RI INSURANCE PRODUCERS EXAM (PROPERTY & CASUALTY) QUESTIONS ANSWERED CORRECTLY LATEST UPDATE 2026

RI INSURANCE PRODUCERS EXAM (PROPERTY & CASUALTY) QUESTIONS ANSWERED CORRECTLY LATEST UPDATE 2026 Loss - Answers An unplanned reduction in economic value resulting from the occurrence of a covered peril. Exposure - Answers The state of being subject to loss because of some hazard or contingency. Exposure, risk - Answers High ___ means high ___ Peril - Answers The cause of a loss Common covered perils - Answers fire, explosions, windstorm, flood, theft, collision Hazard - Answers A condition that increases the chance of a peril Types of hazards - Answers moral,, morale, physical Risk Management - Answers The natural process by which people contend with the perils faced daily, of which there are five common techniques. Risk transfer - Answers The risk management role played by insurance Insurable risk - Answers pure risk; loss must be definable, measurable, outside of applicant's control, not catastrophic Law of Large Numbers - Answers An actuarial principle that is the basis for predicting the odds of a loss occurring in a certain population in any given year. Domestic, Foreign, and Alien Insurers - Answers Insurers can be categorized by their state of domicile. There are three categories, known as _____, _____, and _____. Express, Implied, and Apparent Authority - Answers The three basic forms of agent authority are _________, _________, and __________. Five basic elements of a valid contract - Answers Offer, acceptance, consideration, competent parties, and legal purpose Errors & Omissions (E&O) Insurance - Answers A type of insurance coverage, purchased by insurance producers, that covers losses resulting from the producer rendering (or not rendering) professional service. Rescission - Answers An insurer's act of declaring that an insurance policy was never in effect. An insurance company that rescinds a policy states that it provides no coverage for a claim. National Flood Insurance Program (NFIP) - Answers A federally funded insurance program that makes flood insurance available at a reasonable cost for properties located in participating communities. Risk Retention Group (RRG) - Answers A group of businesses that insure their risks through a single self-insurance plan, or a group captive insurer operating under the auspices of the Risk Retention Act (RRA) of 1986. Representations - Answers Statements the applicant makes on an application that are deemed to be true to the applicant's best knowledge. Indemnity Contract - Answers Any type of insurance contract in which policy benefits are based on actual losses. County Mutual Insurance Company - Answers A mutual insurance company that operates in only a limited geographic area. Underwriting vs. Actuarial Departments - Answers Two related insurance company functions. Through the process of underwriting, applications are assessed for insurability and to assign premium rates. Actuarial departments analyze data to help estimate future losses and to produce rate tables. Aleatory Contract - Answers Any type of contract (including all forms of insurance) that potentially involves an exchange of unequal values between the two parties. Lloyd's Association - Answers An association of individuals and companies that provide insurance to customers with complex, unique, and very large risks. Reinsurance - Answers The process through which insurance companies spread large risks among other insurers. Contract of Adhesion - Answers A type of contract (including insurance contracts) in which one party (the offeror) drafts the terms that must be accepted as-is by the offeree. Personal Contracts - Answers A contract that is a personal agreement between two parties and cannot be transferred to a third party. This includes all forms of property and casualty insurance, but not life insurance. Social Security Insurance (OASDI) - Answers A federal insurance program that provides disability, death, and retirement benefits to covered workers and their qualifying beneficiaries. Insurance Producer - Answers Common term used today to refer collectively to agents and brokers. Mutual Insurance Company - Answers A form of insurance company owned by policyowners. Indirect Loss - Answers A secondary loss that follows from a direct loss to insured property from a covered peril. Independent Agency System - Answers An insurance distribution system in which the manager and producers are fully independent and are not affiliated with any single insurer. Adverse Selection - Answers The tendency of persons to buy and maintain insurance who are more likely to have a claim. Concealment - Answers The willful nondisclosure of material facts on an insurance application for the purpose of obtaining insurance. Insurable Risk - Answers Not all risks are insurable. Only those that meet six insurability criteria qualify