Shared Flashcard Set

Details

Property & Casualty Insurance License Ohio
Chapters 5
25
Insurance
Professional
01/20/2014

Additional Insurance Flashcards

 


 

Cards

Term
HO-2 broad Form
Definition

Owner


Named perils--Dwelling--Replacement Vaule

Named--Personal Property--Actual Cash Vaule


Doesn't include loss to fence, walk/drive way caused by a vehicle owned by insured

Term
HO-3 Special Form
Definition

Owner


Open Perils--Dwelling--Replacement Value

Named Perils--Personal Property--Actual Cash Value


Includes loss to fence, walk/drive way caused by a vehicle owned by insured

 

Term
HO-4 Content Broad Form
Definition

Renter's/Tenant policy


Named Perils--Personal Property--Actual Cash Vaule


 

Term
HO-5 Comprehensive Form
Definition

Broadest coverage


 

Open Perils--Dwelling--Replacement Value

Open Perils--Personal Property--Actual Cash Value

 

Term
HO-6 Unit-Owners Form
Definition

Owner of a condominium/cooperative unit


Named Perils--Personal Property--Actual Cash Vaule

 

Term
HO-8 Modified Form
Definition

Older Homes


Names Perils--Dwelling--Maket Vaule(Lesser)

Named Perils--Personal Property--Actual CashVaule

Term
Insured under HO
Definition

Residents who are:

  • Relatives of the named insured
  • Under the age of 21 and in the care of any insured

Students who are:

  • Under age 24 and related to the named insured
  • Were a resident of the named insured’s household before moving
Term
HO Grave Markers
Definition
policy will pay up to $5,000 for grave markers
Term
Water Back Up and Sump Discharge or Overflow
Definition

provides up to $5,000 of coverage for direct physical loss to property insured under Section I (Coverages A, B, and C) caused by water or waterborne material that:

  • Backs up through sewers or drains, or
  • Overflows from a sump, sump pump, or related equipment.
  • deductible of $250 applies
Term
Scheduled Personal Property Endorsement
Definition

This endorsement is used to increase limits of liability for certain categories of personal property and to broaden the perils insured against that apply to that property

  • open-perils basis
  • exclusions: including wear and tear, insects or vermin, war, and nuclear hazard.

Term

Which statement is false concerning Section II of a Homeowners Policy?

  • It protects the insured against third party claims
  • Bankruptcy of an insured does not relieve the insurer of its obligations
  • It provides no defense in event of groundless, false or fraudulent claim
  • Payment of a medical payment is not an admission of legal liability
Definition
It provides no defense in event of groundless, false or fraudulent claim
Term

All of the following are true, except:

 
  • Home schooling would be permitted under a Homeowners Policy
  • Coverage D of a Homeowners Policy includes loss of income from an incidental business
  • Coverage D of a Homeowners Policy covers additional living expenses
  • A Homeowners Policy will not cover theft of a boat away from premises
Definition
Coverage D of a Homeowners Policy includes loss of income from an incidental business
Term

All of the following are part of the insured location under a Homeowners Policy, except:

  • A vacant lot that is owned by the named insured
  • A farm that is within city limits
  • A secondary residence acquired during the policy period
  • A cabin at a lake that is rented by an insured for a vacation
Definition
A farm that is within city limits
Term

What is the limit of insurance available on an HO-3 policy for a tree totally damaged in a hail storm?

  • $250
  • $1,000
  • $500
  • 0%
Definition
0%
Term

Homeowners policies:

  • Cover theft of furs and jewelry up to $1,500
  • Cover money up to $500
  • Include water damage by flood, sewer backup and underground seepage
  • Cover theft of guns up to $3,000
Definition
Cover theft of furs and jewelry up to $1,500
Term
types of property are not covered under Coverage C
Definition
  • property insured elsewhere
  • animals, birds, fish
  • motor vehicles, aircraft, hovercraft
  • property or roomers and boarders, property located in apartments rented to others
  • business data, credit cards and electronic fund transfer cards
  • water or steam.
Term
Section I – Additional coverages
Definition
  •  debris removal
  • reasonable repairs
  • trees, shrubs, and plants
  • fire department service charge
  • property removed
  • credit card, electronic fund transfer card or access device, forgery, and counterfeit money
  •  loss assessment
  • collapse
  •  glass or safety glazing material
Term
Landlord’s Furnishings
Definition
  •  $2,500 of coverage, on a named perils basis
  • appliances, carpeting, and household furnishings owned by the insured and located in each apartment rented to others on the residence premises.
  • Coverage for the peril of theft is NOT provided.
Term
Section I Exclusions
Definition
  • ordinance or law
  • earth movement
  • water damage
  • power failure
  • neglect
  •  war nuclear hazard
  • intentional loss
  • governmental action.
Term
Section II – Additional Coverages
Definition
  •  Claim Expenses
  • First Aid Expenses
  • Damage to Property of Others
  • Loss Assessment
Term
Coverage E exclusions
Definition
  • loss assessments
  • damage to property owned by an insured
  • damage to property in the insured’s care
  •  custody, or control;
  • injury to anyone eligible to receive worker’s compensation and similar benefits
  •  injury and damage covered by a nuclear energy liability policy
  • bodily injury to an insured
Term
Coverage F exclusions
Definition
  • bodily injury to a residence employee when not working and away from an insured location
  • anyone eligible to receive worker’s compensation and similar benefits
  •  covered by a nuclear energy liability policy
  • to a resident of the insured location.
Term
homeowners endorsements that provide Section II coverage
Definition
  • Home Day Care
  • Personal Injury
  • Home Business
  • Watercraft Liability
Term
Home Day Care Endorsment
Definition
  • Does NOT cover injury to an employee
  • Corresponds to Coverage E limit
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