Section 1: Property Endorsements Flashcards
The destruction, confiscation, or seizure of property by order of the government
Governmental action
An OWNER occupied mobile home may be covered under a ____ or ____ by endorsement
HO-2 or HO-3
A TENANT of a mobile home may insure their property under a ____ if the underwriting guidelines permit
HO-4
An endorsement that allows the insured to purchase increased limits for other structures listed in the endorsement
Other structures on the residence premises - Increased limits
Endorsement that allows the insured to buy back some coverage that’s excluded under the water damage exclusion
Water back up & sump discharge
The Water back up & sump discharge provides $____ of coverage for damaged property
$5,000
An endorsement that changes the valuation method for property insured under Coverage C from ACV to Replacement Cost
Personal property replacement cost endorsement
True or False
The Personal Property Replacement Cost endorsement changes loss valuation as well as policy provisions
False
only loss valuations
An endorsement used to increase limits of liability for certain categories of personal property
Scheduled personal property endorsement
Under the Scheduled Personal Property endorsement, the insurer must be notified within ____ days if new property is acquired
30 days
Coverage for loss caused by earthquake
Earthquake endorsement
The Limited Fungi Endorsement provides a basic property limit option of $____ on an annual aggregate basis during the policy period
$10,000
This endorsement covers a structure of the residence premises, for direct physical loss by an insured peril
Permitted incidental occupancies endorsement
The Identity Theft endorsement will pay up to $____ for expenses resulting from an instance of identity fraud during the policy period
$15,000
The Identity Theft endorsement carries a $____ deductible and the insured must notify the insurer within ____ days of the loss
$500, 60 days
