Section II of a typical homeowners policy contains a provision whereby your insurance company agrees to defend and indemnify you for damages you become liable to pay a third-party for certain “bodily injury” or “property damage” that results from an “occurrence.”
Which of the following would not be covered under Section II of the homeowners policy?
Which of the following would not be an insured under Section II of the Homeowners Policy? The insured’s tenant – Roomers or boarders are not considered insureds , and would need to purchase their own liability policies.
What does the business pursuits endorsement under section II of a homeowner’s policy cover?
Business pursuit’s endorsement is a homeowner’s policy endorsement that provides liability coverage for a business conducted away from the residence premises . This endorsement provides coverage for an insured person who is employee of somebody else.
What are the sections of a homeowners policy?
Generally, a homeowners insurance policy includes at least six different coverage parts. The names of the parts may vary by insurance company, but they typically are referred to as Dwelling, Other Structures, Personal Property, Loss of Use, Personal Liability and Medical Payments coverages .
Under which of the following circumstances would a loss be covered under an HO 2 policy form?
| Sub-limit Property Limitations | $500 Business property Off-premises | Varies Electronics |
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Which of the following is not excluded from coverage in a DP 2 policy?
The Dwelling Broad Form (DP-2) insures against all of the following perils, except: Theft – There is no theft coverage in a Dwelling broad Form policy.
Which of the following would not be covered under a typical homeowners policy?
Many things that aren’t covered under your standard policy typically result from neglect and a failure to properly maintain the property. Termites and insect damage, bird or rodent damage, rust, rot, mold, and general wear and tear are not covered.
Which of the following would be covered under the liability portion of a homeowner’s policy?
The personal liability portion of your homeowners insurance policy covers you against lawsuits for injury or property damage that you or your family members cause to other people . It also pays for damage caused by your pets.
What type of coverage is coverage E in homeowners policy?
The Coverage E— Personal Liability Coverage provisions provide coverage if a claim is made or a suit is brought against an insured because of bodily injury or property damage arising from a covered occurrence.
What covers property coverage?
Personal property is the stuff you own — furniture, electronics and clothing, for example. Whether you own a home or rent an apartment, insurance policies typically include personal property coverage. This type of coverage helps pay to repair or replace your belongings after a covered loss , such as theft or fire.
What does DP 3 insurance cover?
A DP3 policy covers the structure, loss of use or rental coverage, and usually personal liability . ... Additional items that may not be covered by a DP3 product can include other structures, such as a garage or shed. Lighthouse DP3 does provide replacement cost coverage on the dwelling up to your policy limit.
Which of the following is covered on a basic cause of loss form?
The basic causes of loss form (CP 10 10) provides coverage for the following named perils: fire, lightning, explosion, smoke, windstorm, hail, riot, civil commotion, aircraft, vehicles , vandalism, sprinkler leakage, sinkhole collapse, and volcanic action.
What does a HO 2 cover?
HO2. An HO2 policy is another basic homeowners insurance policy. It covers the 10 perils listed on an HO1 policy , and some additional perils, including falling objects, and weight of snow, sleet, or ice. In total, it covers 16 perils.
Does DP 2 have liability coverage?
While DP2 doesn’t automatically include liability coverage , you can usually add it on to pay your legal fees if someone claims you’re responsible for their property damage or injury. DP2 pays claims only when the loss occurs from a covered event, or peril, listed in the policy.
What is not covered under DP 1?
A DP1 policy, also called Dwelling Fire Form 1, is a type of home insurance policy that protects a house from nine named perils – most notably fire. ... For example, vandalism isn’t covered, and that’s damage vacant homes are especially prone to.
Which of the following is covered in the DP 1 dwelling basic form?
The Dwelling Basic form DP-1 automatically covers fire, lightning and internal explosion . There are eight additional perils available by extended coverage endorsement ECE: These are wind, hail, aircraft, riot, vehicles, volcanic eruption, explosion, and smoke.
Which of the following types of property would be covered under Coverage C?
Items like furniture, computers, TVs, jewelry and even clothes are considered personal belongings and, therefore, are protected under Coverage C of your home insurance policy. The most commonly covered perils include theft, vandalism, fires, hurricanes, tornados and hail .
Which of the following would be covered under a renters insurance policy quizlet?
Renters insurance provides liability insurance and the tenant’s personal property is covered against named perils such as fire, theft, and vandalism. It also pays expenses, when the dwelling becomes uninhabitable.
