Term
| section 1 covers property, section 2 covers liability |
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Definition
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Term
Property coverages
coverage a- dwelling
b- other structures
c-personal property
d- loss of use
deductible, usually at least 250 |
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Definition
| Division of coverages on HO package policy for Section 1 |
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Term
coverage e= personal liability
f= medical payments to others
no deductible |
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Definition
division of coverage on HO package policy
section 2- liability coverage |
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Term
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Definition
| the person named on the declarations page and their spouse, if a resident of the same household |
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Term
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Definition
| you and residents of your household who are your relatives, including children under the age of 24, who are away and other persons under the age of 21, who are in your care. |
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Term
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Definition
| your residence premises, any part of a premises where an insured is temporarily residing, vacant land (other than farm land) owned by an insured. also land owned by an insured which up to a four family dwelling is being built as a residence for an insured and individual or family cemetery plots or burial vaults of an insured |
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Term
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Definition
| up to a 4 family dwelling plus other buildings and the grounds where you reside and which is shown in the declarations |
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Term
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Definition
| coverage B, other structures, is _ of coverage a, dwelling limit. coverage c, contents or personal property, is _ of coverage A, in addition. coverage d, loss of use, is _ of coverage a, in addition. |
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Term
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Definition
| the policy covers the residence premises shown on the declarations page, including structures attached and any materials and supplies located on or next to the residence premises and used to construct, alter, or repair the dwelling. |
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Term
| coverage b , other structures |
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Definition
| the policy covers other things on the residence premises set apart from the dwelling by a clear space, unattached. including structures connected by only a fence or utility line. business and farm structures are not covered. this coverage is an additional 10% of coverage a, so in the event of a covered loss destroyed the dwelling and the outbuilding, you could collect for both |
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Term
| coverage c= personal property |
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Definition
| policy covers contents owned or used by an insured, while it is anywhere in the world, for the perils named on the policy. |
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Term
| off- premises personal property coverage |
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Definition
| located away from the residence premises is only covered up to 10 % of the limit for coverage C, or 1,000, whichever is more. personal property moved to a newly acquired principal residence is not subject to this limitation for 30 days from the time you start to move |
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Term
animals birds and fish
motor vehicles other than those used to service the premises or designed to assist the handicapped
aircraft, except model or hobby aircraft
property of roomers, unless related to the insured |
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Definition
| types of personal property excluded from an HO policy |
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Term
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Definition
this is an indirect coverage that applies when the residence premises is not fit to live in due to a covered loss.
-sometimes called additional living expense. it will pay any necessary increase in living expenses that may be incurred so that your household can maintain its normal standard of living. |
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Term
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Definition
| all ho policies are written to include at least _ of coverage E, personal liability, and _ for coverage f, medical payments to others |
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Term
| equals the policy's limit of liability |
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Definition
| the insurer's duty to settle or defend ends when the amount paid out for damages equals - |
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