Adjuster Pro - Indiana - Chapter 3 Personal Lines Correctly Answered Questions Graded A+
0 view 0 purchase
Course
Adjuster Pro - Indiana - Chapter 3 Personal Lines
Institution
Adjuster Pro - Indiana - Chapter 3 Personal Lines
Adjuster Pro - Indiana - Chapter 3 Personal Lines
Standard Fire Policy - Answer-basic foundation of all homeowner's and commercial policies
ACV
Named peril policy that only covered fire and lightning
first used in 1918 in NY
Line of Coverage - Answer-A particular risk or group of risks cov...
Adjuster Pro - Indiana - Chapter 3
Personal Lines
Standard Fire Policy - Answer-basic foundation of all homeowner's and commercial policies
ACV
Named peril policy that only covered fire and lightning
first used in 1918 in NY
Line of Coverage - Answer-A particular risk or group of risks covered by an insurance policy
Monoline Policy - Answer-an insurance policy that covers only one risk or type of risk
Personal lines - Answer-for possessions intended for personal use
commercial lines - Answer-for possessions intended for business or corporate use
Homeowners Insurance - Answer-bundles property and liability insurance into one 'package' policy
Property coverage - Answer-covers physical losses to the home and associated structures
liability coverage - Answer-covers losses experienced by a third party, for which the policyholder is liable
Buildings that qualify for HO: - Answer-residential dwellings with up to 4 families (if at least one unit is
occupied by the owner)
dwellings used exclusively for residential purposes
mobile homes
buildings under construction
HO-2 (broad form) - Answer-Named peril policy
cheap but provides more coverage than HO-8
Insures against all 17 broad form perils
Covers the insured's house and personal property
Named HO policies - Answer-HO-2, HO-4, HO-6 and HO-8
Open HO policies - Answer-HO-3 and HO-5
HO-3 (special form) - Answer-the most common
broader coverage for the insured buildings than there is for personal property
Open peril for dwelling and other structures and named peril for personal property
HO-4 (contents broad form) - Answer-Named peril
contents only for renters
insures against all broad form perils
only covers personal property, not other structures because renter has no insurable interest
HO-5 Comprehensive Form - Answer-Best coverage 'high end'
essentially the same as HO-3 except it is Open peril for all structures and personal property
HO-6 Condominium Form - Answer-Named
For condo owners
Unit owners form
,Covers the owner's belongings, not the overall building
Broad form perils covered
Broad Form Endorsement - Answer-Added more coverage
Vandalism, theft, malicious mischief, breakage of glass in a building, storm door, or window, falling
objects, weight of ice snow or sleet, collapse, damage from a steam or hot water system, accidental
discharge or overflow of water or steam, freezing of plumbing, heating, air conditioning systems or
domestic appliances, sudden and accidental damage from artificially generated electrical current, and
volcano
Section 1 of HO Policies - Answer-Coverage A - Dwelling
Coverage B - Other Structures
Coverage C - Personal Property
Coverage D - Loss of Use
Additional Property Coverages
Exclusions
Conditions
Section 2 of HO Policies - Answer-Coverage E - Personal Liability
Coverage F - Medical Payments
Additional Liability Coverages
Residence Premises - Answer-a) The dwelling listed on the dec page
b) Other buildings, grounds where insured lives
c) Building bought for use as a dwelling
d) Any premises used in connection with the above
e) Any premises the insured rents regularly but does not own
f) Vacant land, except farm land
g) Land the insured owns or rents in order to build a one-to-four-unit residence
h) Cemetery plots
i) Premises the insured occasionally rents, unless for business purposes
Property covered in Coverage A - Dwelling - Answer-a) Dwelling
b) Structures attached to dwelling
c) Materials located in or near the residence premises used to construct, alter, or repair dwelling and
other structures on property
d) Items that service the dwelling
e) Under HO-6: alterations, appliances, fixtures, and improvements that are part of building contained
within residence
Does cover:
a) Structures rented to an insured or tenant of the primary dwelling
Garages rented as private garages
limit for Coverage B - Other Structures - Answer-10% of coverage A
pays in addition to the limit for coverage A
Property covered in Coverage B - Other Structures - Answer-Designed for detached structures, including:
a) Garages (detached)
b) Gazebos
c) Fences
, d) Mailboxes
e) Lampposts
Sheds
Coverage B: Other Structures does not cover: - Answer-a) Detached structures wholly rented out
b) Structures held for rental
Detached structures used for business
Coverage C Personal Property Covers - Answer-all property that does not qualify as real property
anywhere in the world
things not attached to the real estate
Real Property - Answer-buildings
elements attached to buildings
building materials on the premises
Coverage C limits - Answer-property usually situated at the residence premises: full coverage
property usually situated somewhere other than the residence premises: 10% of coverage C limit or $1k,
whichever is greater
Special Limits for Coverage C - Answer-a) $200: coins and money
b) $1,500: securities, accounts, deeds, letters of credit, manuscripts, personal records, passports, tickets
and stamps
c) $1,500: theft of jewelry, watches, precious stones
d) $2,500: theft of firearms
e) $2,500: theft of silver, gold, and platinum
f) $1,500: boats and their trailers, furnishings, equipment, and engines
g) $1,500: other types of trailers
h) $2,500: personal property used for a business
i) $1,500: personal property used for a business when away from the residence
j) $1,500: portable electronics and accessories that are in a vehicle
k) $250: antennas, tapes, wires, records, disks and other media while in a vehicle
Exclusions to Coverage C - Answer-a) Pets
b) Motor vehicles
c) Aircraft and hovercraft
d) Property of a renter or boarder
e) Personal property the insured is renting out
f) Credit cards
g) Value of water or steam (such as from a heating system)
Mysterious disappearance excluded in some policies (something going missing, not knowing if it was
stolen or if you misplaced it)
Coverage D: Loss of Use covers - Answer-indirect losses that result from direct losses
Requirements for ALE - Answer-Dwelling must be uninhabitable
damage must have been caused by a covered peril
only covers costs that exceed the insured's normal living expenses
Fair Rental Value - Answer-Indemnifies insured for lost rent if a tenant has to move out due to covered
damages
only pays net loss
coverage does not include losses due to cancelled lease or agreement
only pays up until the unit is repaired, not until the insured finds a new tenant
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller Gurustudy. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $22.31. You're not tied to anything after your purchase.
