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LM Chapter 7

Dwelling Insurance

QuestionAnswer
Provides protection for individuals and families against loss to their dwelling and personal property. Dwelling Policy
Two key differences between dwelling and homeowner policies. a) The dwelling policy provides more limited property coverage than homeowners policy b) The unendorsed dwelling policy provides property coverage only while the homeowners policy provides a package of property and liability coverages.
A dwelling may have up to _____________ boarders and up to __________ apartments. five _ four
What type of policy is frequently used to insure vacation homes? Dwelling Policy
The owner of a home that is renting to tenants could not insure the home under a homeowner's policy but could insure it under what? Dwelling Policy
Basic Form for dwelling policy DP-1: named perils
Perils that are automatically covered under Basic Dwelling (DP-1) Fire, Lightning, Internal Explosion
Broad Form for dwelling policy DP-2: named perils
Special Form for dwelling policy DP-3: open peril
What are the 9 additional Extended Coverage (EC) Perils for Basic Dwelling (DP-1)? Riot. Explosion. Vehicle. Civil Commotion. Smoke. Hail. Aircraft. Windstorm. Volcanic Eruption.
In addition to insuring the listed perils, the Dwelling Basic Form (DP-1) provides certain Other Coverages. What are they? (8) Other Structures. Debris Removal. Property Removed. Reasonable Repairs. Improvements, alterations, and additions. Fire Department Service Charge. Worldwide Coverage. Rental Value.
The Dwelling Basic Form (DP-1) automatically excludes what 9 exclusions? Ordinances or laws. Earth movement. Water damage. Power interruption. Failure to protect and preserve from a loss. War. Nuclear hazard. Caused by or ordered by the insured. Destruction, confiscation or seizure of property by government authority.
What are the 9 basic perils covered under the Dwelling Broad Form (DP-2)- same as Dwelling Basic Form (DP-1)? Riot Explosion Civil Commotion Smoke Hail Aircraft Windstorm Volcanic Eruption
What are the the 7 additional perils covered under the Dwelling Broad Form (DP-2)? Damage caused by burglars. Weight of snow, ice, sleet. Falling objects. Freezing of plumbing, heating, air, other appliances. Damage of appliances (steam or water) Damage of appliances (electrical current) Steam & water discharge damage.
What perils are covered under the Dwelling Special Form (DP-3)? Open Peril (covers all perils) unless specifically excluded.
What are the 4 basic policy coverages (found in DP-1, DP-2, DP-3 policies)? Coverage A: Dwelling Coverage B: Other Structures Coverage C: Personal Property Coverage D: Fair Rental Values
What are the 7 conditions on how losses will be paid? Loss settlement. Loss payment. Other insurance. Our option. Deductible. Pair or set. Recovered property.
This form provides open peril coverage on the dwelling and other structures against all risks of direct physical loss that are not specifically excluded in the policy. Special Form (DP-3)
DP-2 and DP-3 also include this basic policy coverage. Coverage E- Additional Living expenses
Other coverages for DP-2 and DP-3. (4) 5% of Coverage A for trees, shrubs, plants. Collapse. Glass or safety glazing material. Ordinance or law.
Both DP-2 and DP-3 settle losses to personal property in what manner? ACV- Actual Cash Value
What way does DP-2 and DP-3 settle losses for dwelling and other structures? Replacement cost basis
Created by: landonhill
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