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Exam FX Flash cards Part 3 Dwelling policy
Terms in this set (25)
What are some exclusions found in all 3 dwelling forms?
Earth movement, water damage, power failure, neglect, war, nuclear hazards, intentional loss, freezing o plumbing, ordinance or law and government action
If an insured is in the process of moving to a new location, his personal property coverage under the dwelling policy will apply on a pro rata basis at both location for how long?
Replacement cost coverage is provided in both broad and special form dwelling policies when the amount of insurance on the dwelling is what percentage?
at least 80% of the replacement cost
Under coverage C - personal property in the dwelling policy, when will a gunest property be covered?
Only when the property is at the insured location
What are extended covered perils on a basic dwelling policy?
Windstorm or hail, explosion, smoke, aircraft and vehicles, riot or civil commotion, volcanic eruption, and vandalism and malicious michief
A gas stove in the dwelling is an example of which names peril?
When will damage to the interior of the building be covered under the falling objects peril in the broad form of the dwelling policy?
Only if the interior damage is a direct result of exterior damage from a falling object
If a volcanic eruption happen within 48 hours, and each contributes to property damage, how many deductibles will apply in the dwelling policy?
1 deductible (all instances of a volcanic eruption that occur within a 72 hour period are considered 1 occurance)
What are the 5 coverages of a dwelling policies?
1 Coverage A - Dwelling
2 Coverage B- Other Structures
3 Coverage C - Personal property
4 Coverage D fair rental value
5 Coverage E - Additional living expenses
Which dwelling form is called the broad form?
What do dwelling policies insure?
Dwelling only, contents only, or both dwelling and contents
Which dwelling coverage form(s) will pay for the replacement cost of a dwelling?
DP-2 (Broad) and DP-3 (Special)
An insured's house becomes uninhabitable due to damage by a fire. As a result, the insured has to rent an apartment until repairs are made. Which type of coverage under the dwelling policy will pay for the expense of renting the apartment?
Coverage E - Additional living expenses
Which dwelling policy coverage will provide protection for contents damaged by fire in an insured dwelling?
Coverage C- Personal Property
DP-3 (Special) is an open-peril form. What does that mean?
All perils are insured unless specifically excluded
What is the maximum number of units in a residential dwelling insurable by a dwelling policy?
Up to 4 units
Under what conditions can broad theft be added to a dwelling policy?
If the insured is the owner-occupant of the dwelling
Which dwelling form provides open peril coverage on the building?
A basic dwelling policy automatically provides coverage against what?
Fire, lightning and internal explosion
Which of the 3 DP forms provides the most limited coverage?
Which dwelling policy coverage will insure a garage not attached to the primary insured dwelling?
Coverage B - Other structures
In dwelling policies, with how many years of a loss may an insured bring a lawsuit against the insurer?
In dwelling policies, any volcanic activity will be considered part of one occurrence if it all happens within how many hours?
What are the 3 types of coverages available in dwelling policies?
Basic, Broad and Special
In dwelling policies, what is the purpose of the automatic increase in insurance endorsements that increases the amount of insurance by an anual percentage
To offset the effects of inflation
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