Under which of the following conditions can broad theft coverage be added to a dwelling policy

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All of the following are true regarding Dwelling policy eligibility, except:
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All of the following are true regarding Dwelling policy eligibility, except:

a. Mobile homes are eligible if written on a DP-1

b. Farm dwellings are not eligible

c. Some incidental business occupancies are permitted

d. The dwelling must be used for seasonal or secondary purposes

Answer: d. The dwelling must be used for seasonal or secondary purposes

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Chapter 7

QuestionAnswer

Difference between DP-2 Broad form and the DP-3 Special form is	plumbing water damage
The Homeowners Watercraft Endorsement under Section II includes all the following EXCEPT:	Use of a boat in a racing competition.
Which of the following would NOT be covered under Section II of Medical Payment to Others?	The insured`s pets that are injured on the insured`s property.
Volcanic eruption excludes:	none are excluded
Which of the following is true regarding vehicles covered and not covered under Section II?	All the insured`s vehicles and trailers towed by the insured are excluded from coverage.
According to the ordinance or law exclusion, which of the following does NOT apply?	This coverage is required by state law.
Under HO property additional coverages, what is covered for debris removal expense?	Reasonable cost to remove debris after a covered loss.
Liability and Medical Payments are the two major coverages provided in:	Section II of the Homeowners form
Jewelry valued at $30,000 is destroyed in a hotel fire in Paris, the HO would:	cover up to Coverage C limit
The correct statement regarding landlord furnishings would be:	Both covered up to $2500 and excludes the peril of theft are correct
Which DP policies insure Coverage C for broad form perils?	Both DP-2 and DP-3
Under HO property additional coverages, what is covered for removal?	Property removed from the insured`s premises to protect it from damage due to a covered loss.
Which is not an "other coverage" in the dwelling forms?	Volcanic eruption
Which HO endorsement covers loss due to personal injury [false arrest, libel, slander, defamation of character, and invasion of privacy?	Personal Injury endorsement
Which is not an exclusion under Coverage A on an HO-3?	Damage by a deer
Under Section II of the Homeowners form, what does coverage E [personal liability] cover?	This coverage will take affect if a claim is made against the insured for damages due to bodily injury or damage to the property caused by the insured`s negligent acts.
All of the following are major differences between the broad form and the special form EXCEPT:	The broad form doesn`t require the 80% coinsurance and the special form does.
Which of the following properties are NOT included in insured locations and residence premises under Section II of the Homeowner`s policy?	Insured`s work office space
Under Section II - Additional Coverages, which of the following is NOT included?	Medical Payments to Others
Under Section 1 Condition - Loss Settlement on an HO3, which of the following situations shows the insured is covered adequately in the event of a loss?	The insured has $80,000 coverage on property worth $100,000.
Which is excluded under Section I and covered under Section II?	Animals, birds, or fish
Under HO property coverage earth movement is a general exclusion. Which homeowners policy has done away with the exclusion for concurrent causation regarding this peril?	HO 3
The following properties are included as an insured location and/or residence premises for Liability and Medical except:	Insured's relative cemetery plot
All of the following are considered an "insured" under Section 1 of the HO 3 EXCEPT:	Relatives who share the same last name as the insured.
In the event of a loss, the insured has the responsibility to do all of the following EXCEPT:	Provide a copy of the police report to the insurer.
All of the following are true of a broad coverage form EXCEPT:	No minimum amount of insurance is required for the basic form.
Coverage not provided without endorsement on a DP-1/Basic is:	Coverage E
All of the following are general exclusions to the HO 3 policy except:	Loss Assessment
Under property coverage, which of the following is covered under coverage A?	Dwelling
Under Section 1 Condition - Loss Settlement, which of the following formulas is used to determine payment to an insured in the event of a loss?	Insurance carried, divided by the insurance required, times the loss, minus the deductible, equals the loss payment.
Which of the following is NOT an option of the California Residential Property Insurance Disclosure Statement?	Fair Market Value Cost Coverage
In property coverage, what is specifically covered under coverage B?	other structures/ separate structures at the same location, such as garages, sheds and birdhouses on the described location that are separated from the dwelling by a clear space or connected only by a fence or utility line.
Which is not a liability endorsement on the HO forms?	Mobilehome
Coverage D, loss of use, depends on which of the following for a limit of insurance to be applied?	How much coverage is placed on the dwelling?
According to Section II of the Homeowners policy [selected homeowners endorsements], which of the following is true of the mobile home endorsement?	The mobile home is considered the dwelling being insured when it is endorsed on the policy.

Which of the following is false regarding the Broad Theft Endorsement under the Dwelling policy? Only on-premises coverage is available --- The Broad Form Theft endorsement is attached to owner-occupied Dwelling policies to provide theft coverage for the owner-occupant's Personal Property.

Residential Theft Coverage The broad theft endorsement is only available to owner-occupied dwellings, and can apply to on and off premise theft. Both endorsements provide coverage for theft, attempted theft, and vandalism or malicious mischief as a result of theft.

Broad theft coverage can be added as an endorsement to a dwelling policy if the insured is owner-occupant of the dwelling. A Coverage for newly acquired property.

d. the insured's camera is stolen from his suitcase while he is on vacation A broad theft endorsement on the off-premises coverage covers property that is either owned or used by the insured when the property is away from the insured premises.

Broad form personal theft insurance covers the theft or loss of personal assets. It can be placed on all personal property, and is on an all-risk basis, meaning no matter whether the loss is from vandalism, theft or loss, the same coverage will apply. A limited form of broad form insurance is more commonly known as personal theft insurance.

Broad Form Personal Theft Insurance covers the loss or theft of personal items.
Personal assets insurance is commonly included in homeowners and auto insurance, however, additional insurance may be purchased.

There are limitations on the coverage of personal assets which are most often subject to theft such as jewelry, coins and securities, among others. Personal assets insurance is commonly included in homeowners and auto insurance, however, additional insurance may be purchased.

This type of coverage is standard on homeowners and renter policies. The limitations and exclusions built into standard policies, however, make this coverage not very comprehensive and of little use if something really valuable is lost or stolen.

Consider the boilerplate language from a standard homeowners policy that's in wide use: We do not pay for: a. theft by an insured person; b. theft in or to a structure being built, or theft of materials and supplies for use in construction of the structure, until the structure is finished and occupied; c. loss of a precious or semiprecious stone from its setting; d. loss that results from the theft of a “credit card”; or e. theft from a part of the dwelling usually occupied solely by an insured person while it is rented to others.

There are money limits on all claims: $200 on money, bank notes, bullion, gold other than goldware and gold-plated ware, silver other than silverware and silver-plated ware, platinum, coins, and numismatic property. b. Regardless of their storage medium, $1,000 on securities, bills, letters of credit, notes other than bank notes, tickets, accounts, deeds, evidence of debt, passports, manuscripts, stamps, and philatelic property. c. $1,500 on jewelry, watches, precious and semiprecious stones, gems, and furs. d. $2,500 on silverware, goldware, pewterware, and items plated with gold or silver. e. $2,000 on guns and items related to guns. f. “Business” property, up to the amounts shown below: 1) $2,500 while on the “insured premises”; 2) $250 while away from the “insured premises”. g. $1,000 on watercraft including their trailers, furnishings, equipment and motors. h. $1,000 on trailers not otherwise provided for.

The point here is if you have valuables you want covered by insurance, you'll need to purchase a rider. Riders can add up to 20% to your annual premiums, but you'll get full coverage of items such as jewelry, coins and artworks. Many people find it cheaper to skip the riders and lease a safety-deposit box instead for smaller items.