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39 Cards in this Set
- Front
- Back
The loss payment condition states that the insurance company has how many days to pay for a loss after reaching an agreement with the insured? |
60
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Personal liability supplement - -personal liability -at fault -bodily injury to others -property damage to others -on and off premises |
Coverage L
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Personal liability supplement -medical payments to others -medical and bills of others -no fault -3 years -on and off premises |
Coverage M |
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What does BAILED stand for? |
Bonds Aid (first aid) Interest Loss earnings Expenses Defense costs |
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Residential theft coverage |
-NOT automatically included in dwelling policy -on and off premise -broad — owner occupied -limited — not owner occupied |
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The DP-3 provides? |
Open peril coverage for the dwelling and broad coverage for personal property |
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Which dwelling form pays losses to dwellings and other structures on an account basis? |
DP-1 |
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The policy limit for Coverage L - personal liability is? |
$100k |
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Under coverage M - medical payments to others, the insurer will pay all necessary medical expenses incurred within? |
3 years after the accident |
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In the broad theft coverage endorsement, what is the limit of liability for jewelry, watches, furs, and precious and semiprecious stones? |
$1500 |
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Damage to covered property caused by glass breakage is? |
Covered in DP-2 and DP-3 |
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Brad has a dwelling policy with broad theft coverage for on and off his premise. Which of the following theft losses would be covered? |
A $1k ring that received as a gift |
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Which of the following other coverages are included in all dwelling forms? |
Debris removal |
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The Johnson family home is covered by DP3. When a fire destroys the home, they are forced to live in a hotel for 2 months. What coverage would reimburse them for the hotel, dining, laundry, and transportations expenses during these 2 months? |
Coverage E |
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An insured has a dwelling broad form on her home with a replacement value of $100k. How much insurance should the insured carry to obtain replacement cost coverage for the partial losses to the dwelling? |
$80k (80%) |
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An explosion damaged the wall of the insureds garage. The insured paid to have the wall boarded up to protect the garage and the belongings in the garage from additional damage. Which other coverage would apply in this situation? |
Reasonable repairs |
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Homeowners policy |
-package policy -multiline -includes both property and liability |
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Homeowners insurance eligibility |
Owner occupied No more than a 4 family dwelling Primary purpose as a residence Dwellings under construction are eligible Mobile homes (require mobile home endorsement) Farm dwellings not eligible |
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When can the insurance company cancel a policy? |
During the first 60 days for any reason (10 day written notice) After that: Material misrepresentation Substantial change in risk No payment of premium |
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Standard mortgage clause |
Specifies the rights and duties of the mortgagee under the policy. Mortgagees May be named in the declarations if they have an insurable interest in the real property. Can pay the premium Dishonesty from insured doesn’t prevent mortgagee from collecting |
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Homeowners policies forms |
HO2 - broad form; owner occupant HO3 - special form; owner occupant HO4 - tenants or renters HO5 - comprehensive form; owner occupant HO6 - condominium owners HO7 - modified form for special risks |
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Which homeowners form insured tenants in a rental property? |
HO4 |
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Under the cancellation condition, during the first 60 days of a policy term the insurance company can cancel for any reason as long as they give the insured __ days written notice? |
10 |
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The homeowners policy provides property and liability coverage in a single policy. For this reason, it is called? |
A multiline policy |
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What 4 separate property coverages are provided by the homeowners policy under section I? |
Coverage A - dwelling Coverage B - other structures Coverage C - personal property Coverage D - loss of use |
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Coverage A - dwelling |
Including property attached Materials on the premises used in construction No coverage for a renter |
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Coverage B - other structures |
Separated by a clear space Not attached to dwelling Not used for business purposes |
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Coverage C - personal property |
Not attached to the dwelling Anywhere in the world Guests property (if requested) |
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Front (Term) |
HO-5 |
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Front (Term) |
HO-5 |
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Front (Term) |
Smoke |
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Front (Term) |
Firearms |
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Front (Term) |
A replacement cost |
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Front (Term) |
A barn rented to a neighbor for a retail craft store |
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Front (Term) |
Clothing |
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Front (Term) |
An actual cash value |
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Front (Term) |
Accidental and sudden discharge of water from a plumbing system |
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Front (Term) |
$100,000 per occurrence |
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Front (Term) |
The home can not contain more than 2 families |