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Terms in this set (19)
a person who lives with someone else for an agreed upon price, usually for a considerable amount of time
the intentional act of concealing or altering an important fact that would have altered the basis of a decision by the other party
a risks or cause of loss specifically listed in a policy
Term used in property insurance to describe the breadth of coverage provided under an insurance policy form that insures against "any risk of loss" that is not specifically excluded.
the right for an insurer to legally pursue a third party for recovery of the amount paid to the insured
Includes bodily harm, sickness or disease, including required care, loss of services, and death that results from bodily injury.
H0-2 (broad form)
provides protection for losses from named perils
H0-3 (special form)
Provides protection for dwelling and other structures on an open peril basis and personal property is covered only for a broad peril
H0-4 (Contents broad form)
also referred to as tenant broad form, insures personal property for broad perils. Coverage may not be issued to an owner-occupant. The form may be written in for a tenant who resides in a rented dwelling, apartment, or mobile home, but doesn't need coverage on the dwelling itself.
H0-5 (comprehensive form)
covers both the dwelling and other structures on an open peril basis. It also covers personal property on an open peril basis, with the exception of landlord furnishings in an apartment that is rented. Land lord furnishing is limited to $2,500 limit and provided on a named peril basis.
H0-6 (condominium unit owners)
Expands coverage to include parts of the building, such as alterations and appliances that the insured is required to insure because of the condominium association agreement.
H0-8 (modified coverage form)
Is intended for use when replacement cost coverage is not practical. When the market value of the structure is considerably lower than the replacement cost, such as older homes, this form may be useful
Bankruptcy of an insured
Bankruptcy of the insured will not relieve the insurer of its obligations under the policy
Under Coverage C of a homeowners policy, the amount of insurance provided to cover personal property of the insured is
50% of the amount provided as coverage A
What coverage will respond if a claim is made against an insured for damages due to bodily injury or property damage caused by an occurrence
The limited fungi, wet or dry rot, or bacteria coverage endorsement applies to which type of losses
Property and liability
As an additional coverage, homeowners policies will pay up to (blank) of a loss assessment.
Which of the following endorsements is used to insure Coverage C for values beyond the limitations of the homeowners policy
Scheduled personal property endorsement
What will an H0 policy pay for and up to what amount?
An H0 policy will pay up to $2,500 for silverware by theft, $1,500 for boats, motors, trailers, $1,500 for loss of trailers not used with boats, but no more than $200 for coins
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