Shared Flashcard Set

Details

Homeowners
Kaplan Homeowners 2000 coverage
96
Insurance
Professional
11/03/2015

Additional Insurance Flashcards

 


 

Cards

Term
List coverages and how many perils they cover
Definition
basic: 10 listed
broad: 10 + 6 addtl and more extensive against all listed

special: all perils not specifically excluded
Term
H02 coverages summary
Definition
dwelling: broad
pers prop: broad
Term
H03 coverages summary
Definition
dwelling: special
pers prop: broad
Term
Ho4&Ho6 coverages summary
Definition
dwelling: none
personal prop: broad
Term
Ho5 coverage summary
Definition
dwelling: special
pers prop: special
Term
Ho8 coverages summary
Definition
dwelling: basic
pers prop: basic
Term
What type of dwellings cannot be insured under unendorsed homeowners policy
Definition
1. mobile homes
2. trailer homes
3. house trailers
4. farm property that is subject to farm insurance
Term
What type of insured's would have content only coverage?
Definition
renters, co-ops, condo, mobile home, house trailers
Term
How are seasonal residence defined?
Definition
dwelling with continuous unoccupancy of three or more consecutive months during any one year period
Term
definition of incidental business
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
Term
Occurance def?
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
Term
employee
Definition
someone who is an employee of an insured doing work related to the insured's business
Term
residence employee
Definition
employee whose duties are domestic in nature and are related to the household
maid, gardener, etc
Term
insured location
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
Term
Is land including the land on which home is located covered under dwelling?
Definition
NO
Term
Coverage A
Definition
dwelling
Term
Coverage B
Definition
other structures
Term
Coverage C
Definition
personal property
Term
Coverage D
Definition
loss of use
Term
Under coverage B 'other structures' what are some excluded?
Definition
-rented or held for rental (unless used as a private garage)

- from which any business is conducted

-used to store business property
Term
Coverage limit for other structures
Definition
will not be more than 10% of limit of liab for coverage A
Term
Coverage C is usually __% of Coverage A limit
Definition
50%

CANNOT BE LESS THAN 40%
Term
Coverage for personal property for property at other residences is ___% of coverage C
Definition
10% or $100 whichever is greater

unless it is a temporary residence (moving) etc
Term
Coverage D is __% of Coverage A?
Definition
30% (on H03)
Term
debris removal (not tree only) how much coverage is available?
Definition
5% of Coverage A
Term
Debris removal (tree only) What are the limits?
Definition
$1,000 total
will not pay more than $500 for any one tree
Term
Removal expense is permitted for neighbor's trees only if the trees were felled by.....
Definition
one of the named perils insured against under coverage C
Term
Fire department service charge
Definition
when ins lives outside a district and other fire dept must respond and charges
max $500
Term
Credit card fraud, forgery, counterfeit money etc coverage has what maxmium
Definition
$500
Term
Landlord's furnishing limits
Definition
$2500
Term
HO3 has what type of peril protection for Coverage A&B
Definition
open
Term
HO3 has what type of peril protection for Coverage C
Definition
named
Term
Loss from _____ fires is not covered
Definition
friendly
Term
Wind/hail damage excludes loss to property on inside of building unless.....
Definition
wind or hail first makes an opening through which the elements can pass inside
Term
Theft exclusions for HO3 Coverage C
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..
Term
Smoke damage must occur _______ and ________
Definition
suddenly and accidentally
Term
To be covered in theft loss student must be in the dorms/residence _____ days before loss
Definition
60
Term
For falling objects to be covered, must damage _____ or ______ before doing damage to personal property (Ho3)
Definition
roof or outside well
Term
Volcanic erruption excludes
Definition
earthquake, shockwaves, or tremors associated with the erruption
Term
Coverage A&B exclusions--equivalent exclusions built into named perils (ho3)
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
Term
Exclusions for A&B---- non fortuitous events
HO3
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
Term
Exclusions common to all forms
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
Term
Concurrent causation
Definition
when a named peril causes an exclusion causing damage, NOT covered
example: heavy rain (covered) causes flooding
Term
Insured has 4 duties after the loss
Definition
1. prompty notify
2. notify police for theft losses
3. notify appropriate company for credit card/etf losses
Term
In order to replace/repair at full value (structure) needs _____% or more coverage
Definition
80%
Term
What happens to repair replacement cost if ins does not carry at least 80%?
Definition
(insurance carried/insurance required) x amount of loss= amount reimbursed
Term
Only pays ACV on what type of property
Definition
1. personal
2. awning, carpet, household appliances,
3. structures that are not buildings (fence)
4. gravemarkers
Term
Only pays ACV on what type of property
Definition
1. personal
2. awning, carpet, household appliances,
3. structures that are not buildings (fence)
4. gravemarkers
Term
Under what circumstances would the insurer pay the replacement cost even if the actual repairs have not yet been completed?
Definition
1. less than 5% amount of ins building
2. less than $2500
Term
Can bailees recover?
ext moving company, storage unit
Definition
NO
Term
How long does insured have to bring suit?
Definition
2 years
Term
If insurer can replace property for less than ins would pay by buying it can they?
Definition
YES
Term
Only situation that damage caused by nuclear loss is covered......
Definition
fire resulting from nuclear event
Term
Coverage E
Definition
personal liability
Term
Coverage F
Definition
medical payments to others
Term
Liability coverage is concerned with ____ law
Definition
civil
Term
liabilty policy is determined in 2 ways
Definition
1. court of law determines ins has comitted tort

