Property and Casualty Chapter 5

In contrast, Dwelling policies are available for homeowners who ____ their dwellings to other people to live in.

Rent

While the general rule for Homeowners is that the homeowner must own and live in (occupy) the dwelling, the exception to the rule is the ___, which is for renters/tenants.

HO-4

The ____ is for condominium owners.

HO-6

The HO-4 has no Property coverage on the building because the renter has no ____ in the building.

Insurable interest

Of the seven Homeowners forms, five are designed to cover both the building and the ____.

Contents/Personal Property.

The remaining two forms, the HO-4 (Tenants) and the HO-6 (Condominium Unit Owners) provide little or no ____ coverage.

Building or Dwelling

To qualify for a Homeowners policy the dwelling must be used principally as a residence, although certain ___ businesses are allowed, such as a small dance studio, professional office, private school or day care center.

Low risk

The Homeowners policy owner is referred to as the ____.

Named Insured

The policy owner's spouse automatically has the rights of a Named Insured if he/she lives at the ____.

Same address

The dwelling that you live in, and any other structures as well as the land that goes with it, is referred to as your _____.

Residence Premises

A much broader definition of covered locations where you have premises type liability coverage is called an____, which would include locations such as a newly acquired premises, cemetery plots and a premises that you occasionally rent for non-business purposes.

Insured Location

Homeowners Coverage A covers your ____.

Dwelling

Homeowners Coverage B covers ____ such as a detached garage, storage shed, fence or swimming pool.

Other Structures

Homeowners Coverage C covers your stuff, which is called _____.

Personal Property

Coverage C covers your stuff anywhere in the ____.

World

Homeowners Coverage D covers your ____ of your dwelling following a covered loss, which is also called _____.

Loss Of Use, Additional Living Expenses

HO-1 and HO-8 policy Coverage's A and B are written on a ____ form Cause of Loss. Coverage C is also written on a ____ form Cause of Loss.

Basic forms

HO-2 policy Coverages A and B are written on a ____ form Cause of Loss. Coverage C is also written on a ____ form Cause of Loss.

Broad forms

HO-3 policy Coverages A and B are written on a ____ form Cause of Loss. But Coverage C remains at the ___ form level.

Special and Broad

HO-5 policy Coverage's A and B are written on a ____ form Cause of Loss. Coverage C is also upgraded to ____ form Cause of Loss.

Special forms

Both the HO-4 and the HO-6 policy Coverage Cs are written on a ___ form Cause of Loss.

Broad

Loss Settlement under Coverage's A and B are paid on a ___ basis as long as the dwelling is insured for at least __ percent of its replacement cost.

Replacement Cost, 80

Loss Settlement under Coverage C is on an ___ basis unless the coverage is upgraded to _____ by endorsement for a higher premium.

ACV, Replacement Cost

Earthquake coverage can be added to an HO policy by ___ and is written with a ___ deductible. But the minimum deductible is ___.

endorsement, percentage, $250

The Inflation Guard endorsement automatically raises the Coverage A and B limits on a _____ basis during the policy year.

Pro rata

HO Section II is a _____.

Personal Liability Policy

Personal Liability coverage provides protection to you and your family for your negligence that results in the____ or _____ to a third party (The Other Guy).

Bodily injury (BI) or Property damage (PD)

HO Section II also provides _______ coverage on a No Fault basis in an attempt to avoid lawsuits.

Medical Payments to Others

Medical Payments coverage will not pay for the medical expenses of the Named Insured or any regular resident of the Insured's household, except for a _____, such as a paid nanny, valet or butler who ARE covered by Med Pay.

Residence Employee

Anyone who RENTS an apartment or a house needs _____, which provides fire protection for the property that is in their Care, Custody and Control but that they do not own. All HO policies provide this protection.

Fire Legal Liability

A Mobile Home Endorsement can be added to an ____ or an ____ policy.

HO-2 or HO-3

Again, Dwelling policies are available to homeowners who ____ their dwellings to others.

Rent

DPs are very similar to the same numbered HO's except that they do not have ____ or ____ coverage's. However, these coverage's can be added by endorsement for an ____ in premium.

Theft or Liability, Increase

There are only three DP forms: ____, ____, and ____.

DP-1, DP-2 and DP-3

The DP-1 covers only three perils, ____, _____ and ____. However, essentially Basic coverage's can be obtained by adding the Extended Coverage (EC) Endorsement and the ________ endorsement.

Fire, Lightning, and Explosion. Vandalism and Malicious Mischief (V&MM)

DP Coverage D is not Additional Living Expenses, but rather _____.

Fair Rental Value

Theft Coverage and Liability Coverage can be added to a DP by _____ for an increased premium.

Endorsement