CISR Insuring Personal Residential Property Resources

Insuring Personal
Residential Property

RESOURCES

NEW Study Guide

This Study Guide has been prepared to enhance your learning experience. It contains all of the Check-in questions, Knowledge Checks, and Self-Quizzes contained within the course, along with an Answer Key and Glossary. Use it as a tool to help practice and assess your knowledge of the course material, but do not mistake it for a comprehensive “short- cut” to preparing for the final exam.

Be sure to take a look at the section, “Resources,” that follows the Answer Key in this Study Guide. It contains valuable suggestions for test preparation and study techniques, as well as some sample exam questions and a glossary of terms.

Your path to success in passing the final exam will come from your attentiveness during the course and the effort you put into preparation.

Section 1 – Insuring Personal Residential Property

What is a Dwelling?

The video below details common ways the term “Dwelling” is used in insurance.

Coverage Part C

The video below details what may be considered Personal PropertyAll tangible property not classified as real property. See Real property. More in the Homeowners Policy and property classes that are excluded from coverage.

Dwelling Policy Forms

The video below outlines the three Dwelling Property Forms and their basic differences.

Homeowners Eligibility and Occupancies

The video below details the types of residential dwellings and the occupancies which are eligible for a Homeowners Policy.

Ownership Arrangements

The video below outlines the various ownerships which are eligible for a Homeowners Policy.

Homeowners Policy Forms

The video below outlines the seven Homeowners Forms and their basic differences.

Broad Named Perils

The video below explains the meaning of “broad named perils.”

Section 2 – The Homeowners Policy Structure and Definitions

The Declarations

The video below takes a tour of important information found on the Homeowners Declarations Page.

Homeowner Policy Definitions

The video below explains the purpose of defined terminology in the Homeowners Policy.

Section 3 – The Homeowners Policy Section I – Property Coverages

Coverage A – Dwelling

The video below discusses Coverage A – Dwelling and assessing a proper coverage limit.

Other Structures

The video below discusses what is considered an Other Structure and the limit for Coverage B – Other Structures.

Limits on Property (Special Limits)

The video below details coverage sublimits for certain classes of Personal PropertyAll tangible property not classified as real property. See Real property. More under the Homeowners Policy.

Property Not Covered

The video below explains which classes of Personal PropertyAll tangible property not classified as real property. See Real property. More will not be covered under the Homeowners Policy.

Loss of Use

The video below explains the importance and use of Coverage D – LossA reduction in value. More Of Use.

Perils Insured Against

The video below summarizes the differences between named perils and open perils.

Coverage A and B, What's Not Covered

Not all coverage exclusions are found in the Exclusions section of the Homeowners Policy. The video below walks through some coverage exclusions found in Section I – Perils InsuredPerson(s) protected under an insurance contract. Against for Coverage A – Dwelling and Coverage B – Other Structures.

Coverage C – Perils Insured Against

The video below summarizes the sixteen (16) named perils provided for Coverage C – Personal PropertyAll tangible property not classified as real property. See Real property. More.

Reasons for Exclusions

The video below explores common reasons for property exclusions found in Section I – Exclusions of the Homeowners Policy.

Section I – Exclusions, Part B

The video below summarizes exclusions for Weather, Acts or Decisions, and Faulty PlanningThe process a risk manager takes to predetermine a course of action; an element of the managerial process. More found in Section I – Exclusions, Part B.

Loss Settlement

The video below explains the Section I – Condition, LossA reduction in value. More Settlement, and the penalty clause for covered buildings that are not insured to replacement value.

Section 4 – The Homeowners Policy Section II – Liability Coverages

Section II – Liability Coverages

The video below explains the importance and benefit of Section II – LiabilityLegal responsibility or fault. More Coverages to the policyholder of a Homeowners Policy.

Section II – Exclusions: MV, Golf Carts, Rec Vehicles

The video below summarizes important details of the “Motor Vehicle LiabilityLegal responsibility or fault. More” exclusion in Section II – Exclusions.

Exclusions That Apply to Coverages E and F

The video below explores common reasons for liability exclusions found in Section II – Exclusions of the Homeowners Policy.

Insuring Personal Residential Property