A Loss

If a loss occurs, the insured is required to do the following:
- notify the police if a loss is caused by theft

117
Q

Insured Duties After A Loss

If a loss occurs, the insured is required to do the following:
- notify the credit card company if the loss is covered under the credit card coverage

A

Insured Duties After A Loss

If a loss occurs, the insured is required to do the following:
- notify the credit card company if the loss is covered under the credit card coverage

118
Q

Insured Duties After A Loss

If a loss occurs, the insured is required to do the following:
- protect the property from further damage

A

Insured Duties After A Loss

If a loss occurs, the insured is required to do the following:
- protect the property from further damage

119
Q

Insured Duties After A Loss

If a loss occurs, the insured is required to do the following:
- cooperate with the insurer and the investigation of a claim

A

Insured Duties After A Loss

If a loss occurs, the insured is required to do the following:
- cooperate with the insurer and the investigation of a claim

120
Q

Insured Duties After A Loss

If a loss occurs, the insured is required to do the following:
- allow the insured to inspect the property as often as needed

A

Insured Duties After A Loss

If a loss occurs, the insured is required to do the following:
- allow the insured to inspect the property as often as needed

121
Q

Insured Duties After A Loss

If a loss occurs, the insured is required to do the following:
- submit to an examination under oath (upon request)

A

Insured Duties After A Loss

If a loss occurs, the insured is required to do the following:
- submit to an examination under oath (upon request)

122
Q

Insured Duties After A Loss

If a loss occurs, the insured is required to do the following:
- within 60 days of the insurance request, since they signed, sworn proof of loss
> Time and events leading to the loss
> inventory, receipts, bills
> other insurance on the property
> estimates for repair

A

Insured Duties After A Loss

If a loss occurs, the insured is required to do the following:
- within 60 days of the insurance request, since they signed, sworn proof of loss
> Time and events leading to the loss
> inventory, receipts, bills
> other insurance on the property
> estimates for repair

123
Q

Loss Settlement
Replacement cost vs Actual Cash Value (ACV)

Actual Cash Value (ACV)
- Reinforces the PRINCIPLE OF INDEMNITY

A

Loss Settlement
Replacement cost vs Actual Cash Value (ACV)

Actual Cash Value (ACV)
- Reinforces the PRINCIPLE OF INDEMNITY

124
Q

Loss Settlement
Replacement cost vs Actual Cash Value (ACV)

Actual Cash Value (ACV)
- recognizes the reduction of value of property as it ages and becomes subject to wear and tear obsolescence

A

Loss Settlement
Replacement cost vs Actual Cash Value (ACV)

Actual Cash Value (ACV)
- recognizes the reduction of value of property as it ages and becomes subject to wear and tear obsolescence

125
Q

Loss Settlement
Replacement cost vs Actual Cash Value (ACV)

Actual Cash Value (ACV)

Replacement cost - Depreciation = Actual cash value

A

Loss Settlement
Replacement cost vs Actual Cash Value (ACV)

Actual Cash Value (ACV)

Replacement cost - Depreciation = Actual cash value

126
Q

Loss Settlement
Replacement cost vs Actual Cash Value (ACV)

Actual Cash Value (ACV)

Examples:
- personal property, awnings, appliances, and tenants, structures that are not buildings, grave markers in mausoleums

A

Loss Settlement
Replacement cost vs Actual Cash Value (ACV)

Actual Cash Value (ACV)

Examples:
- personal property, awnings, appliances, and tenants, structures that are not buildings, grave markers in mausoleums

127
Q

Loss Settlement
Replacement cost vs Actual Cash Value (ACV)

Replacement Cost

  • the cost to replace damaged property with like kind and quality at these prices, without any deduction for depreciation
A

Loss Settlement
Replacement cost vs Actual Cash Value (ACV)

Replacement Cost

  • the cost to replace damaged property with like kind and quality at these prices, without any deduction for depreciation
128
Q

