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Adjuster Pro Module 3-A Homeowners & 3 A.1 Tx HO Supplemental WITH 100% CORRECT ANSWERS 2024 $13.99
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Adjuster Pro Module 3-A Homeowners & 3 A.1 Tx HO Supplemental WITH 100% CORRECT ANSWERS 2024
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The Standard Fire Policy -1st used in 1918 in NY -Provided homeowner & commercial property protection. -ACV valuation -Named peril policy -Only covered fire & lightening "165 Line" Policy The original Standard Fire Policy spent 165 lines explaining new insurance concepts that are still...

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  • August 30, 2024
  • 48
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • adjuster pro module 3 a homeowners 3 a1 tx ho s

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Adjuster Pro Module 3-A
Homeowners & 3 A.1 Tx HO
Supplemental WITH 100%
CORRECT ANSWERS 2024

The Standard Fire Policy - answer -1st used in 1918
in NY
-Provided homeowner & commercial property
protection.
-ACV valuation
-Named peril policy
-Only covered fire & lightening


"165 Line" Policy - answer The original Standard
Fire Policy spent 165 lines explaining new
insurance concepts that are still used today:
-Concealment & misrepresentation
-Property & perils excluded from coverage
-Insurance cancellation due to an increase in
hazards
-Obligations to a mortgagee
-Insured's duties in the event of a loss
-Subrogation

,-Appraisal


Line of Coverage - answer A particular risk or
group of risks covered by an insurance policy


Example: The HO policy combines several "lines" of
coverage (Property, Liability, etc) to meet the
needs of a typical homeowner.


Monoline Policy - answer An insurance policy that
covers only one risk or type of risk


Example: Jane can purchase a monoline policy to
cover her valuable stamp collection & nothing else
(even if she keeps half the collection at home &
half in a bank vault).


4 parts of the Standard Fire Policy: the foundation
for property coverage - answer Property owners
often have a package policy that builds on this
basic coverage.
DICE
Declarations Page
Insuring Agreement
Conditions
Exclusions

,Sections of Standard Fire Policy: Declarations -
answer Gives an overview of the whole policy,
including:
-name insured
-location of the insured property
-policy period
-policy premium
-coverage types
-coverage limits
-any applicable endorsements


Sections of Standard Fire Policy: Insuring
Agreement - answer States what coverage the
insurer will provide in exchange for the insured's
premiums.


Sections of Standard Fire Policy: Conditions -
answer Describes certain issues that can restrict or
suspend coverage, including:
-proof of loss
-preservation of property
-cancellation
-assignment
-subrogation

, -other insurance
-vacancy


Requirements in Case Loss Occurs - answer -Notify
insurer
-Protect the property from further damage
-Organize personal property, separating damaged
from undamaged
-Make checklist of damaged & undamaged
property with details about ACV
-Submit to examination under oath
-Show the insurance company (upon request):
Remains of damaged property & Accounts, bills,
and invoices.
-Submit proof of loss form within the specified time
period.


Periods of Limitations Tolled - answer -State
statutes often pause (toll) limitation periods from
date claimant files a proof of loss to date claim is
paid or denied.
-This protects claimant's right to sue the insurer,
even if insurer denies claim after period of
limitation expires.

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