as an ________ risk. Department of Insurance (DOI) - Answers A common name for the state agency that is responsible for regulating the insurance business in that state. Risk - Answers A basic insurance term referring to the chance of incurring a loss. Admitted Insurer - Answers An insurance company that has a certificate of authority to conduct insurance business in a given state. Reciprocal Insurer - Answers An unincorporated group of individuals or organizations (subscribers) that agree to pool risks to pay the cost of retained losses and to purchase reinsurance. Direct Loss - Answers The immediate result of an event caused by a covered peril. Peril and Hazard - Answers Two related general insurance terms, the first of which is the cause of a loss and the second being any condition that increases the risk or severity of a loss. Fraternal Insurance Company - Answers A non-profit form of insurance provider sponsored by an organization of people who share a common ethnic, religious, or vocational affiliation. Direct vs. Indirect Loss - Answers Direct loss incurred due to property damage versus secondary loss resulting from property damage. Exclusive Agency System - Answers An insurance distribution system in which producers (agents) represent a single company. Stock Insurance Company - Answers A form of insurance company owned by stockholders who may or may not also be policyowners. Named Insured - Answers The person or organization that is named in the declarations as the insured party. Insurance Rate - Answers The price of insurance for a basic unit of exposure and the basis for determining a policy's premium. Loss Control Report - Answers A report describing what the applicant has done to reduce the possibility or severity of a major loss, usually included with every inspection report. Insurable Interest - Answers An insurance policyowner's financial interest in the person or property being insured. Loss Payable Clause - Answers A property insurance provision authorizing payment, in the event of loss, to a person or entity having an insurable interest in the covered property other than the named insured. Actual Cash Value valuation - Answers A property insurance loss valuation method that is replacement cost minus physical depreciation, commonly used in valuing household contents and other personal property. Proximate Cause - Answers The cause having the most significant impact in bringing about the loss when two or more independent perils operate at the same time (i.e., concurrently) to produce a loss. Masonry Veneer Construction - Answers A type of building construction in which the building's exterior walls are made of combustible material and an outside veneer (layer) of brick or stone. Terrorism Risk Insurance Act (TRIA) - Answers Federal law that guarantees the availability of insurance coverage against acts of international terrorism. Split Limits approach - Answers Approach to defining policy limits, commonly used in auto insurance policies, that combines per-person and per-occurrence limits for bodily injury liability and another limit for property damage liability. Named Perils - Answers One of the two ways a property insurance policy may identify the perils it covers; this approach lists or describes the perils covered. Difference-in-Conditions (D-I-C) policy - Answers A property insurance policy purchased in addition to a commercial property policy to obtain coverage for perils that the commercial property policy does not cover (e.g., flood and earthquake). Superior Construction - Answers A type of building construction in which the building's exterior walls, floors, and roof are constructed of noncombustible material. Certificate of Insurance - Answers A document issued by an insurance company certifying that insurance is owned by the party being required to prove it has adequate insurance coverage. Gramm-Leach-Bliley Act (GLB) - Answers Federal law that protects the privacy of consumers' personal financial information. Building Ordinance or Law exclusion - Answers A property insurance policy exclusion that limits or eliminates coverage for the extra expenses, over and above the cost of replacing damaged property, that might be necessary to comply with a community's building codes. Stated Amount valuation - Answers A property insurance loss valuation method that bases an object's value on what is listed in a schedule that is made part of the policy. Expense Ratio - Answers A ratio, expressed as a percentage, that compares the insurer's incurred expenses to its written premiums. Fair Credit Reporting Act (FCRA) - Answers Federal law that sets forth procedures that credit reporting companies must follow to ensure confidentiality, accuracy of reporting, and proper use of credit information. Vicarious Liability - Answers Liability resulting from a person's legal responsibility for another person's actions. Open