Which of the following risks is eligible to be insured under an ISO Dwelling Property policy?
a.A six-unit apartment building
b.A free-standing convenience store
c.A condominium unit owner's interior finishings
d.A three-family dwelling occupied by tenants
Explanation
ISO Dwelling Property forms are designed for one-to-four-family residential dwellings, whether owner-occupied or tenant-occupied. A six-unit apartment building exceeds the four-family limit and must be insured on a commercial or apartment building program. A convenience store is a commercial risk, and condominium unit interior coverage belongs on a homeowners HO-6 form.
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Related questions on this topic
- Which ISO Dwelling Property form provides open-perils coverage on the dwelling structure but only named-perils coverage on personal property?
- By default, on what valuation basis are losses to the dwelling settled under the DP-1 Basic Form?
- A dwelling is insured for $300,000 of Coverage A under a DP-3 with no endorsement modifying Coverage B. What is the standard amount of Coverage B (Other Structures) provided?
- Coverage E (Additional Living Expense) is available under which dwelling forms?
- Which statement about liability coverage under a standard ISO Dwelling Property policy is correct?
- To collect full replacement cost on a partial loss to the dwelling under DP-2 or DP-3, the insured must carry insurance equal to at least what percentage of the replacement value?
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