HOMEOWNERS INSURANCE ADJUSTING IN FLORIDA
Prepared by Michael Lustig
Contributing Editor: Denise Iona
Smashwords Edition
Distributed by:
Real Estate License Services
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San Diego, CA 92107
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© Copyright 2009-1983 by Real Estate License Services, Inc. Copyright registered. All rights reserved. All contents protected by laws of copyright. No portion of this book may be reprinted, reproduced, transmitted, stored in a retrieval system, or otherwise utilized, in any form or by any means, electronic, mechanical or otherwise, including photocopying or recording, now existing or hereinafter invented, including the Internet, nor may any part of this book be used for teaching, without the prior written permission of Real Estate License Services, Inc.
CONTENTS
INTRODUCTION
CHAPTER ONE: INSURANCE CONCEPTS
INTRODUCTION
THE COMMON LAW OF AGENCY
CREATING THE AGENCY RELATIONSHIP - AUTHORITY OF AGENT - AN AGENT’S OBLIGATIONS
LOSS
RISK
MANAGING RISK - INSURABLE AND UNINSURABLE RISKS
THE LAW OF LARGE NUMBERS
PERIL VS. HAZARD
PERIL - HAZARD
ADVERSE SELECTION
THE PRINCIPLE OF INDEMNITY
INSURABLE INTEREST
UNDERWRITING
CONSTRUCTION CLASSIFICATION - ROOF TYPE AND CONDITION - ELECTRICAL WIRING - PLUMBING - GEOGRAPHICAL LOCATION - FOUNDATION - SWIMMING POOLS - CREDIT SCORING - THE AGE OF A HOME - CLAIMS HISTORY - OTHER LIABILITIES
THE INSURANCE CONTRACT
RESERVES
FACTORS AFFECTING RESERVES - WHY RESERVES ARE IMPORTANT TO PUBLIC ADJUSTERS
WRITTEN ASSIGNMENT 1
CHAPTER TWO: HOMEOWNERS COVERAGE
INTRODUCTION
HOMEOWNERS POLICY OVERVIEW
ISO FORMS
THE HO 2000 PROGRAM - COVERED PERILS AND LIMITATIONS
THE HO-1 BASIC FORM
THE HO-2 BROAD FORM
THE HO-3 SPECIAL BROAD FORM
THE HO-4 CONTENTS BROAD FORM
THE HO-5 COMPREHENSIVE FORM
THE HO-6 UNIT OWNERS FORM
THE HO-8 MODIFIED COVERAGE FORM
SECTION I – PROPERTY COVERAGES
COVERAGE A – DWELLING - COVERAGE B – OTHER STRUCTURES - COVERAGE C – PERSONAL PROPERTY - COVERAGE D – LOSS OF USE - ADDITIONAL COVERAGES
SECTION I – PERILS INSURED AGAINST COVERAGE A AND COVERAGE B
LOSSES NOT COVERED - COLLAPSE - FREEZING OR DISCHARGE - FREEZING, THAWING, OR PRESSURE OR WEIGHT OF WATER OR ICE - THEFT TO A DWELLING UNDER CONSTRUCTION - VANDALISM AND MALICIOUS MISCHIEF IN A VACANT BUILDING - MOLD, FUNGUS, AND WET ROT - OTHER
SECTION I – PERILS INSURED AGAINST COVERAGE C