Perils - Answers One of the two ways a property insurance policy may identify the perils it covers; this way lists only the causes of loss that are not covered, thus covering all perils not listed. Deductible - Answers The part of a covered loss that is the insured's responsibility. Coinsurance Provision - Answers A property insurance provision that requires insureds to maintain coverage equal to a certain percentage of the property's value or be penalized if a loss occurs. Policy Conditions - Answers The section of an insurance policy that identifies general requirements of an insured and the insurer on matters such as loss reporting and settlement, property valuation, cancellation and nonrenewal, and so forth. Compensatory Damages - Answers A sum of money a defendant is required to pay to compensate an injured party for harm done by the defendant. Tort - Answers A civil wrong that gives rise to legal liability for which the law provides monetary damages as a possible remedy. Secondary Insurable Interest - Answers An insurable interest in property by someone other than the property owner. Proof of Loss - Answers A formal statement the insured makes by to the insurer regarding a claim, which provides evidence of the loss. Real Property - Answers In property insurance, this type of property consists of land and buildings attached to the land. Direct and Indirect Loss - Answers The two basic types of loss to real or personal property. No Benefit to Bailee Provision - Answers A standard policy condition that makes clear that there is no coverage for outside parties who are bailees. Negligence - Answers A common tort that involves the failure to use the degree of care in preventing injury to another person that is considered reasonable under a given set of circumstances. Salvage - Answers Property after it has been partially damaged by an insured peril. McCarran-Ferguson Act of 1945 - Answers Federal law that exempts insurance from federal regulation as a form of interstate commerce, thus permitting it to be regulated primarily by the individual states. Frame Construction - Answers A type of building construction in which the building's exterior walls are made of wood or other combustible material. Market Value valuation - Answers A property insurance loss valuation method that determines the value of cars and other personal property. Loss Valuation - Answers The process by which insurers, using any of several different methods, measure the value of a loss. Endorsements - Answers An attachment to an insurance policy that modifies its coverage in some way. Inspection Report - Answers A report, by an insurer or one of a number of inspection services available, assessing the moral, financial, and physical aspects of a risk. Per Occurrence Liability Limit - Answers A policy limit definition that bases the maximum amount payable on a single occurrence regardless of the number of claimants or the number of people injured. Concurrent Causation - Answers A basic insurance principle that requires insurers to cover a loss involving multiple perils if at least one was a covered peril. Agency Report - Answers A report an agent prepares that presents information about the applicant not contained on the application but that the underwriter may find useful. Policy Limit - Answers The maximum amount, described in the policy, that an insurer will pay for a covered loss. The Health Insurance Portability and Accountability Act (HIPAA) - Answers Federal law that protects the privacy of consumers' personal medical information. Crime Peril - Answers A range of perils associated with crime insurance policies, including theft, burglary, robbery, mysterious disappearance, and vandalism. Masonry Construction - Answers A type of building construction in which the building's exterior walls are constructed of brick or stone, which support the structure. Subrogation - Answers The process through which an insurer seeks to recover its claim payment from the party that was responsible for the loss. Policy Nonrenewal - Answers The action an insurance company takes at the policy anniversary date to not renew the policy for another term. Per Person Liability Limit - Answers A policy limit definition that specifies the maximum amount the insurer will pay for one person's loss without necessarily limiting the number of persons who may claim a loss. Personal Property - Answers In property insurance, this is any type of property that is not land or buildings permanently attached to the land. Underwriting - Answers The process through which an insurance company reviews an application for insurance and determines whether to accept (insure) the risk. Liability Insurance - Answers A basic category of insurance that protects insureds for losses arising out of their legal liability to others. Policy Cancellation - Answers The termination of an insurance policy