Chapter 23 terms
Exclusively owned and used by an individual unit owner.
What is Separate elements?
Rules by which the owners association operates.
What are Bylaws?
The homeowner
Who is the insured?
Contains the coverage deemed by insurance experts to be the most useful to persons who own the home in which they live.
What is a Homeowner Policy?
Covers personal property of the unit owner
What is the Condominium Policy?
Areas owned by all the unit owners.
What is Common elements?
The costs of maintaining the common elements; allocated among all unit owners.
What are Maintenance fees?
Provides broad-form coverage for personal property of renter.
What is the Tenant’s (renter’s) Policy?
If you own real estate, you take the risk that your property may be damaged due to fire, flood, wind or other catastrophe.
What is Property Damage?
Right to fee ownership of part of each year in perpetuity.
What is Fee simple?
Individual ownership of a space of air plus undivided ownership of the common elements.
What is a Condominium?
generally lower cost, generally low maintenance, location, amenities, ownership
What are condo living advantages?
The financial responsibility one has to “others” as a result of one’s actions or failure to take action.
What is Public liability/Personal liability?
Payment for insurance coverage from insured to insurer.
What is insurance premium?
Individually owned lots and houses with community ownership of common areas.
What is Planned unit development (PUD)?
A legal framework allowing unit owners to govern themselves.
What is Condominium Owners association?
close proximity to all, condo fees, board of directors, bylaws
What are condo living disadvantages?
Add-ons/inclusions to primary insurance policy to cover other risks.
What is an endorsement?
Policy pays replacement cost
What is New for old?
Policy pays only the depreciated cost
What is Old for old?
Filed and recorded list of regulations by which anyone owning a unit in the condominium must abide.
What are Covenants, Conditions, and restriction (CC&Rs)?
Land and building owned or leased by a cooperative to its shareholders.
What is a Proprietary lease?
An insurance policy that covers a large number of the named perils.
What is Broad form (HO-2)?
All perils, except those excluded in writing, are covered
What is All-risks policy?
Land and building owned or leased by a corporation that, in turn, leases space to its shareholders?
What is Cooperative?