Term
Insuring agreement part:
Named-Peril coverage |
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Definition
| Only those perils specifically covered. If the peril is not named, it is not covered |
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Term
Insuring agreement part:
All risk coverage |
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Definition
| All losses are covered except those losses specifically excluded. IF THE LOSS IS NOT EXCLUDED, THEN IT IS COVERED.Ex: Life insurance covers all causes of death whether by accident or by disease. The major exclusion is suicide during the first two years. |
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Term
| What covers section I in the Homeowner policy(HO)? |
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Definition
Property Coverages:
.Dwelling
.Other structures
.Personal Property
.Loss of Use
.Additional Coverages |
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Term
| What covers section II in the HO policy? |
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Definition
Liability Coverages:
.Personal Liability
.Medical Payments to others |
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Term
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Definition
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Term
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Definition
Named-perils policy that insures the dwelling, other structures(detached garaged), and personal property against loss from certain listed perils
Covered perils include fire, lightning,windstorm,hail explosion, and other perils |
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Term
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Definition
| insures the dwelling and other structures(detached garage) against risk of direct physical loss to property. This means that all direct physical lossesto the dwelling and other structures are covered, except those losses specifically excluded. |
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Term
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Definition
| is designed for tenants who rent apartments, houses or rooms.Covers the tenant's personal property against loss or damage and also provides personal liability insurance |
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Term
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Definition
| insures the dwelling, other structures, and personal property against the risk of direct physical loss to property, except those losses specifically excluded |
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Term
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Definition
| designed for the owner of condominium units and cooperatives apartments.Carries insurance one the building and other property owned in common by the owner of the different units |
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Term
| HO-8(Modified Coverage Form) |
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Definition
Cover loss to the dwelling and other structures on the basis of repair cost, which is the amount required to repair or replace damaged property using common construction materials and methods.
*Usually designed for an older home whose replacement cost substantially exceeds its market value |
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Term
| Certain duties on the insured after a loss to covered property occurs: |
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Definition
1. immediate notice of the loss
2. property must me protected for further damages
3. insurer must prepare an inventory of the damaged personal property and may be required to show the damaged property
4. proof of loss must be filed within 60 days after the insurer request. |
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