7626561
Description
Flashcards by Pamela Stanton, updated more than 1 year ago
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Created by Pamela Stanton
almost 9 years ago
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| Question | Answer |
| COMMON CHARACTERISTICS TO HOMEOWNERS FORM | 1) CLEAR LANGUAGE APPROACH 2) COMMON FORMAT OR STRUCTURE 3) POLICY DEFINITIONS UNIFORM 4) INSURE THE SAME EXPOSURE TO LOSS |
| DEFINE PREMISES | MEANS THE LAND CONTAINED WITHIN THE LOT LINES ON WHICH THE DWELLING IS SITUATED |
| DEFINE DWELLING | THE BUILDING DESCRIBED ON THE COVERAGE SUMMARY PAGE WHOLLY OF PARTIALLY OCCUPIED BY YOU AS A PRIVATE RESIDENCE |
| DEFINE INSURED | THE PERSON NAMED AS INSURED ON THE COVERAGE SUMMARY PAGE AND, WHILE LIVING IN THE SAME HOUSEHOLD: SPOUSE, RELATIVES OF EITHER, ANY PERSON UNDER 21 IN THEIR CARE, AND A STUDENT WHO IS ENROLLED IN AND ATTENDS A SCHOOL AND WHO IS DEPENDENT ON THE NAMED INSURED OR THEIR SPOUSE FOR SUPPORT AND MAINTENANCE EVEN IF TEMPORARILY RESIDING AWAY FROM THE PRINCIPAL RESIDENCE STATED ON COVERAGE SUMMARY PAGE |
| DEFINE SPOUSE | -EITHER OF A MAN OR A WOMAN WHO ARE MARRIED TO EACHOTHER -EITHER OF TWO PERSONS WHO ARE IN A CONJUGAL RELATIONSHIP AND HAVE SO LIVED TOGETHER CONTINUOUSLY FOR 3 YEARS OR IF THEY ARE PARENTS OF A CHILD, FOR A PERIOD OF 1 YEAR |
| SECTION 1- PROPERTY COVERAGES | COVERAGE A- DWELLING BUILDING COVERAGE B- DETACHED PRIVATE STRUCTURES COVERAGE C- PERSONAL PROPERTY COVERAGE D- ADDITIONAL LIVING EXPENSE |
| SECTION 2- LIABILITY COVERAGE | COVERAGE E- PERSONAL LIABILITY COVERAGE F- VOLUNTARY MEDICAL PAYMENTS COVERAGE G- VOLUNTARY PAYMENT FOR DAMAGE TO PROPERTY COVERAGE H- VOLUNTARY COMPENSATION FOR RESIDENCE EMPLOYEES |
| DEFINE DWELLING BUILDING | -DWELING AND ATTACHED STRUCTURES -PERMANENTLY INSTALLED OUTDOOR EQUIPMENT ON THE PREMISES -OUTDOOR SWIMMING POOL AND ATTACHED EQUIPMENT ON THE PREMISES -MATERIALS AND SUPPLIES LOCATED ON OR ADJACENT TO THE PREMISES INTENDED FOR USE IN THE CONSTRUCTION, ALTERATION OR REPAIR OF YOUR DWELLING OR PRIVATE STRUCTURES ON THE PREMISES. WE INSURE AGAINST THE PERIL OF THEFT ONLY WHEN YOUR DWELLING IS COMPLETED AND READY TO BE OCCUPIED |
| BUILDING FIXTURES AND FITTINGS TEMPORARILY REMOVED | CAN OPT TO APPLY AS MUCH AS 10% OF AMOUNT OF INSURANCE ON DWELLING BUILDING TO BUILDING FITTINGS AND FIXTURES TEMPORARILY REMOVED FROM THE PREMISES FOR REPAIR OR SEASONAL STORAGE |
| OUTDOOR TREES, SHRUBS AND PLANTS | CAN OPT TO APPLY AS MUCH AS 5% FROM AMOUNT OF INSURANCE ON DWELLING BUILDING TO OUTDOOR TREES, SHRUBS AND PLANTS ON THE PREMISES |