2. facts surrounding case are so compelling that ins settles out of court
Term
Coverage F applies when expenses are ____ and charges are _______
Definition
necessary and reasonable
Term
Coverage E and F are based on per _______
Definition
occurance
Term
T OR F
Making a payment to another person under med pay is admmitting/agreeing that liability exists?
Definition
NO
Term
Homeowners personal liability coverage is ___ over any other insurance.
Definition
excess
Term
HO2 is strictly a ______ perils form.
Definition
named
Term
ho2 limitation: windstorm ofr hail
Definition
inside of building not covered for damage by rain, snow, etc unless wind or hail creates an opening
Term
Ho2 limitations: vehicle
Definition
does not cover fences, driveways, and walks
Term
ho2 limitations: falling objects
Definition
inside of building not covered unless falling object first damages roof or outside wall
Term
ho2 limitations: accidental discharge or overflow
Definition
not covered if dwelling is vacant for more than 60 days
Term
ho5 provides _____ perils coverage for both buildings and personal property
Definition
open
Term
HO5: Coverage C is extended for items listed beyond theft to included...
Definition
-miplace & loss
Term
Ho5 specifies that water damage to personal property is>>>
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
Term
2 ways an insured may cancel a policy
Definition
1. return the policy
2. write in and provide a cancellation date
Term
HO5: Under collapse ______ is not covered
Definition
personal property
Term
What type of homes are HO8 forms primarily used for?
Definition
older than 1950
older homes with ornate details or structures tat could cause replacement value to exceed market value
Term
For HO8: standard deductible is
Definition
$100
Term
HO8 Coverage C: limited to ___% for personal property anywhere in the world
Definition
10%
Term
What is the standard deductible for most of the forms?
Definition
$250
Term
HO8: there is _____ coverage for landlord furnishings
Definition
NO
Term
HO8 debris remvoal: does not cover insured tree is felled by ______-
Definition
weight of ice, snow, or sleet
Term
HO8 has $____ max for any one tree
Definition
250
Term
HO8: ____ law is absent from this policy
Definition
Ordinance
-cost to repair/replace up to code
Term
HO8 omits coverage for both ___ and ____
Definition
collapse & grave markers
Term
HO8 Vehicles: excludes____
Definition
damage resulting from veh owned or operated by resident of the residence premesis
Term
HO8 excludes damages from smoke from _____
Definition
fireplace
Term
HO8 puts $______ limit on theft
Definition
$1000
Term
HO6: primary coverage is provided for
Definition
personal property used in a residence
Term
HO6: definition of residence premesis
Definition
"unit where you reside"--- doesnt cover the entire building
Term
HO6: Standard amount of dwelling-coverage A
Definition
$1000
Term
HO6: There is no Coverage _______
Definition
B
Term
HO6: Landlord's furnishing coverage?
Definition
NO
Term
HO4 eligibility requirements
Definition
1. renter or tennant
2. owner-occupants of a cooperative unit
3. not otherwise eligible for a homeowner policy
Term
main difference between HO4 and all other forms
Definition
no coverage at all for A&B
Term
HO4 additions and alterations coverage
Definition
cover expenses that may incur in improving or changing the rented residence
Term
on what basis are all pers prop losses settled under HO4 coverage?
Definition
ACV
Term
Additional Insured- Residence Premesis--- and covers which sections
Definition
when more than one individual has an ownership interest in a dwelling insured
Section II all
Section I A & B
Term
9 classes of Scheduled Personal Property
Definition
1. musical instruments
2. postage stamps
3. jewelry
4. art
5. coins
6. cameras
7. furs
8. golf equipment
9. silverware
Term
Scheduled newly acquired property: non fine art what is the greatest amount would be available?
Definition
25% of coverage for that type of property
Term
newly acquired fine arts-- amount of coverage
Definition
ACV but max is 25% of the fine arts coverage
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