Property and Casualty Insurance Pre-Licensing (Louisiana) Chapter 3 Dwelling Policy Notes (Well-enlightened)

Debris correct answers remains of anything broken down or destroyed Incidental occupancy correct answers minor uses that are accessory to or support the predominant occupancy (e.g., a piano teacher giving lessons in her home) Occurrence correct answers an incident or event Ordinance correct answers A law that must be complied with Overinsurance correct answers when a property's insurance coverage exceeds its cash value Premises correct answers a house or building (including land and outer buildings) utilized by a business Vandalism correct answers intentional destruction or damage to property Characteristics and purposes correct answers The dwelling property policy was developed by the ISO to be used primarily as a property coverage form The policy can be used to insure the dwelling only, contents only, or both. Endorsements exist to amend the coverage to tailor it to the specific needs of the policy applicant Liability coverage is not included, but can be added. In practice, this is a common policy form used to insure the rental dwellings Three separate coverage forms that are available under the dwelling program correct answers Basic, Broad, and Special form coverage ISO classifications of Dwelling Property Policies correct answers DP with a corresponding form number to denote the policy type (DP-1, DP-2, or DP-3) A Dwelling Property policy can be purchased to insure properties solely used for residential purposes in the following situations correct answers Up to 5 roomers or boarders; Up to 4 residential units; Properties in the course of construction; Owner occupied, tenant occupied, or both;