Dwelling
True or False:
Dwelling and Homeowners both have autiomatic coverage for Liability and Theft of Personal Property.
What is...
False: Dwelling does not automatically cover liability or theft of personal property.
This policy is for the owner/occupant of a one-to-four family home; therefore, the named insured must own the home and also live in the home or in one of its units
What is...
HO-2 Broad Form
Page 89
A condition that states the insurer will not provide coverage for the benefit of any person or organization holding, storing, or transporting property for a fee
What is...
No Benefit to Bailee
The ______ Limit is the most the policy will pay for the sum of all claims during the policy year for all coverages
What is...
The General Aggregate Limit
These are 3 types of Insurable Interest...
What is...
Financial
Blood
Business
Page 43
This endorsement increases the Coverage A and Coverage B limits yearly to keep up with inflation. For example, the limits could be increased by 2% or 4% each year to keep up with rising construction costs.
What is...
Automatic Increase in Insurance
Page 85
This condition is applicable when the insurer makes a change to the policy, effective during the policy period, that broadens coverage of the policy without charging an additional premium
What is...
Liberalization Clause
Page 103
This coverage pays if the insured or the insured's passengers are injured by an at-fault driver that does have liability insurance required by law--but not enough to pay for the insured's or the insured's passenger's injuries
What is...
Underinsured Motorist (UIM)
Page 94
This is an insurance policy that covers property that is movable and does not normally stay at one location
What is...
A floater
Page 125
This method adjusts premiums based on past experience...
What is...
Retrospective rating
Page 46
To qualify for coverage under a Dwelling policy, a property must:
What is...
· not contain more than four (4) family units;
· not have more than five (5) roomers or boarders in total; and
· not be used or designed for farm purposes.
A home with a small incidental business (e.g. photographer, musician, landscaper, realtor, etc.) can qualify for a Dwelling policy if there are no more than two (2) employees.
Under Section II – Liability This pays (a) expenses the insurer incurs and costs taxed against an insured in any suit the insurer defends
What is...
Claims Expenses
Page 96
This garage coverage form covers liability for Bodily Injury and Property Damage arising out of the insured’s business operations
What is...
Garage Liability
Page 106
This endorsement covers losses that result from the enforcement of ordinances or laws that do not allow the insured to rebuild or repair a building to the same condition it was in before the damage occurred.
What is...
Ordinance or Law
Page 120
This is the three types of liability....
What is....
Absolute liability
Strict liability
Vicarious liability
Page 47
There are 5 property coverages in a Dwelling Policy. Coverages A-E. What are they? Think DOPFA.
What is....
Dwelling
Other Structures
Personal Property
Fair Rental Value
Additional Living Expense
Page 81
This endorsement provides business personal property and liability coverage for an incidental business the insured operates at the insured's home; liability coverage is limited to third-party injuries and damages that occur at the insured's home.
What is...
Permitted Incidental Occupancies
Page 93
This endorsement adds liability coverage for vehicles the insured drives but does not own--and are available for regular use of the insured. For example, if the insured drives a company car furnished by his or her employer, this endorsement pays if the insured is negligent for causing injury or damage to someone else (a third party)
What is...
Extended Non-Owned Coverage
Page 104
This exposure covers bodily injury or property damage that results from the insured’s business operations while the insured is working away from the location(s) that the insured owns or regularly uses for business
What is...
Operations Exposure
What are split limits liability coverages? For example 25/50/15.
What is...
BIL Per person
BIL per accident
PDL per accident
Page 51
The extended coverage (EC) perils can be added by purchasing an endorsement
What is...
(WHAVVERS)
Wind,
Hail,
Aircraft
Vehicles
Volcanic
Eruption
Explosion
Riot
Smoke
This is coverage for money, gold, silver, platinum, coins, and medals
What is...
Personal Property Special Limits
Page 94
This type of Physical Damage pays for damage caused by any cause of loss except: the over-turn of a covered auto or its impact with another vehicle or a stationary object (unless otherwise excluded)
What is...
Comprehensive (Other than Collision)?
Page 109
This commercial liability coverage form pays if the insured is held responsible for hiring a contractor that is negligent for causing injury or damage to a third party
What is...
Owners and Contractors Protective (OCP) Liability?
Page 135
This is the total amount of insurance for a policy period. Typically this is used on Commercial General Liability Policies.
What is....
Aggregate Limit