DC Property Insurance

  1. What is a Dwelling Policy used to insure?
    Dwelling Only, Contents Only or Both
  2. What are extended covered Perils?
    Windstorm or Hail, Explosion, Smoke, Aircraft, Vehicles, Riot or Civil Commotion or Volcanic Eruption. W.H.A.R.V.E.S.
  3. What is covered in Burglary Damage?
    Damage to any covered property, No coverage for property taken (theft), there is no coverage for property that has been vacant for more than 60 days.
  4. What perils are insured against in a special form policy?
    All perils unless specifically excluded.
  5. What is the term used for the dollar amount limit of liability applying to the total of damages for bodily injury and property damage combined resulting from one accident or occurrence.
    Combined Single.
  6. What would not be consideration on the part of an insured?
    Promise to submit timely claims.
  7. Insurance is the transfer of?
  8. When does acceptance usually occur in forming an insurance contract?
    When an insurer approves a prepaid application.
  9. Under a BOP policy, what coverage extension can be purchased regarding property outside?
    Outdoor Property.
  10. What coverage is not included in the basic form dwelling policy?
    Additional Living expenses.
  11. A self contained prepackaged policy is the definition of what policy?
    A Business Owners Policy.
  12. Full replacement of property at its current cost, new and without reduction for depreciation is the definition of?
    Replacement cost.
  13. If an insured has insurance on a property with 4 providers at an equal amount, with the pro rata liability clause in effect, in the event of a total loss, how much would each insurer be required to pay?
    Each provider would pay 25% of the loss.
  14. Which coverage in a homeowners policy provides coverage for indirect or consequential losses?
    Coverage D- Coverage D provides for loss of use, which is an indirect loss.
  15. What does Utility Service- Time Element cover?
    Business income or additional expense losses arising from disruption of service caused by a covered peril.
  16. Losses resulting from the freezing of a plumbing system while  the dwelling is vacant would be excluded if?
    The insured made reasonable efforts to maintain heat in the insured building or have drained the plumbing  system.
  17. Which property coverage provides protection to contents damaged by fire?
    Coverage C- Personal property provides coverage for the contents of an insured dwelling.
  18. What does the Declarations page cover?
    Who is insured, where they are located, when coverage starts, the amount of coverage and the amount of deductible applied to a loss
  19. Where is the statement that Earthquake damage is not covered located?
    In the policy form.
  20. What form is Builder's Risk most often written on?
    Completed Value Form.
  21. If a building insured with commercial property insurance has been vacant 60 days or more:
    Payment for unnamed perils is reduced by 15%
  22. The essential parts of a contract is:
    Offer and acceptance, Consideration and Legal Purpose.
  23. What causes of loss are specifically excluded in a BOP?
    Earth Movement, Power Failure and Flood
  24. What are the 4 essential elements of all legal contracts?
    Offer and Acceptance, Consideration, Competent parties: and legal purpose.
  25. What could come in to play when settling claims?
  26. Who are Fair plans provided by?
    Private insurers
  27. Issuing or circulating any sales material that is false or misleading would be considered?
  28. What must an insurance producer be in order to transact business for a particular insurer?
  29. Issuing or circulating any sales material that is false or misleading would be considered what?
  30. To act as an agent and transact business for an insurer one must be:
  31. If a neighbor's tree fall's over onto an insured's property, removal of the tree will be covered only if?
    The tree fell due to a covered peril and it is blocking the driveway of the insured even if no damage has been done to the covered structure.
  32. Relating to BOP definitions:
    Securities would not be considered as valuable papers and records.
  33. Relating to Dwelling policies and other structures:
    Earth movement is not included in the other overages of the dwelling policy
  34. Relating to Dwelling policies:
    Theft of personal property can only be added by endorsement
  35. Relating to Coinsurance:
    The coinsurance clause does not operate in the event of a total loss
  36. Relating to a Business Owners Policy and the Fire Department Service Charge:
    The FDSC covers charges up to $2,500 ($1,000 under "02) and is payable in addition to the limit of insurance shown in the declarations and is not subject to any deductible.
  37. Relating to a BOP Policy:
    Earth movement, power failure and flood are specifically excluded in the policy.
  38. Under a Dwelling Policy, if the insurer chooses to repair or replace damaged or lost property, it must inform the insured within?
    30 Days
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