Dwelling Property Forms Flashcards

1
Q

Name eligible dwellings

A
1 - 1-4 family homes
2- rented to others
3 - owned by a corp or partnership
4 - Low valued
5 - Mobile homes
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2
Q

What is the standard deductible for a dwelling policy?

A

$500

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3
Q

What is included on a dwelling dec page?

A
  • deductible
  • rating info
  • coverage forms (perils)
  • mandatory and optional endorsements
  • location
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4
Q

DP1

A

Dwelling Property Basic Form

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5
Q

Coverage A

A

Dwelling: including permanently installed building equipment and outdoor equipment to service the property

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6
Q

Coverage B

A

Other Structures: DETACHED; excluding commercial use

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7
Q

Coverage C

A

Personal property or contents; belonging to insured, family members, guest or servant

tenants and boarders are not covered

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8
Q

Coverage D

A

Fair Rental Value; rental monies which insured is entitled due to covered loss until property is restored

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9
Q

What coverage is not automatic under a DP1?

A

Coverage E is not automatic, it may be selected if desired as additional coverage

Coverage E IS automatic under DP2 and DP3

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10
Q

Other coverages means

A

Clarification of coverage

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11
Q

Other coverages on DP1

A

R: Rental value 20% of A
I: Improvement, alterations, additions applies only if insured does not own premises - 10% of C
O: Other structures - 10% of A not used in business
T: Temporary location when covered - property is removed to save from covered perils - 5 days
R: Repairs to protect from further damage
O: Off premises personal property - 10% of C worldwide excludes boats
D: Debris removal, cost of after a covered loss

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12
Q

DP1 named perils

A

Fire, Lightning, plus internal explosion (referred to as fire)

Add FLORIDA mandatory Endorsement: CGCC Catastrophic Ground Cover Collapse

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13
Q

Extended coverages may be purchased for a DP1. Name them

A

WHARVES & vmm

W: Windstorm
H: Hail
A: Aircraft
R: Riot or civil commotion (not war)
V: Vehicles, 72hrs after Volcanic Eruption
E: Explosion
S: Smoke excluding fireplaces

VMM: Vandalism or Malicious Mischief

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14
Q

What is excluded under a DP1?

A

W: water damage by flood, sewers, or underground seepage
O: ordinance or laws where enforcement causes increases in construction cost
P: power interruption damage if power source is away from premises
E: earth movement other than CGCC
R: rebellion, revolution, insurrections, war, govt action

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15
Q

DP2

A

Dwelling Property Broad Form

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16
Q

What changes from a DP1 to a DP2?

A

Coverages A thru D are almost the same as a DP1 but now Add coverage E which may be added to a DP1 by endorsement

Min limits for cov a - $12,000

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17
Q

Coverage E

A

Additional Living Expense - to maintain normal living standard while dwelling is being repaired

18
Q

DP2 named perils

A

Fire, Lightning, and WHARVES
Add FLORIDA mandatory Endorsement: CGCC
VMM built into DP2

19
Q

Vacancy

A

60 consecutive days

20
Q

DP2 Additional Perils (not in DP1)

A

C: collapse caused by certain perils
A: accidental discharge or water/steam from household appliances such as ac, plumbing, heating
P: pipe damage from freezing of all plumbing systems

B: burglar damage to premesis
O: objects falling - excludes tv antenna, awnings, fences
B: Breakage of glass
B: bulging steam or hot water heating&plumbing systms
I: weight of ice, snow or sleet
E: electrical damage from artificially generated electrical current

21
Q

DP2 Other Coverages

A

R: Rental value & additional living expenses - 20% of A
I: Improvement, alterations, additions applies only if insured does not own premises - 10% of C
O: Other structures - 10% of A not used in business
T: Temporary location when covered - property is removed to save from covered perils - 30 days
R: Repairs to protect from further damage
O: Off premises personal property - 10% of C worldwide excludes boats
D: Debris removal
S: Shrubs, trees, plants - max 5%of A, $500 max on each - are covered for FLAREV perils

22
Q

FLAREV`

A
Fire
Lightning
Aircraft
Riot
Explosion
Vandalism
23
Q

Settlement under DP2

A

replacement cost - cov a & b only - pays new for old if property insured for 80% or replacement cost (must notify company within 180 days of intent to replace) if not repaired in a reasonable time, ACV is paid

24
Q

Which dwelling policy is the CGCC mandatory endorsement added to?

A

DP1, DP2, AND DP3

25
Q

Building Ordinance

A

automatic on DP2&3 for building owner - 10% of A, for non-owner - 10% of B, for tenant - 10% of improvement limit applies

DP1 may get this through endorsement

26
Q

DP3`

A

Dwelling Property Special Form

27
Q

What is different between a DP2 and DP3?

A

open perils unless excluded

replacement cost on A&B is same as DP2

28
Q

DP3 Exclusions

A

WOPER & WISER
Water damage Wear&tear
Ordinance or laws Insect, animal
Power interruption Smog,mold,rot
Earth movement Expansion/settling
Rebellion, revolution Rust&deterioration

29
Q

Examples of covered losses under DP3 NOT covered under DP2

A
  • interior damage to dwelling from wind/rain w/o exterior damage
  • theft of integral part of the building
30
Q

Florida Law: Windstorm coverages

A

must be provided under all residential property policies except when eligible for wind-only coverage from citizens. insured has option to exclude wind if in insured own handwriting and signs his/her name, which also must be signed by every other NI on the policy AND written statement from mtg indicating approval of electing to exclude windstorm/ hurricane covg

31
Q

DP3 Endorsements

A
Broad form theft
Limited theft
CGCC
Sinkhole
Building Ordinance
Automatic inc in ins
Cover personal property associated with business 
personal liability coverage form
32
Q

Broad form theft endorsement

A

owner occupied - on/off premises - internal limits $200 money; $1500 trailer,jewelry, watercraft; $2500 firearms&silverware

33
Q

Limited theft endorsement

A

Non-owner occupied - on premises only internal limits $1500 trailers, watercraft $2500 firearms

34
Q

Catastrophic Ground Cover Collapse: CGCC

A

Added to all dwelling forms; includes geological activity resulting in:
ABRUPT collapse of ground cover
A DEPRESSION in ground visible to naked eye
STRUCTURAL DAMAGE to building, include foundation
CONDEMNED/ ORDER TO VACATE by govt

Cost to fill the collapse not covered

35
Q

Sinkhole coverage endorsement

A

optional, policy can be issued without sinkhole covg bc CGCC has limited covg

36
Q

Building Ordinance endorsement

A

optional increase of the 10% automatically included by Florida law up to 25-50%

  1. Value of undamaged portion of building to be demolished bc of ordinance or code
  2. Cost to demolish
  3. Increased cost to rebuild back to code
37
Q

Automatic increase in insurance

A

annual % increase 4% or higher on A&B prorated throughout the policy

38
Q

Is there liability coverage under dwelling?

A

NO; but it can be bought and added on

39
Q

Dwelling Cancellation under 90 days

A

Material Misrep - 0 days
Failure to comply - 0 days
Other reasons - 20 days

40
Q

Dwelling Cancellation over 90 days

A
Material Misrep - 120 days written
Failure to comply - 120 days written
Substantial Risk Change - 120 days written
Cancel Class of Risk - 120 days written
Non-renewal - 120 days written
41
Q

How many days notice for nonpayment of premium?

A

10 days written notice

42
Q

How many days notice for renewal?

A

45 days written of renewal premium