before its normal expiration date. Binder - Answers A legally enforceable agreement that provides temporary insurance coverage during the underwriting process until a policy can be issued. Declarations - Answers The front page of a policy that specifies the named insured, the named insured's address, the policy period, the location of premises, the policy limits, and other key policy information. Mortgage Clause - Answers A standard policy condition that gives certain rights to the mortgage holder named in the declarations of a property insurance policy. Comparative Negligence - Answers A method by which juries determine the percentage of fault each party bears in an injury-producing accident. Insurance Rate Components - Answers loss costs, expenses, and a margin for profits and contingencies Combined Ratio - Answers A ratio, expressed as a percentage, that indicates an insurer's profitability after losses and expenses are considered. Insuring Agreement - Answers A standard policy clause that sets forth the insurer's basic insurance promise under the policy. Agreed Value valuation - Answers A property insurance loss valuation method in which the insurer and the applicant agree on the value of the item when the policy is written, which is then listed in a schedule. Functional Replacement Cost valuation - Answers A property insurance loss valuation method that determines the amount it would cost to repair or replace a damaged building with common (and less costly) construction materials and methods that are functionally equivalent to the obsolete, antique, or custom construction materials and methods originally used. Replacement Cost valuation - Answers A property insurance loss valuation method that bases benefits on the cost to replace the damaged or destroyed property. Punitive Damages - Answers Amounts a defendant is required to pay as punishment for committing a civil wrong in an egregious or deliberate manner. Exclusions - Answers A insurance policy section that identifies hazards, perils, circumstances, or property not covered by the policy. Loss Control - Answers A risk management technique that seeks to reduce the possibility that a loss will occur and/or reduce the severity of those that do occur. Loss Ratio - Answers A ratio, expressed as a percentage, that compares the insurer's incurred losses to its earned premiums. Peak Season Limit of Insurance (CP 12 30) - Answers A commercial property insurance policy endorsement that establishes a higher limit for periods of increased business specified in the endorsement. $1,500 - Answers HO Personal Property sublimit: business property off the insured's premises Personal Business Property and/or Business-Owned Buildings - Answers General types of property that a Businessowner's Policy (BOP) may cover. Mobile Home Insurance - Answers Property and liability insurance designed especially for mobile homes. Cargo Insurance - Answers A class of ocean marine insurance that covers the goods and merchandise being transported on a ship. NFIP eligibility requirements of an insurable building - Answers Have two or more outside rigid walls with a fully secured roof affixed to a permanent location; generally have at least 51 percent of the property (including machinery and equipment which are a part of the building) above ground level; and resist flotation, collapse, and sideways motion. Excluded causes of loss under the BOP property section - Answers Regarding the BOP property coverage: utility services failure; power surges; computer and data failure; fungus, wet rot, dry rot, virus, and bacteria; collapse; and product errors Two different forms of the ISO personal articles floater - Answers Regarding the ISO personal articles floater: Personal Articles Agreed Value Loss Settlement Form (PM 00 10) and the Personal Articles Standard Loss Settlement Form (PM 00 09) Medical Expenses - Answers One of the three liability coverages provided through the BOP, this one covers medical expenses in connection with an accident on the insured's premises or involving the insured's operations. Excess and Surplus (E&S) Lines Insurance - Answers Property insurance that may be purchased from a nonadmitted insurer when that type of coverage is unavailable from an admitted insurer in a state. Personal Articles Floater - Answers A type of floater policy added to a homeowners policy as an endorsement. Excluded causes of loss under BOP liability coverage - Answers Regarding BOP liability coverage: Expected or Intended Injury; Contractual Liability; Liquor Liability; Workers Compensation and Employers Liability; Pollution; Auto, Watercraft, and Aircraft; Transportation of Mobile Equipment; Professional Liability; War; Property Damage; Product Recall; Personal and Advertising Injury; Electronic Data; Distribution of Material in Violation of Statutes; Nuclear Energy Liability BOP Valuation Provision - Answers Regarding the BOP: the limit of insurance must be at least 80 percent of the replacement cost of the covered property for the insured to recover the full replacement value of the property. Boatowners Policy - Answers A policy that provides property and liability coverage for owners of watercraft. HO Policy Coverage B (Other Structures) - Answers The section of a homeowners policy that covers structures on the residence premises that are not directly attached to the dwelling. Common BOP endorsements - Answers Regarding the BOP: Protective Safeguards; Utility Services—Direct Damage; Utility Services—Time Element; Hired Auto and Nonowned Auto Liability; Identity Fraud Expense Coverage Personal Liability Supplement (DL 24 01) - Answers A dwelling policy endorsement that covers medical payments to others for which the insured is liable. Dwelling Policy Coverage C - Answers The section of a dwelling policy that covers personal property within the dwelling. Livestock Coverage Form (FP 00 40) - Answers An inland marine insurance form designed specifically for farm animals. Two general types of losses covered under a BOP - Answers Both direct losses and indirect losses Causes of Loss Form - Answers A commercial property form that establishes and defines the perils for which coverage is provided in the policy. Farm Property—Causes of Loss Form - Answers This ISO farm property form lists all the perils that could apply to farm property. Boatowners Insurance - Answers A type of watercraft policy designed especially for individuals and families. Dwelling Policy Basic Form (DP 1) - Answers A type of dwelling policy that covers only a limited number of named perils. Risks that rely on the excess and surplus lines insurance market - Answers earthquake insurance, mobile home insurance, watercraft insurance, farmowners insurance, crop-hail insurance, windstorm insurance, high-risk auto insurance Mobile Agricultural Machinery and Equipment Coverage Form (FP 00 30) - Answers An inland marine insurance form designed specifically for farm equipment. Homeowners Policy Special Form 3 (HO 3) - Answers The most comprehensive (and popular) homeowners package policy. Endorsement - Answers A homeowners policy attachment that extends coverage by covering a typically excluded peril. Inland Marine Insurance - Answers Property insurance designed to insure in-transit property and certain types of high-value property that is easily moved. Supplementary Payments - Answers One of the three liability coverages provided through the BOP, this one covers costs associated with defending a liability claim. Flood Coverage (CP 10 65) - Answers A commercial property insurance policy endorsement that adds flood losses to those covered by a typical property insurance policy. Surplus Lines Broker - Answers An insurance producer who is licensed to place insurance with nonadmitted insurers. Protective Safeguards Endorsement - Answers A BOP policy endorsement that makes installation and maintenance of protective safeguards a condition of coverage. HO Policy Coverage E (Liability) - Answers The section of a homeowners policy that covers the insured's legal liability to other parties for bodily injury and property damage. Monoline Policy - Answers A property or liability policy that provides only one type of insurance coverage form. Property that may be covered under an ISO personal articles floater - Answers Regarding either form of the ISO personal articles floater: jewelry, furs and garments trimmed with fur, cameras, musical instruments, silverware, golf equipment, fine arts, stamp collections, coin collections Dwelling form, general property form, residential condominium building association policy (RCBAP) form - Answers The three standard forms of flood insurance available through NFIP and WYO insurers. $1,500 - Answers HO Personal Property sublimit: portable electronic equipment powered by a motor vehicle Endorsement - Answers An attachment to an insurance policy that broadens, limits, clarifies, or otherwise modifies the standard policy. Homeowners Policy Contents Broad Form 4 (HO 4) - Answers A homeowners package policy designed for apartment tenants. Dwelling Policy Broad Form (DP 2) - Answers A type of dwelling policy that covers a wider array of named perils than the basic form DP 1. Inflation Guard Provision - Answers A property insurance provision that automatically and continuously increases building coverage by a percentage that is specified in the declarations. HO Policy Coverage D (Loss of Use) - Answers The section of a homeowners policy that covers the cost of temporary living accommodations if the insured residence cannot be used because of a covered loss. Ordinance or Law Coverage (CP 04 05) - Answers A commercial property form endorsement that adds coverage for losses resulting from the enforcement of ordinances or laws that regulate