Term
| List coverages and how many perils they cover |
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Definition
basic: 10 listed
broad: 10 + 6 addtl and more extensive against all listed
special: all perils not specifically excluded |
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Term
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Definition
dwelling: broad
pers prop: broad |
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Term
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Definition
dwelling: special
pers prop: broad |
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Term
| Ho4&Ho6 coverages summary |
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Definition
dwelling: none
personal prop: broad |
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Term
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Definition
dwelling: special
pers prop: special |
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Term
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Definition
dwelling: basic
pers prop: basic |
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Term
| What type of dwellings cannot be insured under unendorsed homeowners policy |
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Definition
1. mobile homes
2. trailer homes
3. house trailers
4. farm property that is subject to farm insurance |
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Term
| What type of insured's would have content only coverage? |
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Definition
| renters, co-ops, condo, mobile home, house trailers |
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Term
| How are seasonal residence defined? |
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Definition
| dwelling with continuous unoccupancy of three or more consecutive months during any one year period |
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Term
| definition of incidental business |
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Definition
Must be used primarily as a residence, must be no other businesses operating on same premesis
1. day care
2. prive school or stuido |
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Term
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Definition
accident, that can include instances of continuous and repeated exposure to substanstially the same general harmful conditions
Applies to bodily injury and prop damage |
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Term
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Definition
| someone who is an employee of an insured doing work related to the insured's business |
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Term
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Definition
employee whose duties are domestic in nature and are related to the household
maid, gardener, etc |
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Term
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Definition
| may include any premesis where the insured is temporarily residing,vacant land, land where dwelling is under construction, cemetary plots, and premesis occasionally rented by an insured |
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Term
| Is land including the land on which home is located covered under dwelling? |
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Definition
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Term
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Definition
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Term
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Definition
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Term
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Definition
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Term
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Definition
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Term
| Under coverage B 'other structures' what are some excluded? |
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Definition
-rented or held for rental (unless used as a private garage)
- from which any business is conducted
-used to store business property |
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Term
| Coverage limit for other structures |
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Definition
| will not be more than 10% of limit of liab for coverage A |
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Term
| Coverage C is usually __% of Coverage A limit |
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Definition
50%
CANNOT BE LESS THAN 40% |
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Term
| Coverage for personal property for property at other residences is ___% of coverage C |
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Definition
10% or $100 whichever is greater
unless it is a temporary residence (moving) etc |
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Term
| Coverage D is __% of Coverage A? |
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Definition
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Term
| debris removal (not tree only) how much coverage is available? |
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Definition
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Term
| Debris removal (tree only) What are the limits? |
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Definition
$1,000 total
will not pay more than $500 for any one tree |
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Term
| Removal expense is permitted for neighbor's trees only if the trees were felled by..... |
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Definition
| one of the named perils insured against under coverage C |
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Term
| Fire department service charge |
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Definition
when ins lives outside a district and other fire dept must respond and charges
max $500 |
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Term
| Credit card fraud, forgery, counterfeit money etc coverage has what maxmium |
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Definition
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Term
| Landlord's furnishing limits |
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Definition
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Term
| HO3 has what type of peril protection for Coverage A&B |
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Definition
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Term
| HO3 has what type of peril protection for Coverage C |
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Definition
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Term
| Loss from _____ fires is not covered |
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Definition
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Term
| Wind/hail damage excludes loss to property on inside of building unless..... |
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Definition
| wind or hail first makes an opening through which the elements can pass inside |
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Term
| Theft exclusions for HO3 Coverage C |
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Definition
-by an insured
-to a dwelling under construction
-from premesis rented to a noninsured
-prop at residence other than residence premesis
-of water craft and associated.. |
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Term
| Smoke damage must occur _______ and ________ |
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Definition
| suddenly and accidentally |
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Term
| To be covered in theft loss student must be in the dorms/residence _____ days before loss |
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Definition
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Term
| For falling objects to be covered, must damage _____ or ______ before doing damage to personal property (Ho3) |
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Definition
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Term
| Volcanic erruption excludes |
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Definition
| earthquake, shockwaves, or tremors associated with the erruption |
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Term
| Coverage A&B exclusions--equivalent exclusions built into named perils (ho3) |
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Definition
1. freezing of a system or appliance
2. freezing related to outdoor property
3. theft to dwelling under construction
4. vandalism during extended vacancy
5. mold, fungus, or wet rot
6. smoke from agricultural smuding or industrial operations |
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Term
Exclusions for A&B---- non fortuitous events
HO3 |
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Definition
1. wear and tear, deterioration
2. mechanical breakdown (endorsement)
3.dry rot, pollutants
4. birds, rodents, insects
5. settling, bulging etc
6. animals and insured owns |
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Term
| Exclusions common to all forms |
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Definition
1. Ordinance or law
2. earth movement
3. water damage (flood)
4. power failure
5. neglect
6. war & nuclear hazard
7. intentional loss
8. governmental action
9. concurrent causation |
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Term
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Definition
when a named peril causes an exclusion causing damage, NOT covered
example: heavy rain (covered) causes flooding |
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Term
| Insured has 4 duties after the loss |
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Definition
1. prompty notify
2. notify police for theft losses
3. notify appropriate company for credit card/etf losses |
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Term
| In order to replace/repair at full value (structure) needs _____% or more coverage |
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Definition
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Term
| What happens to repair replacement cost if ins does not carry at least 80%? |
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Definition
| (insurance carried/insurance required) x amount of loss= amount reimbursed |
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Term
| Only pays ACV on what type of property |
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Definition
1. personal
2. awning, carpet, household appliances,
3. structures that are not buildings (fence)
4. gravemarkers |
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Term
| Only pays ACV on what type of property |
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Definition
1. personal
2. awning, carpet, household appliances,
3. structures that are not buildings (fence)
4. gravemarkers |
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Term
| Under what circumstances would the insurer pay the replacement cost even if the actual repairs have not yet been completed? |
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Definition
1. less than 5% amount of ins building
2. less than $2500 |
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Term
Can bailees recover?
