ADJUSTERS EXAM
**ADJUSTERS EXAM**
Study online at https://quizlet.com/_5wdtv3
1. DP-1 Dwelling basic policy, covers fire, lightning, explosion; pays on an actual
cash basis
2. DP-2 dwelling property broad form - named peril. coverage A, B, C, D plus
others. replacement costs for coverage A & B with 80% insurance cov-
erage.
3. DP-3 dwelling property special form - open peril. all risks of physical loss
except those specifically excluded. Coverage A & B for open peril and
Coverage C (personal property coverage) for named perils.
4. Coverage A Dwelling Building; coverage is provided on the dwelling as described
in the declarations section of the dwelling policy as well as any structure
attached to the dwelling (such as a garage)
5. Coverage B Other Structures (10% of Coverage A)
6. Coverage C Personal Property (50% of Coverage A)
7. Coverage D Fair Rental Value (20% of Coverage A)
-Pays Landlord for damages due to covered peril
-Pays for loss in rents landlord would have collected
-Payment will be for the *shortest time required* to repair or replace
that part of the described location rented or held for rental.
-Coverage for fair rental value loss for *up to two weeks*
8. Coverage F Additional Living Expenses (20% of coverage A)
-Will pay additional living expenses incurred by the insured while the
property is unfit for use (such as rent for alternative housing, meals out,
laundry, etc.)
9. Fire Department Service pays up to $500 for service call to fire department
Charge
, ADJUSTERS EXAM
**ADJUSTERS EXAM**
Study online at https://quizlet.com/_5wdtv3
10. Mortgage Clause -Mortgagee is entitled to its insurable interest in the property regard-
less of any policy violation by the insured
-acknowledges the insurable interest of the mortgagee by agreeing to
notify the mortgagee 10 days before* cancellation or non renewal takes
effect.
11. Liberalization Clause -A policy condition providing that if a policy form is broadened at no
additional premium, the broadened coverage automatically applies to
all existing policies of the same type.
12. Duties after a loss 1. Give prompt notice
2. Protect the property
3. Prepare an inventory of damaged personal property
4. Exhibit the damaged property
5. File a proof of loss *within 60 days* after the insurer's request
13. H0-1 Homeowners Basic Form; named peril form
14. H0-2 Homeowners Broad Form; named peril form
15. H0-3 Homeowners special form; most frequently used form to cover sin-
gle-family dwellings. Combination of broad perils listed and the open
perils approach.
16. H0-4 Homeowners Personal Property (contents) broad form
-this form (tenants form) is designed to cover the contents of the
tenant living in a non-owned structure. This could be an apartment or
a dwelling. Since the tenant does not own the structure the form does
not provide coverage except for the improvements and betterments that
the tenant may have made to the structure at his or her expense. This
form provides the named "broad perils."
17. H0-6
**ADJUSTERS EXAM**
Study online at https://quizlet.com/_5wdtv3
1. DP-1 Dwelling basic policy, covers fire, lightning, explosion; pays on an actual
cash basis
2. DP-2 dwelling property broad form - named peril. coverage A, B, C, D plus
others. replacement costs for coverage A & B with 80% insurance cov-
erage.
3. DP-3 dwelling property special form - open peril. all risks of physical loss
except those specifically excluded. Coverage A & B for open peril and
Coverage C (personal property coverage) for named perils.
4. Coverage A Dwelling Building; coverage is provided on the dwelling as described
in the declarations section of the dwelling policy as well as any structure
attached to the dwelling (such as a garage)
5. Coverage B Other Structures (10% of Coverage A)
6. Coverage C Personal Property (50% of Coverage A)
7. Coverage D Fair Rental Value (20% of Coverage A)
-Pays Landlord for damages due to covered peril
-Pays for loss in rents landlord would have collected
-Payment will be for the *shortest time required* to repair or replace
that part of the described location rented or held for rental.
-Coverage for fair rental value loss for *up to two weeks*
8. Coverage F Additional Living Expenses (20% of coverage A)
-Will pay additional living expenses incurred by the insured while the
property is unfit for use (such as rent for alternative housing, meals out,
laundry, etc.)
9. Fire Department Service pays up to $500 for service call to fire department
Charge
, ADJUSTERS EXAM
**ADJUSTERS EXAM**
Study online at https://quizlet.com/_5wdtv3
10. Mortgage Clause -Mortgagee is entitled to its insurable interest in the property regard-
less of any policy violation by the insured
-acknowledges the insurable interest of the mortgagee by agreeing to
notify the mortgagee 10 days before* cancellation or non renewal takes
effect.
11. Liberalization Clause -A policy condition providing that if a policy form is broadened at no
additional premium, the broadened coverage automatically applies to
all existing policies of the same type.
12. Duties after a loss 1. Give prompt notice
2. Protect the property
3. Prepare an inventory of damaged personal property
4. Exhibit the damaged property
5. File a proof of loss *within 60 days* after the insurer's request
13. H0-1 Homeowners Basic Form; named peril form
14. H0-2 Homeowners Broad Form; named peril form
15. H0-3 Homeowners special form; most frequently used form to cover sin-
gle-family dwellings. Combination of broad perils listed and the open
perils approach.
16. H0-4 Homeowners Personal Property (contents) broad form
-this form (tenants form) is designed to cover the contents of the
tenant living in a non-owned structure. This could be an apartment or
a dwelling. Since the tenant does not own the structure the form does
not provide coverage except for the improvements and betterments that
the tenant may have made to the structure at his or her expense. This
form provides the named "broad perils."
17. H0-6
