Insurance License

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247 Cards. Created by Lauren La Porte ().
 
Term  
Definition

Name the 4 exceptions that are not eligible for a dwelling policy

Homeowners Rental Residencies Seasonal Dwellings A home that is of high risk

Dwelling at any stage of construction can be _ or __.

Vacant Owner/tenant occupied

A dwelling can not have more than __ boarders

5

Mobile homes are eligible on a dwelling policy, but need a and __

Tie-down certificate Permanent Foundation

A dwelling policy is NOT for _____ property

Farm

A small business is allowed on property for a dwelling policy but can not have more than __ people working.

2

Coverage for a dwelling policy is available on private _________.

Outbuildings

What are the 3 coverage forms available?

Basic Broad Special

The basic form insures:

fire, lighting, removal, explosion

The broad form insures:

Losses are covered on replacement cost basis. Only if the insured maintains coverage equal to 80% of the replacement cost.

The special form insures:

Everything is covered, unless excluded. This is made possible by and open peril form

What is excluded on a special form?

-Animals, insects, birds and vermin -Gradual/expected loss -Theft of property not part of the building. Or while under construction -Weather damage -Acts/decisions/failure to act -Faulty design/materials

What's the difference between special and broad?

Special includes coverage for: -theft of part of the dwelling -accidental discharge/overflow of water -falling objects (fence)

If the building is vacant more than ___ days then V&MM is NOT covered.

60

Other additional coverage's in broad and special forms include:

Lawns, trees, shrubs and plants Breakage of glass

Lawns, trees, shrubs and plants- Coverage up to $_____

500

Coverage A:

Dwelling

Coverage B:

Other structures

Coverage C:

Personal property

Coverage D:

Fair rental value