Exam FX Chapter 3 - Dwelling Policy Questions With Complete Solutions

what are the 3 separate coverage forms available under the dwelling program? correct answer: basic, broad, and special In practice, the dwelling property policy is commonly used to insure ______ _______ correct answer: rental dwellings what are the corresponding form numbers for dwelling property policies? correct answer: DP-1, DP-2, DP-3 Dwelling Property Policy can be purchased to insure properties solely used for residential purposes in what situations? correct answer: 1. Up to 5 roomers or boarders 2. Up to 4 residential units 3. Properties in the course of construction 4. Owner occupied, tenant occupied or both 5. Mobile homes on the basic form only, if they contain no more than one apartment, and are located at a permanent location listed in the policy 6. Seasonal dwellings unoccupied for 3 or more months during a 12-month period 7. Not designed as farm property What is the DP(Dwelling Policy) form structure? correct answer: 1. Agreement 2. Definitions 3. Deductible 4. Coverages, including Other Coverages 5. Perils Insured Against 6. General Exclusions 7. Conditions insuring agreement (states that the insurer will provide coverage described in the policy in return for the premium paid and compliance with all applicable policy provisions) correct answer: Agreement define direct and indirect property coverages, and additional coverages included in the premium charge correct answer: coverages, including other coverages vary by form and is a key differentiator in form sele