Dwelling
Name the three types of policies in dwelling.
DP-1, DP-2, DP-3
What is the valuation method for your contents in an unendrosed homeowners policy.
ACV
What is the Loss valuation method for boat?
ACV
If I break into a home and I take an item from inside a premise this is called what type of theft?
Burglary
This classification has to do when you damage someone else property.
Property Damage
What is coverage D in a dwelling policy.
Loss of fair rental value
What are the sublimits for Guns, jewelry and a passport.
Gun~ 2,500 Jewelry~1500 passport~1,500
What is the time limit for one occurrence in an earthquake policy.
72hrs
What are the three limit types?
Specific, scheduled, blanket
What are the 4 things we need to establish negligence?
Duty, Breach of Duty, Damage, Proximate Cause
What is Coverage E in a dwelling policy.
Additional living expenses
What is Coverage E in homeowners called and what is the most it will pay in one occurrence.
Personal liability (100k per occurrence)
Alex causes a multicar pile up after an accident his auto insurance has a splits limit of 25/50/15. His umbrella policy has a 1M limit and an SIR of 250 if the damages to the cars were worth up to 13k what is the amount the auto policy will pay and how much will the umbrella pay?
13k underlying policy will pay everything it doesn't go above the limit.
Explain to me what an Agreed value valuation method is and what is required?
High value item where company and customer decide on value (appraisal is needed)
Explain to me what Strict, Absolute, and vicarious liability are.
Strict~ manufacturing Absolute~ animals vicarious~ responsibility of children and employees
Name two additional coverages for DP-2&3 only.
Trees, shrubs, and other plants, ordinance of law, collapse, glass or safety glazing.
What is Coverage F in homeowners called and what is the most it will pay in one occurrence.
Medical payment to others (1000k)
What is the deductible for personal property and the building (real property)
$1000
This clause states the lienholder or creditor with financial interest will get paid out before the insured in the event of a total loss.
Loss payable clause
This limit is the most a policy will pay for a whole loss with injuries and property combined.
Combined single limit
Under coverage C in dwelling(contents) Watercrafts are excluded besides two what would they be?
Rowboat and canoe
What are the sublimits for watercrafts in section 1&2 for homeowners.
section 1~ $1,5000 section 2~ 25hp outboard 50hp inboard 26ft sailboats
Name me the 4 types of scheduled article floater
Personal Effects floater, camera floater, fine art floater, personal jewelry floater
D's house is insured for $90,000 and it cost $200,000 to rebuild. what is the minimum amount D should insure the house for to avoid any penalties?
$160,000
This type of classifications can only be covered under an umbrella policy.
Personal Injury