CISR Auto and Home Class | 2024 Questions & Answers | 100% Correct | Verified

CISR Auto and Home Class | 2024 Questions & Answers | 100% Correct | Verified Determine if a described activity is a business as defined in the ISO Homeowners policy - Business is a two part definition. A business is a trade, profession or occupation engaged in a full time, part time or occasional basis. If part one does not apply, part two needs to be looked at. A business is any activity engaged in for money or other compensation unless it is: an activity that received $12k or less per year, volunteer activity with no compensation, home day care with no compensation, or home day care of a relative even with compensation. Determine if there is an exclusion or limitation in the ISO Homeowners Policy for the Dwelling or any other structure used for business - COV A Dwelling- No exclusion for business use on the main dwelling. COV B Other Structures- Up to 10% of coverage A dwelling limit. Three exclusions: exclusion for structure that is rented to anyone not a tenant unless used as a private garage. Exclusion when used as a business exposure. Exclusion for an other structure used to store business property unless owned solely by an insured or tenant of the dwelling and the business property is not gaseous or liquid fuel. Determine if there is an appropriate endorsement to the ISO Homeowners Policy to provide coverage for an other structure that is excluded because of a business exposure and explain the coverage it provides. - Structures rented to others- Residence premises= gives coverage for an other structure that is rented to others for use as a private residence. Example: Garage apartment or mother in law cottage. Permitted Incidental Occupancies- Residence Premises= Must be for a "YOU". covers certain business described in the schedule that is conducted at or from the residence premises. Determine if there is an exclusion of limitation in the ISO Homeowners Policy for personal property used for business - There are two coverage C personal property special limits of liability that apply to property used primarily for business: $2,500 for personal property used primarily for business on the residence premise, $1,500 for personal property used primarily for business while away from the residence premises Determine if there is an appropriate endorsement to the ISO Homeowners Policy to provide coverage for personal property that is otherwise excluded because of a specific business activity and explain the coverage it provides - Increased limits on business property= increases limits of business property coverage on the premises from $2500 to a max of $10000. Increases limits of business property coverage away from the premises to 60% of the limit selected. Does not give coverage for business property that pertains to business actually conducted on the residence premises. Does not cover business property in storage or held as a sample or for sale or delivery after a sale. Permitted Incidental Occupancies- residence premises= removes the $2500 business limit for property on the residence for furnishings, supplies and equipment of the business described in the schedule. Landlord's furnishings= used to increase the landlord's furnishing limit to up to $10k. theft is still excluded. exclusions that pertain to business property - property in an apartment rented or held for rental to others by and insured ( $2,500 is included for landlord furnishings, other than theft.) Business data such as books of account, drawings and paper records. Includes data stored in computers and related equipment. Determine if a business activity is excluded in section II- liability coverages of the ISO Homeowners Policy - The exclusions consist of four groups: Motor vehicle liability and watercraft liability exclusion- excludes the business use of any motor vehicle except gold cart used on a golfing facility. No bodily injury or property damage coverage for a business on an insured location, such as working from home. No bodily injury or property damage coverage for a business engaged in by an insured whether or not the business is owned or operated by the insured. No bodily injury or property coverage for a business that employs an insured. No bodily injury coverage arising out of the rendering of or failure to render professional services. If the insured voluntarily or is required to provide workers comp insurance to an employee, personal liability and medical payments to others coverage is excluded. Exceptions to the business exclusion that give back personal liability and medical payments to others coverage for some business activities - 1. The rental or holding for rental of an insured location if on an occasional basis if used only as a rental.- going away for a week and renting the home, which only happens occasionally. 2. Rental or holding for rental f an insured location in part as an office, school, studio or private garage. 3. An insured under the age of 21 in a part time or occasional self employed business with no employees. Determine if there is an appropriate endorsement to the ISO homeowners policy to provide liability coverage for a specific business activity and explain the coverage it provides - Structures rented to others- residence premises= gives property and liability coverage for an other structure that is rented to others for use as private residence. Permitted incidental occupancies- residence premises= provides premises liability coverage by stating the section II business exclusion does not apply to the necessary or incidental use of the residence premises to conduct the business shown in the schedule. Business pursuits= liability coverage provided for business pursuit of the insured shown in the schedule. provides coverage both on an away from the residence premises. Excludes coverage for: Business owned or financially controlled by the insured, professional