ext moving company, storage unit |
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Definition
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Term
| How long does insured have to bring suit? |
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Definition
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Term
| If insurer can replace property for less than ins would pay by buying it can they? |
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Definition
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Term
| Only situation that damage caused by nuclear loss is covered...... |
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Definition
| fire resulting from nuclear event |
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Term
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Definition
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Term
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Definition
| medical payments to others |
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Term
| Liability coverage is concerned with ____ law |
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Definition
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Term
| liabilty policy is determined in 2 ways |
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Definition
1. court of law determines ins has comitted tort
2. facts surrounding case are so compelling that ins settles out of court |
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Term
| Coverage F applies when expenses are ____ and charges are _______ |
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Definition
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Term
| Coverage E and F are based on per _______ |
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Definition
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Term
T OR F
Making a payment to another person under med pay is admmitting/agreeing that liability exists? |
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Definition
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Term
| Homeowners personal liability coverage is ___ over any other insurance. |
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Definition
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Term
| HO2 is strictly a ______ perils form. |
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Definition
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Term
| ho2 limitation: windstorm ofr hail |
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Definition
| inside of building not covered for damage by rain, snow, etc unless wind or hail creates an opening |
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Term
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Definition
| does not cover fences, driveways, and walks |
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Term
| ho2 limitations: falling objects |
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Definition
| inside of building not covered unless falling object first damages roof or outside wall |
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Term
| ho2 limitations: accidental discharge or overflow |
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Definition
| not covered if dwelling is vacant for more than 60 days |
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Term
| ho5 provides _____ perils coverage for both buildings and personal property |
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Definition
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Term
| HO5: Coverage C is extended for items listed beyond theft to included... |
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Definition
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Term
| Ho5 specifies that water damage to personal property is>>> |
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Definition
1. IS covered if the proerpty is not at a location the insured owns, rented, occupies ,or controls
2. NOT covered if the property is at a locatoin the insue owns, rents, occupies, or controls |
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Term
| 2 ways an insured may cancel a policy |
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Definition
1. return the policy
2. write in and provide a cancellation date |
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Term
| HO5: Under collapse ______ is not covered |
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Definition
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Term
| What type of homes are HO8 forms primarily used for? |
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Definition
older than 1950
older homes with ornate details or structures tat could cause replacement value to exceed market value |
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Term
| For HO8: standard deductible is |
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Definition
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Term
| HO8 Coverage C: limited to ___% for personal property anywhere in the world |
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Definition
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Term
| What is the standard deductible for most of the forms? |
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Definition
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Term
| HO8: there is _____ coverage for landlord furnishings |
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Definition
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Term
| HO8 debris remvoal: does not cover insured tree is felled by ______- |
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Definition
| weight of ice, snow, or sleet |
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Term
| HO8 has $____ max for any one tree |
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Definition
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Term
| HO8: ____ law is absent from this policy |
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Definition
Ordinance
-cost to repair/replace up to code |
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Term
| HO8 omits coverage for both ___ and ____ |
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Definition
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Term
| HO8 Vehicles: excludes____ |
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Definition
| damage resulting from veh owned or operated by resident of the residence premesis |
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Term
| HO8 excludes damages from smoke from _____ |
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Definition
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Term
| HO8 puts $______ limit on theft |
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Definition
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Term
| HO6: primary coverage is provided for |
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Definition
| personal property used in a residence |
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Term
| HO6: definition of residence premesis |
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Definition
| "unit where you reside"--- doesnt cover the entire building |
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Term
| HO6: Standard amount of dwelling-coverage A |
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Definition
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Term
| HO6: There is no Coverage _______ |
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Definition
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Term
| HO6: Landlord's furnishing coverage? |
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Definition
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Term
| HO4 eligibility requirements |
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Definition
1. renter or tennant
2. owner-occupants of a cooperative unit
3. not otherwise eligible for a homeowner policy |
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Term
| main difference between HO4 and all other forms |
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Definition
| no coverage at all for A&B |
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Term
| HO4 additions and alterations coverage |
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Definition
| cover expenses that may incur in improving or changing the rented residence |
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Term
| on what basis are all pers prop losses settled under HO4 coverage? |
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Definition
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Term
| Additional Insured- Residence Premesis--- and covers which sections |
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Definition
when more than one individual has an ownership interest in a dwelling insured
Section II all
Section I A & B |
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Term
| 9 classes of Scheduled Personal Property |
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Definition
1. musical instruments
2. postage stamps
3. jewelry
4. art
5. coins
6. cameras
7. furs
8. golf equipment
9. silverware |
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Term
| Scheduled newly acquired property: non fine art what is the greatest amount would be available? |
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Definition
| 25% of coverage for that type of property |
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Term
| newly acquired fine arts-- amount of coverage |
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Definition
| ACV but max is 25% of the fine arts coverage |
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