Ch.5: Dwelling Property (DP) Policies

Tom Jackson has as DP-3 on his dwelling property valued at $100,000. He insures the building for $40,000. In the event of a total loss, how much will Tom receive.

$40,000

A condition of many policies to help resolve disputes regarding loss settlement issues is the:

20% of the coverage on the dwelling

A Dwelling Property Basic form provides coverage for property removed. This means that the insurer will cover insured property against direct loss from any cause of loss when such property is removed from the dwelling when endangered by fire or any other covered peril for up to:

5 days

All volcanic eruptions within the same ____-hour period are the same eruption

72

Which of the following structures would not qualify for a Dwelling form?

A six unit residential apartment building

Dwelling property coverage that provides for loss of use when the insured dwelling is not habitable due to a covered loss is found in:

Coverage D

How are Coverage D and Coverage E paid in both the Broad and Special forms under the Dwelling Property Program?

Coverage D and E are paid up to 20% for both combined, not each separately, of the dwelling coverage amount.

Under what dwelling form can the insured collect for the replacement cost when the dwelling is destroyed?

DP-2 and DP-3

Which of the following Dwelling Property forms insures against loss to dwelling on an open perils basis?

DP-3

A dwelling policy is a monoline property insurance policy. One type of dwelling policy is the Dwelling Property Special form that provides open-peril coverage. Which of the following situations is covered by this policy?

Damage to covered property caused by a burglar

Which of the following perils is covered by a Dwelling Property Basic Form?

Destruction of property caused by lightning

All of the following are other coverages automatically part of a Dwelling Property form, EXCEPT:

Fair rental value

A Dwelling Property Basic form is a named peril policy. All of the following choices are covered perils in this standard policy, EXCEPT:

Loss as result of windstorm

A standard dwelling property form provides no personal liability coverage. Which of the following may be added to this type of policy to provide such protection to an insured?

Personal liability supplement

What is the abbreviation for the Extended Coverage Perils?

REVV C SHAW

A dwelling policy provides property insurance coverage for damage to an insured's home and personal property. If this policy is written on an open-peril basis and the insured suffers a loss by theft of attached building materials, how will the insurer respond to the claim?

The most common co-insurance/insurance to value percentage amount that appears in a property contract is:

Extended coverages may be added to a Dwelling Property Basic form for an additional premium. Each of the following is covered by extended coverages, EXCEPT:

Vandalism damage

An owner occupant of a dwelling insured by a dwelling policy is eligible for what type of personal theft coverage?

either limited or broad theft

Replacement cost coverages for dwellings is available under

only broad and special forms.

A personal liability supplement added to a dwelling property policy:

provides liability coverage for occurrences happening both on and off the premises.