Notes about property insurance for NYS Real Estate Exam
provides protection against most risks to property, such as fire, theft, and some weather damage
a policy containing single coverage part plus the common policy conditions & declarations
insurance policy that combines coverage from 2 or more types of insurance (such as property and liability) into 1 policy
clause in insurance policy detailing an exemption/change in coverage
policy that covers civil liabilities to 3rd parties, arising from bodily injury, property damage, or other wrongs due to action or inaction of the insured
actual cash value
a method of valuing insured property (includes any type of depreciation)
normal cost of exact duplication of property as of certain date
amt of expenses that must be paid out of pocket before insurer will pay any expenses
policy that covers amts above those covered under 1 or more other primary policies, and which does not pay until the losses exceed a certain sum; also called excess insurance
covers bodily injury, property damage, physical injury, and advertising injury
6 Basic Coverages
other structures coverage (10% of A)
personal property coverage (70-75% of A)
loss of use
personal liability coverage
medical payments coverage
Homeowner Policies and Tenant Policies in NY
basic policy; standard insurance against perils
broad form policy
special form policy
market value policy; w/cash value coverage
tenants or cooperative owners policies
condominium owners policies
HO-3 is most widely used and covers all forms of loss except those specifically excluded
Who may require you to obtain property insurance?
What type of insurance professional searches the open market to find the best policy for his client?
Which is the main coverage in any homeowner's policy?
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