Which of the following is not covered under the building and personal property coverage form?
Which of the following property is not covered under the Building and Personal Property Coverage Form? Electronic data Electronic data, including information, facts, and computer programs and the cost to replace or restore the electronic information is not covered.
Who is covered by an HO 4 policy?
Who needs HO-4 insurance? Anyone who rents an apartment, condominium or home needs renters insurance . Landlords require tenants to carry renters insurance to relieve them of liability for personal property losses.
Does liability protection cover personal liability?
Personal liability insurance is about financial protection – for you and your family. The personal liability coverage within your homeowners policy provides coverage to pay for claims of bodily injury and property damage sustained by others for which you or covered residents of your household are legally responsible.
What is covered under Coverage E?
Coverage E: Comprehensive Personal Liability . Covers personal liability. This coverage protects you against claims arising from accidents to others on property that you own or rent. With a few exceptions, such as auto or boating accidents, it is an all purpose liability policy that follows you wherever you go.
What are the three types of coverages for homeowners insurance?
Homeowners insurance policies generally cover destruction and damage to a residence’s interior and exterior, the loss or theft of possessions, and personal liability for harm to others. Three basic levels of coverage exist: actual cash value, replacement cost, and extended replacement cost/value .
Who is insured under a homeowners policy?
The named insured in a homeowners policy is the legal owner of the home , that is, the names found on the deed to the property. No other insureds are included under a homeowners policy. Insured simply means covered by the terms of the policy. Other insureds may only be covered by some provisions.
What are the six categories covered by homeowners insurance?
- Property Damage. This covers damage to your home , such as from fire, wind, or hail. ...
- Additional Living Expenses. ...
- Personal Liability. ...
- Medical Payment Coverage.
What type of insurance is ho8?
Homeowners Modified Form 8 (HO 8) — part of the Insurance Services Office, Inc. (ISO), homeowners portfolio, the HO 8 form provides basic named perils coverage for direct damage to property, personal liability coverage, and medical payments to others as respects owner-occupied dwellings.
What is the difference in perils between the DP 2 and DP 3?
DP3 Insurance is All Risk Insurance
The DP 1 and DP 2 are named peril policies, while the DP 3 is an open peril policy . Named peril insurance policies are policies that specifically list the perils that are insured under the policy.
Which of the following is covered by medical payments under the CGL?
Coverage C: Medical Payments
It is included in the CGL policy and pays for all necessary and reasonable medical, surgical, ambulance, hospital, professional nursing and funeral expenses for a person injured or killed in an accident taking place at the insured’s premises or arising from business operations.
Which of the following is covered under the commercial building and personal property coverage form?
Building and personal property coverage form is an insurance that covers physical damage to commercial property . ... Building and personal property coverage exclude land, water, plants, roadways, crops, shrubs, money, accounts, instruments, or trees.
What is a DWG 3 policy?
Special Form Dwelling Policy (DWG-3 or DP-3)
This means that instead of listing the events it will cover, it only lists those events and circumstances that will not be covered . ... Personal property is still covered for the same events as under the Broad Form Dwelling policy.
What is an HO4 homeowners policy?
HO4 insurance, or renters insurance, is financial coverage for 1) damages or losses to your stuff 2) legal fees if you’re sued 3) other’s medical bills if you’re at fault and 4) temp living expenses if your place becomes uninhabitable. Score!
Which of the following is not covered under the BOP?
BOPs do NOT cover professional liability, auto insurance, worker’s compensation or health and disability insurance . You’ll need separate insurance policies to cover professional services, vehicles and your employees.
Does DP2 cover wind?
The HO3 provides coverage for “Wind Driven Rain”, while the DP2 does not . Please note: Wind driven rain is the #1 source of claims on the Outer Banks. The HO3 provides liability coverage, while the DP2 does not.
What is the difference between DP 1 and DP 2?
DP1 is the most basic standard, with the ability for a ship to automatically hold station. DP2 has redundancy , but DP3 has segregated redundancy that would allow for a more serious failure. If human lives are on the line, DP2 or DP3 is required.
What is a DP 1 insurance policy?
Often referred to as a dwelling or fire insurance policy, the DP-1 program provides the flexibility to offer essential coverage for homes that are any age, any occupancy, fair or better condition, even up to four-family construction. Liability protection and many other coverages can be added as options.
