Insurance Test Dwelling policies
Complete Questions And Answers 100%
Verified
Dwelling Property Policy CORRECT ANSWERS Can be purchased to insure properties
solely used for residential purposes.
-insures 1-2-3-4- family residential dwellings that are:
-owner occupied
-tenant occupied
-seasonal or secondary dwellings
Dwelling Program Eligibility CORRECT ANSWERS Dwellings must be used principally
for residential dwelling purposes and cannot have more than 4 dwelling units or more
than five roomers or boarders. Mobile homes are eligible if they are permanently affixed
to a foundation, but only on the Basic Form of coverage (DP-1).
Incidental business occupancies, such as schools, studios, and offices, are permitted if
the primary use of the dwelling is as a personal residence. Dwellings located on farms
are not eligible.
eligibility CORRECT ANSWERS -Residential use
-1 to 4 family dwellings
-up to 5 roomers or boarders
-allows some INCIDENTAL BUSINESS USE of the premises, such as school, studio, or
office occupancy
-Mobile homes may be insured on the basic form
-Farm and Farm building are NOT ELIGIBLE
DP-1 (Basic Form)
Dwelling Coverage Forms CORRECT ANSWERS The perils insured against are fire,
lightning, and internal explosion.
If an additional premium is paid for Extended Coverage (EC), the following perils are
also included:
-Wind storm or hail
-Explosion
-Riot or civil commotion
-Aircraft, vehicles
-Smoke
-Volcanic eruption
The peril of vandalism or malicious mischief (VMM) may also be included with the
payment of an additional premium. EC and VMM coverages, if purchased, must appear
,on the declarations. If VMM is purchased, it excludes loss for vandalism in vacant
buildings.
Losses to the dwelling, other structures, and contents are paid ON AN ACTUAL CASH
VALUE BASIS
DP-1 (Basic Form) CORRECT ANSWERS Covered perils covered are:
-Fire and Lightning
-Internal Explosion
Extended Coverage (EC) perils:
-windstorm or hail
-explosion
-riot or civil commotion
-aircraft and vehicles
-smoke
-volcanic eruption
-EXCLUDES VANDALISM & MALICIOUS MISCHEIF (VMM) PAYS FOR LOSSES TO
THE DWELLING ON AN ACTUAL CASH VALUE BASIS
Which of the following dwelling forms pays for losses to the dwelling on an actual cash
value basis?
A. DP-1
B. DP-3
C. DP-2
D. DP-4 CORRECT ANSWERS A. DP-1
DP-2 (Broad Form) CORRECT ANSWERS A named peril policy that adds several more
perils. Includes all DP-1 coverage, the EC perils, VMM and the following:
-Damage by burglars (not theft coverage)
-Falling objects
-Weight of ice, snow, or sleet
-Accidental discharge or overflow of water or steam
-Sudden and accidental tearing apart, cracking, burning and bulging
-Freezing
-Sudden and accidential damage from artificially generated electrical current
***Losses to the dwelling and other structures are paid on a REPLACEMENT VALUE
BASIS , and losses to personal property are paid on an ACTUAL CASH VALUE BASIS
DP-3 (special form) CORRECT ANSWERS Coverage for the dwelling and other
structures is provided on an open perils basis, meaning coverage is provided for all
causes of loss except for those perils specifically excluded. In addition to the policy's
General Exclusions, the DP-3 specifically excludes the following losses under
Coverages A and B:
, Losses to the dwelling and other structures are paid on a replacement cost basis, and
losses to personal property contents are paid on an actual cash value basis to the
insured.
Which of the following dwelling program forms covers the building on an open peril
basis?
A. DP-1
B. DP-3
C. DP-2
D. DP-4 CORRECT ANSWERS B. DP-3
The DP-3 Special form covers the dwelling and other structures on an open peril basis,
which covers all perils except the perils specifically excluded.
Coverage A CORRECT ANSWERS Dwelling
Coverage applies to the dwelling described in the declarations, used principally for
residential purposes, including structures attached to the dwelling, such as an attached
garage, carport, breezeway or deck. Coverage also includes materials and supplies on
or next to the described location used to construct, alter, or repair the dwelling or other
structures at the described location.
Unless otherwise covered in the policy, building equipment and outdoor equipment used
to service the described location is considered part of the dwelling IF such property is
located on the described location. No coverage applies to land, including land on which
the dwelling is located.
The Coverage A limit of insurance appears on the declarations as a specific limit. It is
chosen by the named insured at the time coverage is applied for and should represent
the dwelling's replacement value
Coverage B CORRECT ANSWERS Other Structures
Coverage B applies to other structures on the described location if they are separated
or detached from the dwelling by clear space, a fence, or a utility line. Examples include
a detached garage, shed, pool, and an outdoor storage building.
Coverage C CORRECT ANSWERS Personal Property
Coverage applies to household and personal property usual to the occupancy as a
dwelling if it is owned by the insured or by members of the insured's family who reside
with the insured. Loss due to vandalism and malicious mischief is covered even if the
property has been vacant (EMPTY) for 60 days or more. Coverage only applies while
insured property is located at the described location. After a loss and at the insured's
request, Coverage C will also apply to personal property of a guest or servant while
located on the described location. Personal property of a tenant or boarder is not
covered.