Loss Settlement
Replacement cost vs Actual Cash Value (ACV)

Replacement Cost

May provide the insured with a settlement in excess of the property ACV

A

Loss Settlement
Replacement cost vs Actual Cash Value (ACV)

Replacement Cost

May provide the insured with a settlement in excess of the property ACV

129
Q

Loss Settlement
Replacement cost vs Actual Cash Value (ACV)

Replacement Cost

Examples

  • buildings and other structures it covered for at least 80% of replacement cost
  • building rebuilt at another promises
A

Loss Settlement
Replacement cost vs Actual Cash Value (ACV)

Replacement Cost

Examples

  • buildings and other structures it covered for at least 80% of replacement cost
  • building rebuilt at another promises
130
Q

HO Liability Coverages

You don’t have them on DWELLING policies, you DO have them on HOMEOWNERS

A

HO Liability Coverages

You don’t have them on DWELLING policies, you DO have them on HOMEOWNERS

131
Q

HO Liability Coverages

It’s LIABILITY THAT IS PAID OTHERS, not you. If someone comes on your property and is hurt or possessions are damaged.

A

HO Liability Coverages

It’s LIABILITY THAT IS PAID OTHERS, not you. If someone comes on your property and is hurt or possessions are damaged.

132
Q

HO Liability Coverages

LIABILITY COVERAGES

COVERAGE E | PERSONAL LIABILITY
- Covers Bodily Injury (BI) and Property Damage (PD)

A

HO Liability Coverages

LIABILITY COVERAGES

COVERAGE E | PERSONAL LIABILITY
- Covers Bodily Injury (BI) and Property Damage (PD)

133
Q

HO Liability Coverages

LIABILITY COVERAGES

COVERAGE E | PERSONAL LIABILITY
- Pays up to policy limits

A

HO Liability Coverages

LIABILITY COVERAGES

COVERAGE E | PERSONAL LIABILITY
- Pays up to policy limits

134
Q

HO Liability Coverages

LIABILITY COVERAGES

COVERAGE E | PERSONAL LIABILITY
- Cost of defense does not reduce limit

A

HO Liability Coverages

LIABILITY COVERAGES

COVERAGE E | PERSONAL LIABILITY
- Cost of defense does not reduce limit

135
Q

HO Liability Coverages

LIABILITY COVERAGES

COVERAGE F | MEDICAL PAYMENTS TO OTHERS
- basic limit of $1,000 (can be increased)

A

HO Liability Coverages

LIABILITY COVERAGES

COVERAGE F | MEDICAL PAYMENTS TO OTHERS
- basic limit of $1,000 (can be increased)

136
Q

HO Liability Coverages

LIABILITY COVERAGES

COVERAGE F | MEDICAL PAYMENTS TO OTHERS
- Coverage regardless of fault

A

HO Liability Coverages

LIABILITY COVERAGES

COVERAGE F | MEDICAL PAYMENTS TO OTHERS
- Coverage regardless of fault

137
Q

HO Liability Coverages

LIABILITY COVERAGES

COVERAGE F | MEDICAL PAYMENTS TO OTHERS
- Within 3 years of the accident

A

HO Liability Coverages

LIABILITY COVERAGES

COVERAGE F | MEDICAL PAYMENTS TO OTHERS
- Within 3 years of the accident

138
Q

HO Liability Coverages

LIABILITY COVERAGES

COVERAGE F | MEDICAL PAYMENTS TO OTHERS
- Off-premises: actions of insured or resident employees; animals

A

HO Liability Coverages

LIABILITY COVERAGES

COVERAGE F | MEDICAL PAYMENTS TO OTHERS
- Off-premises: actions of insured or resident employees; animals

139
Q

HO Liability Coverages

ADDITIONAL LIABILITY COVERAGES

CLAIMS EXPENSE
- expenses in a lawsuit against the insured, up to $250 per day for loss of income by insured, requires premiums on bonds (time off from work to get evidence, be at court etc)

