Dwelling Policy and Insurance Concepts: Comprehensive Flashcard Set

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Business - Insurance

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Cards in this deck(71)

A residential structure with no more than 4 living units and no more than 5 roomers or boarders is considered a _____ dwelling.

Small businesses can be considered as dwellings if they are conducted by the insured, provide services rather than sales, and involve no more than _____ people working on the premises.

The named insured, spouse, resident relatives, and legal representatives are considered _____ under property insurance.

A named peril policy for a dwelling's structure and contents, covering some indirect losses, is known as the _____ form.

An all-risk policy on the structure coverage only, where anything not excluded is covered, is referred to as the _____ form.

A named peril policy that adds several more perils and provides replacement cost on the dwelling is known as the _____ form.

The acronym S.S.W.E.T.W.O.L.F. + P. represents exclusions in a dwelling policy, including _____ and pollution.

Coverage A applies to the dwelling shown on the declarations, all attached structures, and service-related building equipment at the described location. This is known as _____ coverage.

Protection for structures on the described location which are separated by a clear space, fence, or utility line is known as _____ coverage.

Protection for personal property at the described location, owned or used by the insured or resident relatives, is known as _____ coverage.

Coverage for loss of rent for that part of the dwelling rented to others or held for rental at the time of loss is known as _____ coverage.

Coverage for necessary expenses while a property is considered unfit for use due to loss from a covered peril is known as _____ coverage.

Coverage for property removed from the premises to protect it from a peril insured against is known as _____ coverage.

An insured may use up to 10% of Coverage A against loss by a covered peril to Other Structures. This is known as _____ coverage.

Coverage that pays to clean up a mess left due to a covered cause of loss is known as _____ coverage.

If the insured is a tenant, 10% of Coverage C may be used to cover improvements, alterations, and additions. This is known as _____ coverage.

Coverage for personal property while anywhere in the world, up to 10% of Coverage C, is known as _____ coverage.

Up to 20% of the Coverage A limit of liability may be used for loss for both Fair Rental Value and Additional Living Expense. This is known as _____ coverage.

When property is damaged due to a covered peril, all forms cover reasonable costs of repairs made to protect property from further damage. This is known as _____ coverage.

If firefighters are called to protect covered property from a peril insured against, all forms provide $500 when the insured assumed liability under a contract or agreement. This is known as _____ coverage.

Coverage that applies when caused by specific perils such as fire, lightning, and explosion, with a maximum of $500 for any one tree, shrub, or plant, is known as _____ coverage.

Coverage for direct property loss involving collapse of the dwelling or any part of one, caused by certain specified perils, is known as _____ coverage.

Coverage for glass breakage that is part of a covered building, storm door, or storm window is known as _____ coverage.

When a dwelling contains no people and no property intended to support occupancy, it is considered _____

When a dwelling contains personal property but no occupants, it is considered _____

Optional coverage that can be added for an additional premium, including perils like windstorm and civil commotion, is known as _____ coverage.

Includes DP-1 Extended Coverages and additional perils like burglar damage and ice sleet snow, known as _____ coverage.

Fires that have escaped their normal confines and occur where there should not be fire are known as _____ fires.

Fires that are within their normal confines, such as a fire in a fireplace, are known as _____ fires.

An explosion that originates within a covered dwelling or other structures is known as an _____ explosion.

A public gathering of a large number of people that results in property damage is known as _____

Sudden and accidental damage from smoke that did not originate from a fireplace is known as _____ damage.

Loss caused by devices used for flight in the air, including missiles and spacecraft, is known as _____ damage.

An optional dwelling policy endorsement that automatically raises the Coverage A limit at periodic intervals is known as _____ endorsement.

An optional dwelling policy endorsement that provides coverage for losses caused by earthquakes is known as _____ endorsement.

A dwelling policy endorsement required while a dwelling is under construction is known as _____ endorsement.

An optional dwelling policy endorsement that covers additional loss due to any ordinance or law is known as _____ endorsement.

An optional dwelling policy endorsement that covers damage caused by a sinkhole is known as _____ endorsement.

An optional dwelling policy endorsement that covers loss caused by sewer backup or sump pump overflow is known as _____ endorsement.

A person or organization other than the named insured afforded protection under the policy is known as _____

If the insurer makes a change that broadens coverage without additional premium, it will apply to existing policies without the need for an endorsement. This is known as the _____ clause.

After a loss, the insured must provide immediate notice, protect property from further damage, and send a formal written Proof of Loss within _____ days.

Coverage for the perils of theft, attempted theft, and vandalism or malicious mischief that results from theft is known as _____ endorsement.

Coverage for covered property located at the described location occupied by an insured is known as _____ coverage.

Coverage provided when covered property is away from the described location, owned or used by an insured, is known as _____ coverage.

Coverage for tenant-occupied dwellings for the perils of theft, attempted theft, and vandalism or malicious mischief is known as _____ endorsement.

Property not covered under theft endorsements includes animals, credit cards, and _____

If personal liability coverage is desired, it must be secured under another policy or an endorsement must be attached to the dwelling policy. This is known as _____

Coverage that protects those found legally obligated to pay for a third party's injuries is known as _____

Coverage for necessary and reasonable medical expenses incurred within 3 years of an accident causing bodily injury is known as _____

E.L.F.P.I.E. represents expenses, legal fees, first aid, premium on bonds, interest on judgments, and earnings to attend trials. These are known as _____

The dwelling, other structures, and grounds where the named insured lives, identified as the residence premises in the declarations page, is known as _____

An employee of any insured who performs duties related to maintenance or use of the residence premises is known as a _____

Liability insurance extends to locations such as resident premises and any part of a non-owned premises where an insured temporarily resides. This is known as _____

Liability insurance extends to persons such as the named insured, resident relatives, and any residents under age 21 in the care of the named insured. This is known as _____

Exclusions in liability coverage include war, intentional acts, and engaging in business. These are known as _____

Created to ensure eligible property owners in coastal areas can obtain homeowners insurance, this program is known as the _____

In NJ, hurricane deductibles apply to losses from a storm designated as a hurricane by the National Weather Service. This is related to _____

Established to make essential property insurance available in urban areas, this plan is known as the _____

Created to operate the FAIR Plan at the state level, this association is known as the _____

To be eligible for NJIUA, property must be located in a specific area, be an insurable risk, and the applicant must have performed a _____ effort to find coverage.

Every insurer authorized to write property insurance in the state must collect a surcharge from the insured. This is related to _____

Insurable property for the purposes of the NJ FAIR Plan means real property at fixed locations in urban areas with an insurable value not exceeding _____

Coverage is excluded for liability involving a motor vehicle if the vehicle was registered for use on public roads. This is known as _____ exclusion.

Liability and Medical Payment Coverages are excluded if a loss occurs while using a watercraft that is an inboard motorboat owned by an insured. This is known as _____

Medical Payments to Others (Coverage M) does not apply to bodily injury that resulted from any _____ hazard.

The policy will not pay for property damage to property owned by an insured or arising out of business engaged by an insured. This is known as _____

The insurer will pay, on a replacement cost basis, up to $500 per occurrence for property damage to the property of others caused by an insured. This is known as _____

The insured must submit the formal written proof of loss within 60 days of loss. This is related to _____

This provision allows for payment of a loss to a named Financial Institution with an insurable interest in the property. This is known as _____

A policy can be cancelled for non-payment, fraud, or increase in hazard after 60 days. This is related to _____

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Dwelling Policy and Insurance Concepts: Comprehensive Flashcard Set

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