construction, demolition, repair, or use of property. HO Policy Coverage F (Medical Payments to Others) - Answers The section of a homeowners policy that covers other claimants' medical expenses regardless of liability. Farm Liability Coverage Form (FL 00 20) - Answers Farm insurance that provides coverage against liability claims arising from the insured's farming operations and personal activities. Dwelling under Construction (DP 11 43) endorsement - Answers A dwelling policy endorsement that adds special coverage for dwellings under construction. Automatic Increase in Insurance (DP 04 11) - Answers A dwelling policy endorsement that increases the policy limit on the dwelling and other structures by a stated annual percentage. Businessowners Policy (BOP) - Answers A package policy designed to provide both property and general liability coverage for eligible small to medium businesses. Business Liability Coverage - Answers One of the three liability coverages provided through the BOP, this one covers claims the insured is legally obligated to pay. Commercial Lines Insurance - Answers The broad line of insurance products built for businesses and other organizations, as opposed to personal lines insurance. Dwelling Policy Coverage A - Answers The section of a dwelling policy that covers the dwelling itself and structures permanently attached to it. crop-hail insurance - Answers An insurance policy, marketed and underwritten by private insurers, that covers hail damage to insured crops. HO Policy Coverage C (Personal Property) - Answers The section of a homeowners policy that covers the insured's personal property. Ocean Marine Insurance - Answers A form of insurance that covers goods and the ships that carry them on open, foreign, and domestic waterways. Homeowners Policy Broad Form 2 (HO 2) - Answers An ISO homeowners form that covers the owner-occupied dwelling, other structures, and personal property on a named perils basis; also, loss of use, personal liability, and medical payments. Dwelling Policy Coverage B - Answers The section of a dwelling policy that covers structures on the residence premises that are physically separated from the dwelling itself. Common liability exclusions under a Homeowners Policy - Answers motor vehicle liability, watercraft liability, aircraft liability, expected or intended injury, business operations and professional services, war, controlled substances Commercial Property Coverage Form - Answers A property package policy that includes six separate coverage forms. HO Policy Coverage A (Dwelling) - Answers The section of a homeowners policy that covers the named insured's house and structures permanently attached to it. Common Personal Articles Floater loss conditions - Answers Regarding the ISO Personal Articles Floater: Abandonment; Appraisal; Pair, Sets, or Parts; Recovered Property; Concealment, Misrepresentation or Fraud; No Benefit to Bailee; Policy Period and Coverage Territory Value Reporting Form (CP 13 10) - Answers A commercial property insurance policy endorsement that is useful to insureds with less predictable or widely fluctuating property values. Hull Insurance - Answers A class of ocean marine insurance that covers damage and loss of a ship. Home Business Insurance Coverage Endorsement (HO 07 01) - Answers Extends homeowners liability coverage to certain risks from a home business. $1,500 - Answers HO Personal Property sublimit: jewelry and furs Insurance Services Office (ISO) - Answers An organization that collects statistical data, promulgates rating information, and develops standard policy forms. Commercial Property Floater - Answers A commercial inland marine policy designed for commercial and business property Three categories of liability coverage under the BOP - Answers Regarding the BOP: business liability coverage; supplementary payments; and medical expenses Earthquake Insurance - Answers Property insurance that offers broader earthquake damage protection than standard home and commercial property policies. $1,500 - Answers HO Personal Property sublimit: securities and deeds $250 - Answers HO Personal Property sublimit: compact discs and other media in a motor vehicle Farm Property—Other Farm Provisions Form—Additional Coverages, Conditions, Definitions - Answers This ISO farm property form eliminates the need to repeat some fundamental provisions in every farm coverage form. $2,500 - Answers HO Personal Property sublimit: business property on the insured's premises Types of businesses ineligible for a BOP - Answers manufacturers; auto sales, repair or service stations;; parking lots or garages; bars and pubs; places of amusement; banks and other financial institutions; self-storage facilities that store motorized vehicles of any type outdoors flood insurance rate map (FIRM) - Answers A National Flood Insurance Program map that identifies all of the flood hazard