7734184
Description
Flashcards by Pamela Stanton, updated more than 1 year ago
|
Created by Pamela Stanton
almost 9 years ago
|
|
| Question | Answer |
| MAJOR CAUSES OF LOSS FOR MOBILE HOMES | 1) FIRE 2) WINDSTORM 3) HAIL 4) TRANSPORTATION |
| DEFINE DENT CLAUSE | SOME POLICIES MAY CONTAIN THIS CLAUSE WHICH EXCLUDES PAYMENT UNLESS THE EXTERIOR SIDING HAS BEEN ACTUALLY TORN OR PUNCTURED BY THE STORM |
| COVERAGE A- MOBILE HOME BUILDING A) DESCRIPTION OF DWELLING | RECOGNIZES SPECIAL FEATURES AND INCLUDES COVERAGE FOR -APPLIANCES, FURNITURE, AND EQUIPMENT FORMING A PERMANENT PART OF THE BUILDING -PERMANENTLY ATTACHED CARPORTS OF GARAGES -AWNINGS, SKIRTING, PORCHES AND TIE DOWN EQUIPMENT |
| B) EMERGENCY REMOVAL EXPENSE | UP TO 5% OF AMOUNT OF INSURANCE ON DWELLING CAN BE USED TO PAY FOR REASONABLE EXPENSE INCURRED IN ITS REMOVAL FROM THE SITE -EXPENSE INCURRED IN DISCONECTING WATER AND POWER SERVICES -TOWING AND TRANSPORTING COSTS |
| MOBILE HOME EXCLUSIONS | LOSS OR DAMAGE CAUSED BY MOVING -LEVELLING JACKS OR BLOCKS HAVE BEEN REMOVED FROM THE MOBILE -ALL UTILITIES ARE DISCONNECTED LOSS DUE TO CONVERSION, EMBEZZELMENT OR SECRETION BY ANY PERSON IN POSSESSION OF THE BUILDING |
| WHY IS SETTLEMENT PROVIDED ON AN ACTUAL CASH VALUE BASIS FOR MOBILE HOMES | -MATERIALS/CONSTRUCTION METHODS MAKE THEM LESS DURABLE THAN CONVENTIONAL DWELLINGS -SHORTER LIFE SPAN -MORE RAPID RATE OF DEPRECIATION |
| HOMES NOT CONSIDERED AS MOBILE HOMES BY SOME INSURERS | -DOUBLE WIDE MOBILE HOMES -MODULAR HOMES -SECTIONAL HOMES |
| TENANTS PACKAGE FORMS PROVIDED FOR: | -THOSE LIVING IN APARTMENTS -THOSE RENTING A DWELLING OR ANY PORTION OF IT -THOSE WHO, AS A PART OF THEIR REMUNERATION, RECIEVE THE USE OF A DWELLING -OWNER OF A BUSINESS WHO OCCUPIES PRIVATE LIVING QUARTERS IN A MERCANTILE OR COMMERCIAL BUILDING OWNED BY THE BUSINESS |
| COVERAGE PROVIDED BY TENANTS PACKAGE FORMS | COVERAGE A- DWELLING BUILDING- INUSRED BY BUILDING OWNER COVERAGE B- DETACHED PRIVATE STRUCTURES- INUSRED BY BUILDING OWNER COVERAGE C- PERSONAL PROPERTY- LIMIT SELECTED BY TENANT. IN ADDITION COVERAGE IS PROVIDED FOR -IMPROVEMENTS/BETTERMENTS MADE BY OR AQUIRED AT THE EXPENSE OF THE TENANT -UP TO $500 FOR THE PORTION OF THE BUILDING OCCUPIED BY THE INSURED THAT IS DAMAGED RESULTING FROM THEFT OR ATTEMPTED THEFT, DAMAGE CAUSED TO THE INTERIOR OF THE BUILDING BY VANDALISM OR MALICIOUS ACTS COVERAGE D- ADDITIONAL LIVING EXPENSE- 20% OF COVERAGE C PERSONAL PROPERTY |