Complete Questions And Answers 100%
Verified
Dwelling Property Policy CORRECT ANSWERS Can be purchased to insure properties
solely used for residential purposes.
-insures 1-2-3-4- family residential dwellings that are:
-owner occupied
-tenant occupied
-seasonal or secondary dwellings
Dwelling Program Eligibility CORRECT ANSWERS Dwellings must be used principally
for residential dwelling purposes and cannot have more than 4 dwelling units or more
than five roomers or boarders. Mobile homes are eligible if they are permanently affixed
to a foundation, but only on the Basic Form of coverage (DP-1).
Incidental business occupancies, such as schools, studios, and offices, are permitted if
the primary use of the dwelling is as a personal residence. Dwellings located on farms
are not eligible.
eligibility CORRECT ANSWERS -Residential use
-1 to 4 family dwellings
-up to 5 roomers or boarders
-allows some INCIDENTAL BUSINESS USE of the premises, such as school, studio, or
office occupancy
-Mobile homes may be insured on the basic form
-Farm and Farm building are NOT ELIGIBLE
DP-1 (Basic Form)
Dwelling Coverage Forms CORRECT ANSWERS The perils insured against are fire,
lightning, and internal explosion.
If an additional premium is paid for Extended Coverage (EC), the following perils are
also included:
-Wind storm or hail
-Explosion
-Riot or civil commotion
-Aircraft, vehicles
-Smoke
-Volcanic eruption
The peril of vandalism or malicious mischief (VMM) may also be included with the
payment of an additional premium. EC and VMM coverages, if purchased, must appear
,on the declarations. If VMM is purchased, it excludes loss for vandalism in vacant
buildings.
Losses to the dwelling, other structures, and contents are paid ON AN ACTUAL CASH
VALUE BASIS
DP-1 (Basic Form) CORRECT ANSWERS Covered perils covered are:
-Fire and Lightning
-Internal Explosion
Extended Coverage (EC) perils:
-windstorm or hail
-explosion
-riot or civil commotion
-aircraft and vehicles
-smoke
-volcanic eruption
-EXCLUDES VANDALISM & MALICIOUS MISCHEIF (VMM) PAYS FOR LOSSES TO
THE DWELLING ON AN ACTUAL CASH VALUE BASIS
Which of the following dwelling forms pays for losses to the dwelling on an actual cash
value basis?
A. DP-1
B. DP-3
C. DP-2
D. DP-4 CORRECT ANSWERS A. DP-1
DP-2 (Broad Form) CORRECT ANSWERS A named peril policy that adds several more
perils. Includes all DP-1 coverage, the EC perils, VMM and the following:
-Damage by burglars (not theft coverage)
-Falling objects
-Weight of ice, snow, or sleet
-Accidental discharge or overflow of water or steam
-Sudden and accidental tearing apart, cracking, burning and bulging
-Freezing
-Sudden and accidential damage from artificially generated electrical current
***Losses to the dwelling and other structures are paid on a REPLACEMENT VALUE
BASIS , and losses to personal property are paid on an ACTUAL CASH VALUE BASIS
DP-3 (special form) CORRECT ANSWERS Coverage for the dwelling and other
structures is provided on an open perils basis, meaning coverage is provided for all
causes of loss except for those perils specifically excluded. In addition to the policy's
General Exclusions, the DP-3 specifically excludes the following losses under
Coverages A and B:
, Losses to the dwelling and other structures are paid on a replacement cost basis, and
losses to personal property contents are paid on an actual cash value basis to the
insured.
Which of the following dwelling program forms covers the building on an open peril
basis?
A. DP-1
B. DP-3
C. DP-2
D. DP-4 CORRECT ANSWERS B. DP-3
The DP-3 Special form covers the dwelling and other structures on an open peril basis,
which covers all perils except the perils specifically excluded.
Coverage A CORRECT ANSWERS Dwelling
Coverage applies to the dwelling described in the declarations, used principally for
residential purposes, including structures attached to the dwelling, such as an attached
garage, carport, breezeway or deck. Coverage also includes materials and supplies on
or next to the described location used to construct, alter, or repair the dwelling or other
structures at the described location.
Unless otherwise covered in the policy, building equipment and outdoor equipment used
to service the described location is considered part of the dwelling IF such property is
located on the described location. No coverage applies to land, including land on which
the dwelling is located.
The Coverage A limit of insurance appears on the declarations as a specific limit. It is
chosen by the named insured at the time coverage is applied for and should represent
the dwelling's replacement value
Coverage B CORRECT ANSWERS Other Structures
Coverage B applies to other structures on the described location if they are separated
or detached from the dwelling by clear space, a fence, or a utility line. Examples include
a detached garage, shed, pool, and an outdoor storage building.
Coverage C CORRECT ANSWERS Personal Property
Coverage applies to household and personal property usual to the occupancy as a
dwelling if it is owned by the insured or by members of the insured's family who reside
with the insured. Loss due to vandalism and malicious mischief is covered even if the
property has been vacant (EMPTY) for 60 days or more. Coverage only applies while
insured property is located at the described location. After a loss and at the insured's
request, Coverage C will also apply to personal property of a guest or servant while
located on the described location. Personal property of a tenant or boarder is not
covered.
