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24 Cards in this Set
- Front
- Back
- 3rd side (hint)
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Basis For All Fire Insurance Policies |
New York Standard 165-Line Fire Policy |
State you were born in |
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Fire Insurance is another name for? |
Property Insurance |
They are the same |
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Standard Policy never covers |
Theft of contents or any liability coverage |
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Four Parts of Dwelling Policy with Standard Coverage |
Declarations, Insuring Agreement, Conditions, Exclusions |
DICE |
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In the 4 parts of Dwelling Policy Declarations covers |
Name of insurer and insured, address of property, amount of coverage, premium, and policy period |
DICE |
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In the 4 parts of Dwelling Policy Insuring Agreement covers |
Consideration clause, effective/inception/expiration time, effective location, actual cash value limitation, company options, direct vs indirect losses, insurable interest, and perils covered or excluded. |
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Standard Fire Policy ACV is calculated at : |
1% per year but never more than 40% |
Never replacement costs |
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Standard Fire Policy Only Covers |
Direct Loss |
No Endorsements |
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Collateral Security Interest |
The protection given to the equity investment position taken by a lender |
A mortgagee on a policy |
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Standard Fire Policy is what kind of policy? |
Named Peril or Specified Peril Policy |
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Standard Fire Policy Only Covers 3 kinds of Peril. |
Fire, lightning, removal |
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Representations by the insured are also considered |
Warranties |
Line 1 (void) concelealing or misrepresenting |
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Standard Fire Policy on a dwelling structure can insure up to how many units? |
4 (four-plex) |
Or a commercial structure |
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How many dwelling property forms (endorsements) exist under standard fire property? |
3, DP-1 Basic, DP-2 Broad, DP-3 Special/All-Risk |
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Standard Fire Policy |
Standard 165-Line covering named perils of fire, lightning, and removal only |
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DP-1 Basic form |
Named Peril Policy that pays on acv for both structure and contents (if covered). Fire, lightning, removal only.
Written on an ACV basis only.
Extra premium bus extended coverage endorsement (ece - not optional) and vandalism or malicious mischief coverage VMM (optional).
All extensions payments reduce coverage A payments.
Covers some indirect losses when they result from a direct loss, such as rental value.
Vacancy restrictions are dropped except as specified in vmm
Dwelling need not be covered as yt? his form may be contents only, the insured may be a renter who wants personal property covered
Up to 10% of coverage may be applied to out buildings/other unattached structures/coverage B
Excludes motorized vehicles and pets
Includes members of insurers houselhold, guests, and servants
Does not include roomers
10% coverage c away from premises
20% of coverage A can be applied to the indirect loss of rental income, this is not in excess of policy limits. This may also be consequential loss and is considered a time element coverage. Does not cover loss due to law enforcement or ordinance regulating use, construction, repair or demolition of structures |
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DP-2 Broad Form |
Named Peril Policy that adds several perils. Some extensions are in addition to coverage a limit, while others reduce it. WHARVVES
Structures are covered for replacement cost, but the insured must be covered at 80% (co insurance)
Contents (if covered are acv)
Includes all DP-1 coverages
Out buildings/other structures are covered in excess of policy limit for up to 10% of limit/coverage A (coverage B)
Property loss resulting from law enforcement or ordinance regulating use, construction, demolition, remodeling, renovation or repair is covered up to 10% in excess of the the policy limit/coverage A.
Tenants suffering loss as a result of improvements, alterations, additions are covered at 10% of coverage C (10% of coverage A) in excess of policy limits (coverage A).
Covers glass so long as not vacant for 60+ days. This is within coverage A.
Coverage E exists on DP-2, is combined with fair rental value and together are covered in excess of policy limit for up to 20% of limit combined
Total landscaping coverage is covered up to 5% in addition to policy limit, but limited to 500.00 per item. However this is covered under named peril only, except wind.
Theft of plants not covered |
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DP-3 Special Form |
All-Risk policy (on structures coverage only), in which any thing not excluded is covered.
Theft coverage is added for items built into the structure, but not contents.
Liability is still not covered
Contents (if covered) are Named Perils and acv.
Effect of extensions of coverage on coverage A limit is the same as in DP-2
Includes all DP-1 and DP-2 coverages
Contains a list of named perils for contents (coverage c)
Inflation guard |
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Extended Coverage Endorsement - ECE |
Is always added to dwelling policy and is not optional
Adds other perils to policy
Costs extra
Perils included are WHARVES |
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WHARVES |
Additional perils covered by the ece added to a dp form Wind Hail Aircraft Riot and civil commotion Vehicles Volcanic Eruption Explosion (not steam blowers or pipes) Smoke (not from fire place) |
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Vandalism and Malicious Mischief |
Is not mandatory Is an added paid for endorsement Does not cover glass windows, pilferage, theft, burglary or larceny Vandalism coverage is waived if the structure has been vacant for a period in excess of 60 days unless under construction. |
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Coinsurance Equation needed to satisfy replacement costs requirements (80% of value) |
(What you did carry/what you should carry ) * loss or claim = amt insurance pays
Loss or claim - amt ins pays = ant you pay |
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DP-2 Additional Perils |
Burglar Damage to Structure Falling Objects Weight of ice, snow, sleet Water Leakage Explosion from steam or plumbing Freezing of plumbing Power surge Volcanic Eruption |
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Rescission |
Voiding a contract due to misrepresentation |
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