Term
| WHAT ARE THE 3 DIFFERENT FORMS OF DWELLING INSURANCE CALLED? |
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Definition
1) DP 00 01 or DP-1, Basic Form
2) DP 00 02 or DP-2, Broad Form
3) DP 00 03 or DP-3, Special Form |
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Term
| WHAT IS DWELLING INSURANCE USED FOR? |
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Definition
| To cover risks that may not qualify for the Homeowner policy. ex. Rental property, older homes, hunting cabins. |
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Term
| WHAT DOES THE HOMEOWNER POLICY REQUIRE? |
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Definition
| At least one of the units must be occupied by the named insured. |
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Term
| WHAT IS THE DIFFERENCE BETWEEN DWELLING INSURANCE AND HOMEOWNERS INSURANCE? |
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Definition
Dwelling insurance does not require the risk to be owner occupied, but does not automatically contain the peril of theft or personal liability.
The homeowner policy requires that the unit be occupied by named insured and automatically covers theft and personal liability. |
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Term
| WHAT ARE THE NAMED PERIL FORMS? |
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Definition
DP-1 and DP-2
They name the covered perils specifically and in detail. |
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