| TENANTS BASIC FORM | -PROVIDES SAME COVERAGE AS THE HOMEOWNERS BASIC FORM FOR PERSONAL PROPERTY -NAMED PERILS BASIS -COVERAGE FOR ACCIDENTAL GLASS BREAKAGE FORMING A PART OF THE BUILDING IS REMOVED |
| TENANTS COMPREHENSIVE FORM | -PERILS INSURED ARE THE SAME AS PROVIDED FOR PERSONAL PROPERTY UNDER THE HOMEOWNERS COMPREHENSIVE FORM -ALSO PROVIDES COVERAGE FOR VEHICLE IMPACT DAMAGE INSUREDS CAUSE TO THE PORTION OF THE DWELLING BUILDING THEY OCCUPY |
| DEFINE CONDOMINIUM | SYSTEM OF SEPERATE OWNERSHIP OF INDIVIDUAL UNITS IN MULTIPLE UNIT BUILDINGS |
| 3 COMMON ELEMENTS | -PARKING AREA -LANDSCAPING -RECREATIONAL AREAS |
| WHAT DOES THE CONDOMINIUM ACT REQUIRE THE COMDOMINIUM CORPORATION PURCHASE FOR INSURANCE | -THE VALUE OF THE BUILDING(AS ORIGINALLY CONTRUCTED), INCLUDING THE VALUE OF THOSE UNITS OWNED BY ITS MEMBERS -THE VALUE OF THE COMMON ELEMENTS |
| OTHER ESSENTIAL COVERAGES COVERAGE UI- UNIT IMPROVEMENTS AND BETTERMENTS | -ANY BUILDING, STRUCTURE, OR SWIMMING POOL ON THE PREMISES -MATERIALS AND SUPPLIES ON THE PREMISES FOR USE IN SUCH IMPROVEMENTS AND BETTERMENTS |
| COVERAGE U2- LOSS ASSESSMENT | A SPECIAL ASSESSMENT MAY BE LEVIED AGAINST EACH OWNER IN THE EVENT THE POLICY IS INADEQUATE TO COVER A LOSS TO COLLECTIVELY OWNED PROPERTY. THIS COULD OCCUR BECAUSE OF -UNDER INSURANCE -APPLICATION OF CO INSURANCE PENALTY -CAUSE OF THE LOSS IS NOT AN INSURED PERIL OR IS SPECIFICALLY EXCLUDED UNDER THE CORPORATIONS POLICY -BREACH OF POLICY CONDITION |
| COVERAGE U3- UNIT ADDITIONAL PROTECTION | COVERAGE IS PROVIDED FOR THE INSUREDS UNIT, EXCLUDING ITEMS COVERED UNDER U1, WHEN THE CONDOMINIUM CORP HAS NO INSURANCE, INSURANCE IS INADEQUATE OR IT IS NOT EFFECTIVE. STANDARD LIMIT IS 2.5 TIMES THE LIMIT OF INSURANCE PURCHASED FOR PERSONAL PROPERTY. |
| BASIS OF PAYMENT | PERSONAL PROPERTY- REPLACEMENT COST UNIT ADDITIONAL PROTECTION/UNIT IMPROVEMENTS AND BETTERMENTS- REPLACEMENT COST |
| SEASONAL RESIDENCE FORM | -COVERAGE PROVIDED ON NAMED PERILS BASIS -PERILS INSURED ARE THE SAME AS THOSE PROVIDED BY THE HOMEOWNERS BASIC FORM -NO COVERAGE PROVIDED FOR THE PERIL OF TRANSPORTATION -FOLLOWING COVERAGES PROVIDED ONLY WHEN INDICATED ON COVERAGE SUMMARY PAGE: -BURGLARY/ ROBBERY -INSURER IS NOT PREPARED TO PROVIDE BROAD THEFT COVERAGES FOR SUCH PROPERTY -VANDALISM OR MALICIOUS ACTS -GLASS BREAKAGE |
| COMMON EXCLUSIONS | -LOSS OF PROPERTY DUE TO CHANGE OF TEMPERATURE -FREEZER FOOD -OUTDOOR TREES, PLANTS AND SHRUBS |
