EXAM FX (Types of Property Policies) Questions With Complete Solutions

3 coverage forms available under dwelling program correct answer: -basic -broad -special forms Is liability coverage included under dwelling program? correct answer: No, but can be added Does the dwelling policy can be used to insure: a) dwelling only b)contents only c)both dwelling and contents d)all of the above correct answer: Does the dwelling policy can be used to insure: d)all of the above Structure of a DP Form correct answer: 1) Agreement 2) Definitions 3) Deductible 4) Coverages, including other coverages 5) Perils Insured Against 6) General Exclusions 7)Conditions Which form is a named peril coverage form that provides the most limited coverage? correct answer: Basic Form (DP-1) Is there a minimum amount of insurance required for the Basic Form? correct answer: No What coverage is included on the basic form? correct answer: Fire, Lightning, and internal explosion What are the extended coverage perils insured on the basic form? correct answer: Windstorm Hail Aircraft/vehicles Riot/civil commotion Volcanic eruption Explosion Smoke (WHARVES) Hostile fire correct answer: a fire that was not i