A

HO Liability Coverages

ADDITIONAL LIABILITY COVERAGES

CLAIMS EXPENSE
- expenses in a lawsuit against the insured, up to $250 per day for loss of income by insured, requires premiums on bonds (time off from work to get evidence, be at court etc)

140
Q

HO Liability Coverages

ADDITIONAL LIABILITY COVERAGES

FIRST AID TO OTHERS
- expenses incurred by insured to render first aid for bodily injury to third parties, NOT the insured (person got bit by your dog and you apply aid and used supplies)

A

HO Liability Coverages

ADDITIONAL LIABILITY COVERAGES

FIRST AID TO OTHERS
- expenses incurred by insured to render first aid for bodily injury to third parties, NOT the insured (person got bit by your dog and you apply aid and used supplies)

141
Q

HO Liability Coverages

ADDITIONAL LIABILITY COVERAGES

DAMAGE TO THE PROPERTY OF OTHERS
- Up to $1,000 per occurrence

A

HO Liability Coverages

ADDITIONAL LIABILITY COVERAGES

DAMAGE TO THE PROPERTY OF OTHERS
- Up to $1,000 per occurrence

142
Q

HO Liability Coverages

ADDITIONAL LIABILITY COVERAGES

LOSS ASSESSMENT COVERAGE
- that’s $1000 per occurrence for the insurance share of loss assessment charged against the insured as owner/ tenant of residence premises

A

HO Liability Coverages

ADDITIONAL LIABILITY COVERAGES

LOSS ASSESSMENT COVERAGE
- that’s $1000 per occurrence for the insurance share of loss assessment charged against the insured as owner/ tenant of residence premises

143
Q

National Flood Insurance Program

DEFINITION OF A FLOOD
As defined by NFIP:
“a flat is a general and temporary condition of partial or complete in addition of two or more acres of normally dry land area or of two or more properties.”

A

National Flood Insurance Program

DEFINITION OF A FLOOD
As defined by NFIP:
“a flat is a general and temporary condition of partial or complete in addition of two or more acres of normally dry land area or of two or more properties.”

144
Q

National Flood Insurance Program

ELIGIBLE CAUSES OF FLOOD:

  • overflow of inland or tidal waters
  • unusual and rabbit accumulation or runoff of surface waters
  • mudflow and mudslides
  • abnormal erosion of shoreline is caused by flooding
A

National Flood Insurance Program

ELIGIBLE CAUSES OF FLOOD:

  • overflow of inland or tidal waters
  • unusual and rabbit accumulation or runoff of surface waters
  • mudflow and mudslides
  • abnormal erosion of shoreline is caused by flooding
145
Q

National Flood Insurance Program

EXCLUSIONS FROM THE DEFINITION:
- landslides, sewer back up and related to flood, wind blowing rain, snow or sleet, and flooding that is within the insurance control

A

National Flood Insurance Program

EXCLUSIONS FROM THE DEFINITION:
- landslides, sewer back up and related to flood, wind blowing rain, snow or sleet, and flooding that is within the insurance control

146
Q

National Flood Insurance Program

2 | 2 | 2 Rule with flood insureance 
The structure has to have
- 2 or more walls and a roof
- 2 or more acres of land
- 2 or more properties
A

National Flood Insurance Program

2 | 2 | 2 Rule with flood insureance 
The structure has to have
- 2 or more walls and a roof
- 2 or more acres of land
- 2 or more properties
147
Q

National Flood Insurance Program

National Flood Insurance Program
Administered by Federal Insurance and Mitigation Administration (FIMA) under Federal Emergency Management Agency (FEMA)
- Sometimes its the only way to get flood insurance

A

National Flood Insurance Program

National Flood Insurance Program
Administered by Federal Insurance and Mitigation Administration (FIMA) under Federal Emergency Management Agency (FEMA)
- Sometimes its the only way to get flood insurance

