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Ch 6a-6b P & C Exam

P & C Exam Prep: Homeowners & Dwelling Policies

Condominium A type of dwelling. The individual owns their own living space (unit) within a building.
Dwelling In common use, refers to the place you live. (single family or two family house)
Additional Living Expenses Any increase in the living expenses of an insured due a covered loss that makes it impossible to live in the insure dwelling. Examples: include motel rooms, eating in restaurants, or doing laundry in a laundromat.
Broad Form Perils Named Peril, Basic Form and additional coverages (weight of ice/snow, sudden rupture of heating/ac/sprinkler, Falling objects, accidental discharge or overflow of water, pipes freezing or bursting, and power surge)
Broad Theft An endorsement to a DP89 policy providing theft coverage on and off premises for owner occupied dwellings.
Business Any trade, profession or occupation. This could be anything with a profit motive including working for a salary for someone else.
Credit Card, Forgery pays up to $500 in case credit cards are stolen, no deductible
DP89 Dwelling Policy Program last revised in 1989.
Fire Department Service Charge pays up to $500 for service call to fire dept
HO 2000 The homeowners program from ISO in use in most states.
HO2 Broad form, named peril (broad form) on coverage A, B, and C
HO3 Special Form, open peril on Coverage A & B, Named peril on Coverage C
HO4 Contents Broad form, Insures Tenants
HO5 Comprehensive Form, Open peril coverage for dwelling, other structures, and personal property
HO6 Unit
HO8 Modified Coverage Form, named peril coverage & losses settled on ACV basis
Insured Named insured, resident relatives, other persons under 21 in care of insured, full
Limited Theft An endorsement to a DP89 policy providing theft coverage for on premises only for tenants occupying a dwelling.
Loss Assessment $1000 limit for unit owner in case they are assessed by their association
Loss of Use Coverage D
Medical Payments Coverage F
Ordinance or Law An exclusion for any increase in the cost of construction made necessary by changes in building ordinances or laws (building codes). The state mandates that optional coverage must be made available for fire insurance policies to cover this expense.
Other Structures Coverage B
Package Protection Homeowners policy provides this
Personal Liability Coverage E
Personal Property Coverage C
Residence Employee An employee of the insured whose primary duties are care and maintenance of the house to include a maid, cook, butler, nanny, etc..
Residence Premises The dwelling where you live that is shown on the declarations page.
Special Form A DP89 policy providing open perils coverage for Coverage A & B and broad form perils for Coverage C.
Special Form Perils Open Peril, Covers all direct physical damage except intentional acts, mechanical/electrical breakdown, war/nuclear, flood/groundwater backup, earth movement, birds/insects/rodents/domestic animals.
Special Limits of Liability On coverage C
SPPE Scheduled Personal Property Endorsement
Water Sewer Backup The state requires (mandates) that optional coverage for water that backs up through sewers and drains must be made available n a homeowner's policy
Watercraft Endorsement Provides coverage for watercraft: up to 26 feet long powered by outboard engines or motors exceeding 25 horsepower, powered by inboard engines, and sailboats more than 26 ft long
Created by: ltcolonelswife
Popular Insurance sets




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