Ch10 Property And Liability Insurance

Front 1

eight general exclusions that apply to all of the

standard ISO homeowners forms

Back 1

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

Front 2

What coverages are included in Section II of all homeowners forms

Back 2

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.

Front 3

HO 00 04:

Back 3

tenants (rented dwelling or apartment)

Front 4

HO 00 06

Back 4

condominiums (owners)

Front 5

HO 00 08

Back 5

used for older homes where replacement cost greatly exceeds market value

Front 6

How are losses settled under the HO 00 08 policy?

Back 6

losses are settled on an actual cash value basis.

Front 7

HO 00 02 vs. HO 00 03

Back 7

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

Front 8

HO 00 03 vs. HO 00 03 plus

HO 00 15 (and HO 00 05)

Back 8

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

Front 9

HO 00 04 vs. HO 00 06

Back 9

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

Front 10

What is covered under “Coverage A—Dwelling”

Back 10

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

Front 11

What types of structures are covered under “Coverage B—Other Structures

Back 11

structures separated from the dwelling by a clear space, including a detached garage, fences, patios, and swimming pools

Front 12

What coverage is provided under “Coverage C—Personal Property

Back 12

personal property owned or used by any insured while anywhere inthe world

Front 13

What are the nine classes of property excluded under Coverage C

Back 13

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

Front 14

Scheduled personal property endorsement

Back 14

Used when specific all-risk coverage is needed on

designated items such as jewelry, furs, silverware,

musical instruments, cameras, and stamp and

coin collections.

Front 15

What coverages are provided under loss-of-use coverage (Coverage D)

Back 15

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.

Front 16

three ways in which comprehensive personal liability (CPL) coverage can be acquired.

Back 16

as a separate comprehensive personal liability (CPL) policy



included as Section II of homeowners policy



may be added to monoline dwelling forms by endorsement

Front 17

four additional coverages provided with comprehensive liability coverage

Back 17

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

Front 18

liability insuring agreement of a CPL policy

Back 18

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

Front 19

liability exclusions applicable to a CPL policy

Back 19

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

Front 20

medical payments coverage under a CPL policy

Back 20

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

Front 21

purpose of title insurance

Back 21

designed to protect against losses resulting from a

defective title to land and improvements

Front 22

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

Back 22

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

Front 23

methods are available for purchasing inland marine coverage

Back 23

purchased as a separate floater contract or by endorsement to the homeowners forms.

Front 24

Pure no-fault plan

Back 24

injured parties are compensated by their insurers regardless of fault and may sue eachother

Front 25

Modified no-fault plan

Back 25

provides limited immunity

from tort action to the extent that the injured party

is indemnified under first-party coverage

Front 26

Expanded no-fault plan

Back 26

the addition of no-fault benefits to the insured’s liability policy without impairing the injured party’s right to sue the wrongdoer

Front 27

Uninsured Motorist

Back 27

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

Front 28

Define the term covered auto as used under the liability coverage of the PAP

Back 28

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

Front 29

medical payments insuring agreement of the PAP.

Back 29

will pay only those expenses incurred within three years of the date of accident

Front 30

Explain the physical damage insuring agreement of the PAP

Back 30

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

Front 31

exclusions under the physical damage coverage of the PAP.

Back 31

campers and trailers not listed in dec page

Front 32

What are the four parts of a business owner’s policy (BOP)?

Back 32

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

Front 33

What package policies are available for business firms?

Back 33

commercial package policy (the package policy under the ISOCommercial Portfolio Program)



the business owner’s policy (BOP)