148
Q

National Flood Insurance Program

THREE MAIN COMPONENTS

  • Insurance
  • Floodplain management
  • Floodplain mapping
A

National Flood Insurance Program

THREE MAIN COMPONENTS

  • Insurance
  • Floodplain management
  • Floodplain mapping
149
Q

National Flood Insurance Program

ELIGIBILITY 
- must live in community that meets minimum floodplain management guidelines
Structure must
- I have two solid walls and a roof
- principally above ground
- not be entirely over water
A

National Flood Insurance Program

ELIGIBILITY 
- must live in community that meets minimum floodplain management guidelines
Structure must
- I have two solid walls and a roof
- principally above ground
- not be entirely over water
150
Q

Flood Policy Waiting Period

  • 30 days before coverage is in effect
A

Flood Policy Waiting Period

  • 30 days before coverage is in effect
151
Q

Flood Policy Waiting Period

  • No binders can be issued during the waiting period
A

Flood Policy Waiting Period

  • No binders can be issued during the waiting period
152
Q

Flood Policy Waiting Period

Waiting period may be WAIVED
- during the first 30 days after a community enters the program (coverage begins at 12:01 AM the day after the application and premium have been mailed)

A

Flood Policy Waiting Period

Waiting period may be WAIVED
- during the first 30 days after a community enters the program (coverage begins at 12:01 AM the day after the application and premium have been mailed)

153
Q

Flood Policy Waiting Period

Waiting period may be WAIVED
- When an existing policy is assigned to a property purchaser

A

Flood Policy Waiting Period

Waiting period may be WAIVED
- When an existing policy is assigned to a property purchaser

154
Q

Flood Policy Waiting Period

Waiting period may be WAIVED
- When an endorsement request for an existing policy and premium have been mailed (coverage begins at 12:01 AM on the 5th day.)

A

Flood Policy Waiting Period

Waiting period may be WAIVED
- When an endorsement request for an existing policy and premium have been mailed (coverage begins at 12:01 AM on the 5th day.)

155
Q

Personal Watercraft Coverage

ON THE HO POLICY IF:
- Inboard-powered boats up to 50 HORSEPOWER

A

Personal Watercraft Coverage

ON THE HO POLICY IF:
- Inboard-powered boats up to 50 HORSEPOWER

156
Q

Personal Watercraft Coverage

ON THE HO POLICY IF:
- Outboard-powered boats up to 25 HORSEPOWER

A

Personal Watercraft Coverage

ON THE HO POLICY IF:
- Outboard-powered boats up to 25 HORSEPOWER

157
Q

Personal Watercraft Coverage

ON THE HO POLICY IF:
- Sailing vessels up to 26 feet in length

A

Personal Watercraft Coverage

ON THE HO POLICY IF:
- Sailing vessels up to 26 feet in length

158
Q

Personal Watercraft Coverage

ON THE HO POLICY IF:
- Up to $1,500 of coverage

A

Personal Watercraft Coverage

ON THE HO POLICY IF:
- Up to $1,500 of coverage

159
Q

Personal Watercraft Coverage

BOATOWNERS POLICY
- Section I – Physical damage

A

Personal Watercraft Coverage

BOATOWNERS POLICY
- Section I – Physical damage

160
Q

Personal Watercraft Coverage

BOATOWNERS POLICY
- Section II - Liability coverage (watercraft liability, medical payments, uninsured boaters)

A

Personal Watercraft Coverage

BOATOWNERS POLICY
- Section II - Liability coverage (watercraft liability, medical payments, uninsured boaters)

161
Q

Personal Watercraft Coverage

ENDORSEMENTS
- if additional coverage is needed

A

Personal Watercraft Coverage

ENDORSEMENTS
- if additional coverage is needed

PFS Personal Lines (10 decks)

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