Insurance Graphic Organizer REMINDER: Insurance Graphic Organizer - - PDF document

Insurance Graphic Organizer

REMINDER: Insurance Graphic Organizer Discussion To be done at home. Review done at the beginning of next class. Bring your questions and answers. These activities contain extra information not included in class. You can find these in your course study materials in your student profile. What are the three Insuring Agreements for Personal Property and explain each. (9 points) The following slides contain the information needed to answer this question. Coverage C - __________ Property

Three Insuring Agreements for __________ property 1) On __________ Coverage

• Extended: “__________ personal __________ of others,” WHILE a part of __________

(occupied by __________)

• Exception: __________/boarders property

2) Off __________ Coverage

• ONLY personal __________ TEMPORARILY __________ is insured

3) __________ of Students

• Students living (__________) away from home (__________/college/university)
• Cont’d...

Coverage C - Personal Property Three Insuring Agreements for personal property 3) Property of __________: living __________ away from home Cont’d...

• Coverage:

○ __________ vehicles: items to properly __________ premises ○ Watercraft, __________, scooters:

• Excluded: __________ vehicle/their __________
• __________ units, truck __________, trailers, their equipment
• Aircraft or __________
• Equipment: Tape decks/__________ disc players, __________ sets,

recording/__________ equipment (must be __________)

• __________ Limits of Insurance (certain __________ property items)
• __________ of insurance: __________ property value = __________ coverage

What are the three Insuring Agreements for Personal Property and explain each. (9 points) Answer Chapter 3: Other Habitation

Section 1 - Other __________ Insurance __________ Mobile home Insurance (IBC __________)

• __________ Methods: different from __________ houses.

– Three conditions:

• 1. __________ built
• 2. On own __________
• 3. Easily __________

Major Causes of Loss

• 1) __________
• 2) Windstorm
• 3) __________
• 4) __________

Designing A Coverage Form

IBC’s Mobile Homeowners Form (IBC 1157) insures conventional dwellings 1) Coverage A - __________ Home Building

• a) Description of __________ Amended
• b) __________ Removal __________ Included

2) Coverage C - Personal __________ 3) Exclusions

• Loss/Damage from __________ (except __________ removal expenses)
• Loss to __________, embezzlement/__________ by person __________ building

4) Basis of __________ - __________ Cash Value

• Losses to __________ home/__________ private structures = settled on ACV basis

Tenants Package Forms (IBC 1161/1163) IBC: Two tenants forms 1) Tenants __________ Form (IBC __________)

• Coverage on __________ Perils Basis

2) __________ Comprehensive Form (IBC __________)

• Perils = same as __________ Comprehensive Form (IBC 1155)

Summary of Coverages (By Tenants Package Forms)

• a) Coverage A - __________ Building (building owner insures)
• b) Coverage B - Detached __________ Structures (building owner insures)
• c) Coverage C - Personal Property (__________ selects limit)=
• d) Coverage D - Add’l Living Expense - __________% of Coverage C (__________

Property)

Insuring Owner’s Interest

The slides for “Insuring Owner’s Interest: 1) Personal Property, 2) Other Essential Coverages” have been moved to the CAIB 1 Chapter 3 Insurance Infographic which can be accessed through your student portal.

• You can submit your Infographic to your facilitator or discuss the information in

the next class.

• Please ask questions!
• The slide information will be covered in the next class.

REMINDER: Insurance Graphic Organizer Discussion To be done at home. Review done at the beginning of next class. Bring your questions and answers. These activities contain extra information not included in class. You can find these in your course study materials in your student profile.

Basis of Payment

• 1) __________ Property - __________ Cost

○ Loss payment for __________ property is on __________ cost basis ■ Unless __________ otherwise

• 2) Unit __________ Protection/Unit Improvements - __________ Cost

○ Covers replacement cost basis (without __________ deduction)

Seasonal Dwelling Insurance

Seasonal Residence Form (IBC 1173)

• To __________ seasonal __________/outbuildings/personal __________ owned

by insured

• Covers under __________ Perils Basis
• __________ insured = same as Homeowners Basic Form (IBC __________)
• Common __________
• Seasonal __________ Eligible for __________ Basic Form Coverage (IBC 1151)

Dwellings in Course of Construction

IBC __________ forms are limited: DOESN’T INSURE (3) Dwelling Under __________ - All __________ coverage form guidelines:

• Dwelling must be __________ on completion of construction

Rented __________/__________ Properties

• Policies insuring __________ dwellings/other __________ properties usually

exclude: – __________/malicious acts – Sewer __________ – __________

Section 2 - Common Habitational Endorsement Forms

What __________ Do When attached to (habitational) policies: ○ 1) __________ excluded __________/perils ○ 2) Increase __________ limits (subject to __________ Limits) ○ 3) __________ coverages ○ 4) __________ deductible

• 5) __________ Coverage

Fine Arts Endorsement (IBC 1113)

• Traditional DEFN Fine Arts includes:

○ __________ ○ Pictures ○ Bona fide works of art: __________, historical __________, artistic merit: ■ __________ rugs ■ Marbles/__________ ■ Rare __________ ■ __________ ■ __________ glass

Fine Arts Endorsement (IBC 1113) Cont’d Two Coverage Sections 1) Section A

• Insures __________ that generally __________ on insured’s __________/other

location(s) on __________ 2) Section B

• __________ objects (away from __________ for long periods for __________/display/

use/__________/restoration) usually insured here

• Special __________/Provisions

○ a) Newly __________ Articles ○ b) __________/Unpacking ○ c) __________ ○ d) Statutory/__________ Conditions Apply

Increased Cost Demolition or Construction (For Dwelling) (IBC 1180)

Overview

• Purpose
• __________
• __________/Limitations
• __________ Use
• Specials Conditions/__________

__________ Property __________ Forms

• 1) Residence __________ Endorsement
• 2) Sewer __________ Endorsement
• 3) __________ Endorsement
• 4) Vandalism/__________ Acts Extension __________
• 5) __________
• 6) __________ Trailer Floater (Endorsement)

REMINDER: Insurance Graphic Organizer Discussion To be done at home. Review done at the beginning of next class. Bring your questions and answers. These activities contain extra information not included in class. You can find these in your course study materials in your student profile.