Chpt 7 Dwelling Policy || 100% Correct Answers.
What are the two types of property policys that have long been around? correct answers
Dwelling Policy
&
Homeowners Policy
What did you have to have to do before being able to get a homeowners policy? correct answers
OWN and LIVE in their home
Does a dwelling policy require insured to occupy (meaning live there) the risk? correct answers
NO
What does the dwelling policy not include? correct answers theft and personal liability BUT they
can be added wit endorsement
What was the policy of choice for land lords? correct answers dwelling policy bc you dont have
to live there
What two items do homeowners policies offer that dwelling policies do not? correct answers
theft and liability coverage
What is a DP-3 dwelling policy do? correct answers offer extensive coverage for all risk on the
building structure itself (IDK) also extends content coverage to broad form level
What is the DP-1 cover? correct answers Dwelling policy covers both dwelling an property
contents
What is the Dp-2 cover? correct answers same as DP1 but upgrades to broad for peril
Whats DP mean? correct answers Dwelling Property
What types of property are eligible for coverage under the dwelling policy? correct answers
single family homes
four family homes
duplexes/triplexes
dwellings under construction
permanently installed mobile homes (just DP-1)
incident business risks
What three options come with the dwelling policy in terms of the peril power? correct answers
basic, broad, and special power
**What is the major difference b/t homeowner policy and dwelling policy? correct answers
Eligibility for homeowners policies requires owner occupancy; eligibility for dwelling policies
requires owner of tenant occupancy
, What types of peril was the standard fire policy written with? correct answers Fire, Lightning,
inherent explosions
Now- other can be added with endorsements
What are the ways people can no upgrade their perils on a standard fire policy? correct answers
by choosing the basic cause of loss form, the broad form cause of loss, or the special (all-risk)
cause of loss form
what does the basic cause of loss form cover peril wise DP1? (there are 11) correct answers Fire,
Also resultant smoke, water and firman damage, fireman attempts to keep the fire from
spreading, (NOT FRIENDLY FIRE- like wood thrown in fire place) BUt a friendly fire can
become a hostile fire which is covered LIghting, Explosions (NOT from bioler explosions),
Windstorm or Hail (NOT interior contents unless damage to the building allows hail or wind to
enter), Riot or Civil Commotion, Vandalism (NOT theft but this will cover burglary damage),
Volcanic Action (above ground damage), -Vehicle Aircraft, Smoke, Vehicle or Aircraft, Smoke,
Sprinkler Leakage, Sinkhole Collapse-IDK
IF we add to this list, we start looking at broad causes of loss form. What another name for this
form? correct answers DP-2
What are the coverages and their names under dwelling property? correct answers A Dwelling
Coverage
B Other structures
C Person property
D Fair Rental Value Coverage
E Additional Living Expenses
What extra coverage does the broad cause of loss form DP2 give? correct answers Plumbing,
Falling objects, Weight of Snow, ICE or Sleet, Collapse, Tearing apart Peril
Whats special about plumbing under coverage for DP-2? correct answers Well, it applies if there
is freezing or leaking of pipes and plumbing fixtures. But NOT if the insured fails to keep heat in
the building
What special about coverage under the Falling objects coverage of Dp-2? correct answers Will
not cover damages to the interior unless falling obejct damages the exterior first which results in
damages on the inside.
What all comes to support the peril coverage of collapse under the broad form cause of loss/ DP-
2? correct answers weight or rain
weight of people
hiddden decay
hidden insect or vermin damage
defective construction
What are the two types of property policys that have long been around? correct answers
Dwelling Policy
&
Homeowners Policy
What did you have to have to do before being able to get a homeowners policy? correct answers
OWN and LIVE in their home
Does a dwelling policy require insured to occupy (meaning live there) the risk? correct answers
NO
What does the dwelling policy not include? correct answers theft and personal liability BUT they
can be added wit endorsement
What was the policy of choice for land lords? correct answers dwelling policy bc you dont have
to live there
What two items do homeowners policies offer that dwelling policies do not? correct answers
theft and liability coverage
What is a DP-3 dwelling policy do? correct answers offer extensive coverage for all risk on the
building structure itself (IDK) also extends content coverage to broad form level
What is the DP-1 cover? correct answers Dwelling policy covers both dwelling an property
contents
What is the Dp-2 cover? correct answers same as DP1 but upgrades to broad for peril
Whats DP mean? correct answers Dwelling Property
What types of property are eligible for coverage under the dwelling policy? correct answers
single family homes
four family homes
duplexes/triplexes
dwellings under construction
permanently installed mobile homes (just DP-1)
incident business risks
What three options come with the dwelling policy in terms of the peril power? correct answers
basic, broad, and special power
**What is the major difference b/t homeowner policy and dwelling policy? correct answers
Eligibility for homeowners policies requires owner occupancy; eligibility for dwelling policies
requires owner of tenant occupancy
, What types of peril was the standard fire policy written with? correct answers Fire, Lightning,
inherent explosions
Now- other can be added with endorsements
What are the ways people can no upgrade their perils on a standard fire policy? correct answers
by choosing the basic cause of loss form, the broad form cause of loss, or the special (all-risk)
cause of loss form
what does the basic cause of loss form cover peril wise DP1? (there are 11) correct answers Fire,
Also resultant smoke, water and firman damage, fireman attempts to keep the fire from
spreading, (NOT FRIENDLY FIRE- like wood thrown in fire place) BUt a friendly fire can
become a hostile fire which is covered LIghting, Explosions (NOT from bioler explosions),
Windstorm or Hail (NOT interior contents unless damage to the building allows hail or wind to
enter), Riot or Civil Commotion, Vandalism (NOT theft but this will cover burglary damage),
Volcanic Action (above ground damage), -Vehicle Aircraft, Smoke, Vehicle or Aircraft, Smoke,
Sprinkler Leakage, Sinkhole Collapse-IDK
IF we add to this list, we start looking at broad causes of loss form. What another name for this
form? correct answers DP-2
What are the coverages and their names under dwelling property? correct answers A Dwelling
Coverage
B Other structures
C Person property
D Fair Rental Value Coverage
E Additional Living Expenses
What extra coverage does the broad cause of loss form DP2 give? correct answers Plumbing,
Falling objects, Weight of Snow, ICE or Sleet, Collapse, Tearing apart Peril
Whats special about plumbing under coverage for DP-2? correct answers Well, it applies if there
is freezing or leaking of pipes and plumbing fixtures. But NOT if the insured fails to keep heat in
the building
What special about coverage under the Falling objects coverage of Dp-2? correct answers Will
not cover damages to the interior unless falling obejct damages the exterior first which results in
damages on the inside.
What all comes to support the peril coverage of collapse under the broad form cause of loss/ DP-
2? correct answers weight or rain
weight of people
hiddden decay
hidden insect or vermin damage
defective construction
