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33 Cards in this Set
- Front
- Back
eight general exclusions that apply to all of the standard ISO homeowners forms |
ordinance of law: insurer is not liable for costs to bring up to code earth movement: earthquake water damage:exclude coverage for loss caused by flood,water backing up in sewers,water through basement walls pwer failure neglect war muclear hazard intentional loss
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What coverages are included in Section II of all homeowners forms |
Coverage E: comprehensive liability insurance Coverage F: medical payments to others, claim expenses,damage to property of others, first-aid expense, loss assessment coverage Return to question. |
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HO 00 04: |
tenants (rented dwelling or apartment) |
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HO 00 06 |
condominiums (owners) |
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HO 00 08 |
used for older homes where replacement cost greatly exceeds market value |
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How are losses settled under the HO 00 08 policy? |
losses are settled on an actual cash value basis. |
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HO 00 02 vs. HO 00 03 |
HO 00 02: broad form coverage on dwelling, other structures, and loss of use HO 00 03: open peril coverage on dwelling, other structures, and loss of use; thus offers coverage for more causes of loss |
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HO 00 03 vs. HO 00 03 plus HO 00 15 (and HO 00 05) |
HO 00 03: broad form coverage on personal property HO 00 03 plus HO 00 15 (and HO 00 05): open peril coverage on personal property |
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HO 00 04 vs. HO 00 06 |
HO 00 04: for renters; only personal property and loss of use coverage HO 00 06: for condominium owners; limited dwelling coverage in addition to personal property and loss of use coverage |
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What is covered under “Coverage A—Dwelling” |
structures attached to the dwelling materials and supplies located on or adjacent to premises that are intended for use in construction, alteration, or repair of the dwelling |
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What types of structures are covered under “Coverage B—Other Structures |
structures separated from the dwelling by a clear space, including a detached garage, fences, patios, and swimming pools |
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What coverage is provided under “Coverage C—Personal Property |
personal property owned or used by any insured while anywhere inthe world |
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What are the nine classes of property excluded under Coverage C |
articles separately described and specifically insured under homeowners or other insurance animals, birds, or fish motorized land vehicles (with exceptions) aircraft and their parts (except model or hobby aircraft) property of roomers, boarders, and other tenants not related to insured property rented or held for rental to others away from premises books of account, drawings, paper records, and EDP software media containing business data credit cards or fund transfer cards, except as provided under Additional Coverages
property contained in an apartment that is regularly rented or held for rental to others by the insured |
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Scheduled personal property endorsement |
Used when specific all-risk coverage is needed on designated items such as jewelry, furs, silverware, musical instruments, cameras, and stamp and coin collections. |
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What coverages are provided under loss-of-use coverage (Coverage D) |
Coverage D provides for the necessary increase in living expenses incurred by the insured to continue, as nearly as is practicable, the normal standard of living when the premises are rendered uninhabitable by an insured peril. |
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three ways in which comprehensive personal liability (CPL) coverage can be acquired. |
as a separate comprehensive personal liability (CPL) policy included as Section II of homeowners policy may be added to monoline dwelling forms by endorsement |
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four additional coverages provided with comprehensive liability coverage |
claims expenses: company promises to pay, in addition to the limit of liability, all expenses incurred in defense of any suit under the policy, interest on judgments, plus certain other legal costs first-aid expenses: company promises to pay expenses incurred by the insured for first aid related to bodily injury of guest
damage to property of others: pays for damage for which the insured feels a moral obligation, even in the absence of a legal one; coverage limit is low (e.g., $1,000) 4.loss assessment coverage: applies to assessments against the insured by a condominium association |
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liability insuring agreement of a CPL policy |
romises to pay sums the insured becomes legally obligated to pay promises defense reserves the company’s right to make an out-of-court settlement |
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liability exclusions applicable to a CPL policy |
intentional injury to another business and professional pursuits liability arising out of any premises owned or rented to any insured that is not an insured location negligent entrustment by an insured of a motor vehicle, boat, or aircraft war workers’ compensation nuclear exclusion communicable diseases |
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medical payments coverage under a CPL policy |
requires the insurer to pay all reasonable medical expenses (includes funeral expenses) incurred by persons injured while on premises with permission of any insured, or injured away from premises if injury results from activity of insured or member of insured’s family does not apply to the insured, family members, or anyone else regularly residing on premises except domestic servants |
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purpose of title insurance |
designed to protect against losses resulting from a defective title to land and improvements |
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What types of property are specifically excluded from coverage or have only limited coverage under the homeowners policy and, therefore, should be singled out for coverage under inland marine forms |
various types of recreational motor vehicles items on which coverage under the homeowners policy is limited (for example, boats and trailers over $1,000 in value; jewelry and furs over $1,000 in value) items requiring valued coverage, such as fine arts or antiques |
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methods are available for purchasing inland marine coverage |
purchased as a separate floater contract or by endorsement to the homeowners forms. |
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Pure no-fault plan |
injured parties are compensated by their insurers regardless of fault and may sue eachother |
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Modified no-fault plan |
provides limited immunity from tort action to the extent that the injured party is indemnified under first-party coverage |
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Expanded no-fault plan |
the addition of no-fault benefits to the insured’s liability policy without impairing the injured party’s right to sue the wrongdoer |
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Uninsured Motorist |
Provides coverage to protect insured and family for injuries resulting from being struck by an uninsured driver, a hit-and-run driver, or a driver whose insurance company has become insolvent |
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Define the term covered auto as used under the liability coverage of the PAP |
any vehicle requests insurance within 14 days including any trailer or and auto or trailer the policyowner does not own while used as temporary sub |
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medical payments insuring agreement of the PAP. |
will pay only those expenses incurred within three years of the date of accident |
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Explain the physical damage insuring agreement of the PAP |
coverage for damage to the insured’s auto provides collision and “other than by collision” (comprehensive) protection breakage of glass, loss caused by missiles, falling object, fire, theft, larceny, explosion,earthquake, windstorm, hail, water, flood, malicious mischief or vandalism, riot or civil commotion, or contact with a bird or animal |
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exclusions under the physical damage coverage of the PAP. |
campers and trailers not listed in dec page |
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What are the four parts of a business owner’s policy (BOP)? |
Part One—Business Owner’s Common Policy Conditions Part Two—Business Owner’s Property Coverage Part Three—Business Owner’s Causes of Loss and Exclusions
Part Four—Business Owner’s Liability Coverage |
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What package policies are available for business firms? |
commercial package policy (the package policy under the ISOCommercial Portfolio Program) the business owner’s policy (BOP) |