| WHAT ARE THE LIMITS FOR OUTDOOR TREES, SHRUBS AND PLANTS | -NO COVERAGE FOR WINDSTORM/HAIL -MAX LIMIT OF $500 FOR ANY ONE TREE, PLANT, SHRUB INCLUDING DEBRIS REMOVAL EXPENSE -NO COVERAGE FOR ITEMS BEING GROWN FOR RESALE |
| DEFINE DETACHED PRIVATE STRUCTURE | ANY STRUCTURE OR BUILDING SEPERATED FROM THE DWELLING BY A CLEAR SPACE |
| THREE DIFFERENT INSURING AGREEMENTS FOR PERSONAL PROPERTY | 1) ON PREMISES COVERAGE 2) OFF PREMISES COVERAGE 3) PROPERTY OF STUDENTS |
| PROPERTY EXCLUDED BY HOMEOWNERS FORM | -MOTORIZED VEHICLES OR THEIR EQUIPMENT -CAMPER UNITS, TRUCK CAPS, TRAILERS, OR THEIR EQUIPMENT -AIRCRAFT OR THEIR EQUIPMENT |
| SPECIAL LIMITS APPLIED TO SPECIFIC PROPERTY ITEMS, REGARDLESS OF CAUSE OF LOSS | -BUSINESS PROPERTY- $2000 -SECURITIES- $2000 -PROPERTY OF STUDENTS TEMPORARILY LIVING AWAY FROM HOME- $2500 MONEY OR BULLION- $200 -GARDEN TYPE TRACTORS, ATTACHMENTS AND ACCESS- $5000 -WATERCRAFT- $1000 -COMPUTER SOFTWARE- $2500 -SPARE AUTOMOBILE PARTS- $1000 |
| SPECIFIC LIMITS APPLIED TO SPECIFIC PROPERTY ITEMS WHICH HAVE BEEN STOLEN | -JEWELLRY, WATCHES, GEMS, FUR GARMENTS- UP TO $2000 IN ALL -NUMISMATIC PROPERTY (EX. COIN COLLECTION) - UP TO $200 -MANUSCRIPTS, STAMPS AND PHILATELIC PROPERTY- UP TO $1000 -COLLECTIBLE CARDS- UP TO $1000 -EACH BICYCLE, ITS EQUIPMENT AND ACCESSORIES- UP TO $500 |
| ADDITIONAL LIVING EXPENSE | PAYS ADDITIONAL LIVING EXPENSE ONLY: -COST TO PLACE FAMILY PET IN KENNEL -TAXI FARE TO TAKE CHILDREN TO AND FROM SCHOOL -COSTS OF MOVING PERSONAL EFFECTS TO NEW TEMPORARY LOCATION -PAYMENT IS LIMITED TO THOSE EXPENSES WHICH WERE NECCESSARILY INCURRED IN ORDER FOR THE INSUREDS TO MAINTAIN THEIR NORMAL STANDARD OF LIVING |
| FAIR RENTAL VALUE | -PAYMENT SHALL BE MADE ONLY FOR SUCH REASONABLE TIME AS IS REQUIRED TO EFFECT REPAIR OR REPLACEMENT -NO PAYMENT SHALL BE MADE FOR THOSE EXPENSES THAT DO NOT CONTINUE WHILE THAT PART OF THE PROPERTY RENTED OR HELD FOR RENTAL IS UNFIT FOR OCCUPANCY |
| ACCESS PROHIBITED BY ORDER OF CIVIL AUTHORITY | INSURER AGREES TO PAY ADDITIONAL LIVING EXPENSE AND FAIR RENTAL VALUE FOR A PERIOD NOT EXCEEDING 2 WEEKS WHEN -ACCESS TO INSUREDS PROPERTY IS PROHIBITED BY ORDER OF CIVIL AUTHORITY -THE PERIL WHICH CAUSED THE ORDER TO BE GIVEN IS A PERIL INSURED BY THE INSUREDS OWN POLICY -NO COVEREAGE FOR MASS EVACUATIONS |
| EXTENSIONS OF COVERAGE SAME FOR ALL FORMS | -DEBRIS REMOVAL -PROPERTY REMOVED -MOVING TO ANOTHER HOME -FIRE DEPARTMENT EXPENSES -CHANGE OF TEMPERATURE -FREEZER FOOD --LOCK REPLACEMENT -TEAR OUT -ARSON CONVICTION REWARD -CREDIT OR DEBIT CARDS, FORGERY AND COUNTERFEIT MONEY -INFLATION PROTECTION |
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