Arizona Independent Insurance Adjusters Exam
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| _______ ______is offered under what’s called the Dwelling Program. | show 🗑
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| show | Dwelling Insurance
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| A _____ ______is the most basic property insurance policy available. | show 🗑
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| show | property-only
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| show | owner-occupied
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| show | - single family homes • 1-4 family dwellings (including duplexes, 4-plexes, etc. • dwellings under construction • max 5 boarders are allowed in a DP-insured dwelling • permanently installed mobile homes are OK • incidental business risks only
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| Dwelling policies can be held by ______, but also by entities such as corporations, partnerships, etc. | show 🗑
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| Homeowners insurance, on the other hand, requires that the insured must be a ______ _____. | show 🗑
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| show | Farm properties
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| Properties that would require a dwelling policy because they do not qualify for a homeowner’s policy are: | show 🗑
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| show | DP-1 Basic form (cheapest and least coverage) • DP-2 Broad Form • DP-3 Special Form (most expensive and broadest coverage)
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| This policy provides very basic coverage for direct physical loss. It’s a “named peril” policy, and only covers loss by one of three perils: fire, lightning and internal explosion. | show 🗑
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| show | named peril
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| DP-1 covers: | show 🗑
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| show | Vandalism and Malicious Mischief (VMM) covers only intentional acts, does not include losses caused by burglary or theft, and does not cover “vacant” houses.
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| ______means houses that have no contents or permanent residents for 60 days. | show 🗑
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| Internal Explosion loss does not include: | show 🗑
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| Many insureds who hold a DP-1 policy add two endorsements at an additional cost;________ and _______ | show 🗑
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| Extended Coverage adds the following perils: | show 🗑
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| WC SHAVVER | show 🗑
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| The ____ ______is very similar to the DP-1; it just covers more perils. | show 🗑
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| show | DP-2
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| show | no coverage
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| Under a DP-2 extended coverage ensuing earthquake is ____ ____(an earthquake endorsement would be needed for damaged caused by earth movement by volcanic eruption) • multiple eruptions within 72 hours are considered “one eruption” for claim purposes | show 🗑
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| The DP-2 also covers: | show 🗑
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| Gives “open perils” coverage for the dwelling and all structures on the property. | show 🗑
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| show | named peril
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| The dwelling policy is made up of the following sections: | show 🗑
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| show | Coverage A- Dwelling
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| show | A/C compressor
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| show | Coverage B (“Other Structures”)
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| There is only __% of the dwelling coverage allotted to Other Structures. For example, if the insured has a Dwelling Policy with $100,000 coverage for the dwelling, there is only $10,000 coverage for any/all losses to Other Structures (per claim). | show 🗑
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| Under the DP-2 and DP-3, this 10% is in addition to the Dwelling limit of liability. Under the DP-1, the 10% is ______ in the dwelling limit of liability. | show 🗑
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| show | Coverage C – Personal Property (also called “Contents”)
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| Property coverage under a dwelling policy is based on _____ _____ _____, not replacement cost. | show 🗑
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| show | Insured
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| show | rowboats and canoes
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| Coverage A, B and C (above) are examples of “___ ____”. ___ ____is physical loss to tangible property. | show 🗑
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| show | indirect loss
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| show | Coverage D- Fair Rental Value
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| show | Two Weeks
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| This coverage pays for additional living expenses incurred by the insured (not the tenant). | show 🗑
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| show | Debris Removal
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| show | Reasonable Repairs
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| show | Ordinance or Law
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| show | DP-1
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| pays up to $500 if the fire department is called to protect property from a peril insured against. | show 🗑
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| the value of damaged trees, shrubs and plants are covered up to a maximum of 5% of Coverage A, and a maximum of $500 for any one tree, shrub or plant, when damaged by a covered peril.windstorm and hail loss to trees, shrubs, etc. is not covered | show 🗑
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| show | Improvements, alterations and Additions
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| show | General exclusions under the dwelling program
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| The ___ _____lays out some very important details, such as the duties of the insured and the insurer after a loss, how losses are settled, how mortgage companies factor into a loss settlement, etc. | show 🗑
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| show | Insurable interest
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| show | Other insurance
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| The insurance company is only obligated to pay on a claim if the insured “follows the rules” after a loss. The conditions section lays out exactly what these “rules” – more precisely duties - are. | show 🗑
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| important duties of the insured after a loss: | show 🗑
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| show | 60
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| show | Liberalization Clause
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| show | Concealment, Fraud or Misrepresentation
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| show | Replacement Cost
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| the insurance company will only pay the Actual Cash Value of the loss until they receive _____ that the repairs have been completed. | show 🗑
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| This endorsement gives the same coverage as the Liability portion of a homeowners' policy. Note – this can be added as an endorsement, or purchased as a “stand-alone” policy. | show 🗑
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| show | Theft Endorsement
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| show | a) Limited Theft Coverage – covers property stolen from the insured premises
b) Broad Theft Coverage – covers for property that’s stolen either on or off the
premises
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| ___ ___ ___covers a dwelling or building under Coverage A while it’s being built. Insured must advise the insurer when construction is complete for an adjustment of premium. Occupancy is permitted for 30 days after completion. | show 🗑
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| for an additional premium, this endorsement annually increases coverage A by 4%, 6% or 8%. | show 🗑
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| show | Recovered Property
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| show | Coverage B
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| A windstorm causes damage on a property covered by a DP-2 form. There is downed fencing, some furniture in the dwelling is water stained, and a cloth awning is blown away. What, if anything, is covered? | show 🗑
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| Richard Ramsey's house is covered under a DP-1 policy with a $100,000 Coverage A limit of liability. A fire destroys the dwelling and a $30,000 detached mother-in-law building. How much can Mr. Ramsey recover from the insurance company? | show 🗑
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| show | $0
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| A detached garage would be considered: | show 🗑
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| Which type of Personal Property IS covered under Coverage C -- Personal Property? | show 🗑
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| show | $0
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ajramirez1969
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