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Adjusterpro 3 Questions And Answers With Verified Solutions Rated A+
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Adjusterpro 3 Questions And Answers With Verified Solutions Rated A+
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Adjusterpro 3 Questions And AnswersWith Verified Solutions Rated A+
The Standard Fire Policy - ANSWER✔✔ • first used in 1918 in NY
• provided homeowner and commercial property protection
• used ACV valuation
• was a named peril policy
• only covered fire and lightning
What is the "165 Line" Policy - ANSWER✔✔ • another name for the standard fire
policy
• the original standard fire policy spent 165 lines explaining new insurance
concepts still used today
Line of Coverage - ANSWER✔✔ a particular risk or group of risks covered by an
insurance policy
Monoline Policy - ANSWER✔✔ an insurance policy that covers only one risk or
type of risk
The Standard Fire Policy divides a basic property insurance policy into how many
parts? what are they? - ANSWER✔✔ 4; Dec Page, Insuring Agreement,
Conditions, Exclusions
The declarations page will always provide a list of coverages provided within the
policy. What will be listed next to each type of coverage on the declarations page?
- ANSWER✔✔ the insurer's limit of liability for that particular coverage
What are the property insurance categories - ANSWER✔✔ personal lines,
commercial lines, homeowners insurance, and dwelling insurance
,What are Personal Lines used for? - ANSWER✔✔ for possessions intended for
personal use
What are Commercial Lines used for? - ANSWER✔✔ for possessions intended for
business or corporate use
Homeowners Insurance - ANSWER✔✔ for property inhabited by the insured
Dwelling Insurance - ANSWER✔✔ for property not inhabited by the insured
What is bundled in a Homeowners (HO) Insurance a package policy? -
ANSWER✔✔ it bundles property and liability coverages
what kind of losses are covered by property coverage ? - ANSWER✔✔ covers
physical losses to the home and associated structures
what is covered by Liability Coverage - ANSWER✔✔ covers losses experienced
by a third party, for which the policyholder is liable
Homeowner Eligibility - ANSWER✔✔ • It's Personal: HO policies are for
individuals, not corporations, businesses, or government entities
• Own & Occupy: HO policies are for individuals who both own and occupy the
residence
Buildings that qualify for HO Insurance - ANSWER✔✔ • residential dwellings
with up to 4 families
• dwelling used exclusively for residential purposes
, • mobile homes, with the proper endorsements
• buildings under construction
What are "Insurance Services Offices (ISO) forms: - ANSWER✔✔ forms for HO
policies and each provides a different type of coverage
Types of HO policies - ANSWER✔✔ HO-2: Broad or "cheap" form ( but provides
more coverage than HO-8)
HO-3: the Special Form, most common, "middle of the road" form
HO-4: Contents Broad Form, the tenants' form and is a special contents only policy
for RENTERS
HO-5: provides best coverage and is high-end
HO-6: Condo form for condo owners
HO-8: the Modified Coverage Form, which gives more limited coverage than other
forms
Extended Coverage Endorsement - ANSWER✔✔ • in addition to the perils of fire
and lightning, the Extended Coverage Endorsement covers:
windstorm, hail, explosion, riot/ civil commotion, vehicles, aircraft, volcanic
eruption, and smoke
The Broad Form Endorsement added coverage for: - ANSWER✔✔ vandalism or
malicious mischief, theft, breakage of glass in a building, storm door, or window,
falling objects, weight of ice, snow, or sleet, collapse, damage from a steam or hot
water system, accidental discharge or overflow of water steam, freezing of
plumbing, heating, air-conditioning systems, or domestic appliances, Sudden and
accidental damage from artificially generated electrical current, volcano
Two Exclusions for Windstorm & Hail Perils - ANSWER✔✔ 1: these items are
only covered for wind and hail when inside a fully enclosed building, so if left
exposed to the elements, they lose coverage for wind and hail
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