ExamFX Property & Casualty - Dwelling Policy Vocab Questions With Complete Solutions

Situations to Purchase Dwelling Property Policy correct answer: •Up to 5 roomers/boarders •Up to 4 residential units, property in construction •Owner occupied or tenant occupied, mobile homes •seasonal dwellings DP 1 correct answer: Basic Form - Named Peril DP 2 correct answer: Board Form - Named Peril [Basic Form + Extended Coverage Perils + V&MM + Broad Form Perils] DP 3 correct answer: Special Form - Open and Named Peril DP 1 Inclusions correct answer: Fire, Lightning, Internal Explosion Extended Coverage Perils (DP 1) correct answer: Windstorm, Hail, Explosion, Smoke, Aircraft, Vehicles, Riot or Civil Commotion, Volcanic Eruptions (Vandalism or Malicious Mischief) Broad Form correct answer: Expands the causes of loss insured under the basic form with extended coverage perils, and vandalism or malicious Broad Form Coverage Perils (DP 2) correct answer: B.B. Bice-Gold [Bursting of heating systems, Burglary damage, Breaking of water heaters, Ice snow or sleet weight, Collapse of building, Electrical damage, Glass breakage, Objects falling from outside, Leaking of water, Freezing of plumbing] Coverages for A [Dwelling] correct answer: Covers: Dwelling on premises listed in decla ration and all attached structures •Any materials/supplies located on or next to described premise•Building equipment and outdoor equipment located on the premise Coverages for B [Other Structures] correct answer: Covers other separate structures at the same location, such as detached garages and other outbuildings (ex. Sheds or fences)