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What is the main difference between the various dwelling policies (DP)?
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DP policies do not cover personal liability EXCEPT BY
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Key Facts 3
| Question | Answer |
|---|---|
| What is the main difference between the various dwelling policies (DP)? | The property perils insured against |
| DP policies do not cover personal liability EXCEPT BY | Being added as endorsement known as personal livability supplement for additional premium charge |
| DP policies contain general exclusions for 3 things: | War, nuclear hazard, and flood |
| On a DP, other structure cover applies to: | A structure rented out as a private garage |
| DP policies do not cover breakage if glass after ___ days of vacancy | 60 |
| DP policies do not cover breakage of plumbing unless - what? | The heat was left on |
| Is the LAND on which the insured dwelling sits in insurable? | No |
| What is also known as the inflation guard? | Automatic increase endorsement |
| How can inflation guard can be added to a DP policy? | By Endorsement |
| How can a LOSS by rain or dust be covered? | If an opening in the dwelling roof or walls was first created by wind it another covered cause of loss |
| What is the pro-rata liability clause? | When a dwelling or property is covered by more than one policy, losses are shared pro-rata (shared equally) |
| What is a named or specified peril policy? | Basic Form DP-1 |
| What does Form DP-1 state about additional living expenses? | It does not provide it under coverage D - it only provides fair rental value |
| What is added to the Standard Fire Policy to create DP-1? | Extended Coverage Endorsement |
| What is DP-2 Broad Form? | Named perils on both dwelling and contents |
| On the dwelling broad DP-2 building structures (coverages A and B) are written with coinsurance requirement of how much) (what percent)?? | 80% |
| On DP-2 broad form, Coverage B (other structures) is in addition to other what? | Coverage limits |
| DP-3 policy will provide same coverage as DP-2 if: | Personal property coverage are contents declared |
| Which DP policies provide coverage for trees, shrubs, plants, and lawns? | DP 2 and DP 3 |
| What is the dwelling property referring to when it states: “DP-2 (‘02)” ??? | Dwelling Property Broad Form policy and the ‘02 means when the ISO policy form that was introduced in 2002 |
| What does ISO mean? | Insurance Service Office |
| Basic Form losses are paid on what basis? | Actual Cash Value |
| DP-1 is also known as what? | Basic Form |
| DP-1 Basic Form covers what 3 names perils? | Fire, lightning, and internal explosion |
| DP-1 Basic Form OPTION 1 cover what named perils? And HOW are these additional perils covered? | Windstorm/hail, explosion, smoke, aircraft/vehicles, riot/civil commotion, volcanic eruption. It is covered by EXTENDED COVERAGE ENDORSEMENT by paying an additional premium |
| DP-2 Basic Form OPTION 2 covers what named perils? and HOW does it have coverage on these additional perils? | All the same as DP-1 Option ONE of WCSHAVER but now INCLUDES vandalism and malicious mischief. It is covered by EXTENDED COVERAGE ENDORSEMENT by paying additional premium. |
| What does WCSHAVER stand for? | Windstorm. Civil Commotion.Smoke. Hail. Aircraft/vehicles. Volcano. Explosion. Riot. |
| With BROAD FORM (DP-2) losses on are what type of basis? And with WHAT PERCENTAGE does insured need to have amount of coverage for the replacement cost? | Replacement cost basis and insured needs to have coverage of 80% of replacement cost. |
| Broad Form is also known as? | DP-2 |
| Broad Form (DP-2) covers what named perils? | Burglary, falling objects, artificially generated electricity, weight of ice, snow, or sleet, accidental discharge or overflow creating apart, cracking, burning or bulging AND freezing of plumbing |
| Broad Form had additional coverage of what three areas: | Trees, shrubs, lawn, and plants, glass breakage, and collapse (broad and special) |
| Under Broad Form (Additional Coverage) lawns, trees, shrubs, and plants are covered by how much $ amount and what percentage amount for the dwelling? | $500 each and maximum of 5% of dwelling |
| True or False? Under Broad Form (Additional Coverage), glass breakage will be covered only if is is part of the building. | TRUE |
| Under Broad Form (Additional Coverage) - Collapse (abroad and Special) will exclude what? | Settling, cracking, shrinkage, bulging, or expansion |
| For Broad Form - covered Perils, what does BB BICE from BB BICE GOLF mean? (GOLF will be on another card cause there wasn’t enough room on card) | Bursting of heating systems. Burglary damage. Breaking of water heaters. Ice, snow, or sleet weight. Collapse of building or part of a building. Electrical damage (artificially generated). |
| For Broad Form - covered Perils, what does GOLF from BB BICE GOLF mean? | Glass breakage. Objects falling from outside. Leakage of water or steam damage. Freezing of plumbing. |
| Which dwelling coverage form would pay replacement cost for the dwelling? | DP 2 and DP 3 pays replacement cost as long as the house is insured at least 80% of its value in the date of loss |
| On DP 3 the coverage provided for personal property is | The same as provided on DP 2 broad form |
| In a dwelling policy, which other structures would be covered? | Rented to a neighbor for use as a private garage |
| Under the dwelling policy, if an insurer chooses to repair to replace damaged or lost property, it must inform the insured within how many days of receiving proof of loss? | 30 |
| How much time would a dwelling policy pay loss of use to civil authority? | 2 weeks |
| Within how many years of a loss may an insured bring a lawsuit against an insurer according to the dwelling policy? | 2 |
| Which coverage would provide coverage loss of income when insured rental dwelling is rendered uninhabitable because of a covered loss? | Coverage D |
| How can broad theft coverage be added to a dwelling policy? | If the insured is owner occupant of the dwelling |
| Which property coverage would provide protection to contents damaged by fire? | Coverage C - personal property coverage for the contents of an insured dwelling |
| The removal coverage that is included in DP1 policy will cover property temporarily removed from the premises to protect it from damage for how long? | 30 days |
| All of the following are exclusions that apply in all 3 types of dwelling policies except, A - water damage B - earth movement C - fire or lightening D - government action | Fire or lightning |
| Under dwelling policy form, what is the maximum time limit during which multiple volcanic activities would be considered part of one occurrence? | 72 hours |
| If an insured is moving to a new location, his personal property coverage will be applied on pro rata at both locations for |
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