| WHAT REQUIREMENTS NEED TO BE MET IN ORDER FOR THE SEASONAL DWELLING TO BE ELIGIBLE FOR COVERAGE UNDER THE HOMEOWNERS BASIC FORM | -PRINCIPAL RESIDENCE MUST BE INSURED WITH THE SAME INSURER -BUILDING MUST BE CONSTRUCTED AS A YEAR ROUND RESIDENCE AND OCCUPIED AT LEAST ONE DAY IN A SIXTY DAY PERIOD THROUGHOUT THE YEAR - BUILDING NOT RENTED TO OTHERS -PRIMARY HEATING MUST BE BY THERMOSTATICALLY CONTROLLED FURNACE OR ELECTRUCUTY -BUILDING MUST BE ACCESSIBLE BY MAINTAINED ROADWAY YEAR ROUND |
| WHILE IN THE COURSE OF CONSTRUCTION THE HOMEOWNERS COMPREHENSIVE FORM WILL NOT COVER | -THEFT OF MATERIALS FROM THE CONSTRUCTION SITE -GLASS BREAKAGE DUE TO VANDALISM OR MALICIOUS ACTS -WATER ESCAPE, RUPTURE, FREEZING |
| DWELLING UNDER CONSTRUCTION- ALL RISK COVERAGE FORM. UNDERWRITING GUIDELINES THAT APPLY | -COVERAGE LIMITED TO SINGLE OR TWO FAMILY DWELLINGS -DWELLING MUST BE OWNER-OCCUPIED UPON COMPLETION OF CONSTRUCTION -COVERAGE MUST BE PURCHASED NOT LATER THAN THE COMPLETION OF THE FOUNDATION -AMOUNT OF INSURANCE PURCHASED MUST BE NO LESS THAN THE ESTIMATED COMPLETED VALUE -COVERAGE LIMITED TO ONE YEAR |
| RENTED DWELLINGS/ REVENUE PROPERTIES | POLICIES INSURING RENTED DWELLINGS OR OTHER REVENUE PROPERTIES NORMALLY EXCLUDE -VANDALISM OR MALICIOUS ACTS -SEWER BACK UP -THEFT -BASIS OF SETTLEMENT FOR THE DWELLING BUILDING AND PERSONAL PROPERTY IS OFTEN RESTRICTED TO ACV -MOST INSURERS WILL NOT PROVIDE THE COVERAGE UNLESS THEY ALSO PROVIDE THE INSURANCE FOR THE OWNERS PRINCIPAL RESIDENCE |
| DEFINE ENDORSEMENT | AN EXTRA SHEET OR SLIP OF PAPER ATTACHED TO THE POLICY INDICATING IN WRITING THAT THE INSURER AND THE INSURED HAVE AGREED TO A CHANGE IN THE TERMS OF THE INSURANCE CONTRACT |
| WHEN ATTACHED TO HABITATIONAL POLICIES ENDORSEMENTS CAN: | -PROVIDE COVERAGE FOR EXCLUDED PROPERTY OR PERILS -INCREASE LIMITS FOR PROPERTY SUBJECT TO SPECIAL LIMITS OF INSURANCE -BROADEN COVERAGES -DECREASE THE DEDUCTIBLE -REMOVE COVERAGE |
| FINE ARTS ENDORSEMENT | PROVIDES INSURANCE FOR OBJECTS REGARDED AS FINE ARTS. PROPERTY TRADITIONALLY INSURED INCLUDES: -PAINTINGS -PICTURES -OTHER BONA FIDE WORKS OF ART OF RARITY, HISTORICAL VALUE OR ARTISTIC MERIT (VALUABLE RUGS, RARE BOOKS, MANUSCRIPTS, RARE GLASS ETC) |
| FINE ARTS ENDORSEMENT COVERAGES | ALL RISK BROADENED TO INCLUDE -MARRING/SCRATCHING -ALL SOURCES OF SMOKE -EARTHQUAKE -THEFT BY A TENANT, MEMBERS OF THE TENANTS HOUSEHOLD OR EMPLOYEES OF THE TENANT -FLOOD, SEWER BACKUP, SEEPAGE, OR OTHER WATER |
Want to create your own Flashcards for free with GoConqr? Learn more.