P & C Exam Prep: Homeowners & Dwelling Policies
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| Condominium | A type of dwelling. The individual owns their own living space (unit) within a building.
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| Dwelling | In common use, refers to the place you live. (single family or two family house)
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| 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.
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| 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)
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| Broad Theft | An endorsement to a DP89 policy providing theft coverage on and off premises for owner occupied dwellings.
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| Business | Any trade, profession or occupation. This could be anything with a profit motive including working for a salary for someone else.
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| Credit Card, Forgery | pays up to $500 in case credit cards are stolen, no deductible
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| DP89 | Dwelling Policy Program last revised in 1989.
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| Fire Department Service Charge | pays up to $500 for service call to fire dept
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| HO 2000 | The homeowners program from ISO in use in most states.
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| HO2 | Broad form, named peril (broad form) on coverage A, B, and C
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| HO3 | Special Form, open peril on Coverage A & B, Named peril on Coverage C
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| HO4 | Contents Broad form, Insures Tenants
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| HO5 | Comprehensive Form, Open peril coverage for dwelling, other structures, and personal property
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| HO6 | Unit
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| HO8 | Modified Coverage Form, named peril coverage & losses settled on ACV basis
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| Insured | Named insured, resident relatives, other persons under 21 in care of insured, full
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| Limited Theft | An endorsement to a DP89 policy providing theft coverage for on premises only for tenants occupying a dwelling.
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| Loss Assessment | $1000 limit for unit owner in case they are assessed by their association
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| Loss of Use | Coverage D
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| Medical Payments | Coverage F
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| 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.
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| Other Structures | Coverage B
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| Package Protection | Homeowners policy provides this
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| Personal Liability | Coverage E
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| Personal Property | Coverage C
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| 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..
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| Residence Premises | The dwelling where you live that is shown on the declarations page.
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| Special Form | A DP89 policy providing open perils coverage for Coverage A & B and broad form perils for Coverage C.
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| 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.
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| Special Limits of Liability | On coverage C
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| SPPE | Scheduled Personal Property Endorsement
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| 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
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| 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
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