zones in a community. Package Policy - Answers Common term for a policy that combines two or more separate coverage forms into a single policy. Subrogation - Answers An insurer's right to recover money from another party deemed legally responsible for a loss for which a claim was paid to the insurer's policyowner. $200 - Answers HO Personal Property sublimit: money Farm Property—Farm Dwellings, Appurtenant Structures, and Household Personal Property Coverage Form - Answers This ISO farm property form addresses a farm owner's residential (i.e., non-farm business) property exposures. Section II of an ISO Homeowners Policy - Answers Part of every ISO homeowners policy form, this covers personal liability loss exposures faced by homeowners. BOP eligibility requirements - Answers No single location can exceed 35,000 square feet (excluding basements not open to the public) and $6 million in annual gross sales. Farm Insurance - Answers Insurance that combines homeowners, commercial property, and commercial liability coverage in a single policy for farm owners. NFIP definition of "Flood" - Answers Either a temporary water inundation of two or more acres of normally dry land or of two or more properties (at least one of which is the insured's property), or the water-related collapse or subsidence of land along the shore of a lake or similar body of water. Dwelling Policy Coverage E - Answers The section of a dwelling policy that covers increases in household living expenses when a loss makes covered premises temporarily uninhabitable. Liability Coverage under the BOP - Answers Section II of the Businessowner's Policy (BOP). $1,500 - Answers HO Personal Property sublimit: watercraft and equipment Business Income-Report of Values endorsement - Answers An equipment breakdown policy endorsement that meets the business income coverage requirement that a report of values form be completed within three months of the policy's annual report date. Exportable list - Answers A list of risks that are inherently so hard to place that a state regulator has waived the surplus lines diligent search requirement for those risks. $2,500 - Answers HO Personal Property sublimit: firearms Equipment Breakdown Insurance Policy (EB 00 20) - Answers Property insurance that covers loss due to mechanical or electrical breakdown of business equipment. Liberalization Clause - Answers A homeowners policy provision that applies insurer-broadened coverage to an existing policy without increasing the premium. Permitted Incidental Occupancies Endorsement (HO 04 42) - Answers Provides liability coverage under a homeowners policy for incidental types of business conducted on the residence premises (e.g., private music lessons or an art studio) Farm Property—Farm Personal Property Coverage Form - Answers This ISO farm property form covers scheduled and unscheduled farm equipment and supplies. Homeowners Policy Unit Owners Form 6 (HO 6) - Answers A homeowners package policy designed for condominium and cooperative apartment unit owners. Dwelling Policy Coverage D - Answers The section of a dwelling policy that protects an insured when a covered loss makes premises normally rented to others unfit to rent. Dwelling Policy Special Form (DP 3) - Answers A type of dwelling policy that covers a dwelling on an open perils basis. Homeowners Modified Form 8 (HO 8) - Answers A homeowners policy providing basic named perils coverage, best suited for older homes when their replacement cost may substantially exceed their market value. Farm Property—Barns, Outbuildings, and Other Farm Structures Coverage Form - Answers This ISO farm property form applies to farm (non-dwelling) buildings. Equipment Breakdown Insurance Coverage Options - Answers 10 coverages that include costs to make temporary repairs and hasten permanent replacements; spoilage losses caused by a loss of power or refrigeration; losses caused by a breakdown to a utility's property; and equipment losses at a new location if it is of the same type already insured at a current insured location. Dwelling Policy - Answers A type of property insurance that covers residences in cases where homeowners policies are not available or appropriate. Floater - Answers A type of inland marine coverage designed specifically for personal items of high-valued property. NFIP flood policy coverage exclusions - Answers loss of use of the covered property; lost revenue or profits; loss from interruption of business or production; any loss to property caused directly by earth movement even if the earth movement is caused by flood Commercial Property Policy - Answers A commercial lines policy that insures against damage to the insured's building and contents due to a covered cause of loss. $2,500 - Answers HO Personal Property sublimit: silverware Write-Your-Own (WYO) Program - Answers NFIP program that allows insurers to issue their own