Key Facts 3 Word Scramble

Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.

Normal Size Small Size show me how

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

Created by: nusly