06.02. HO Program Structure

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Author:
COC2
ID:
211793
Filename:
06.02. HO Program Structure
Updated:
2013-04-06 13:48:35
Tags:
HO Program Structure
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Description:
HO Program Structure
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  1. Primary Components of HO-3
    • Declarations
    • Agreement and Definitions
    • Section I - Property coverage
    • Section II - Liability coverage
    • Endorsements
  2. HO Declaration Page
    • policyholder's information
    • limits, deductibles, endorsements and premiums
    • mortgage holder
    • policy dates
  3. HO Section I - 5 Property Coverages
    • A - Dwelling - includes structures attached like garage or shed
    • B - Other Structures - not attached to house like unattached garage, shed, swimming pool
    • C - Personal Property - anywhere in the world
    • D - Loss of Use
    • Additional coverages - like debris removal, reasonable repairs
  4. HO Section II - 2 Liability Coverages
    • E - Personal Liability: third party coverage for those who are injured or whose property is damaged by an insured
    • F - Medical Payments to Others: expenses incurred by others within 3 years of injury
  5. HO - Calculating Premium
    • Base Premium: influenced by dwelling location, public protection class, construction class, coverage amount, policy form
    • Base Premium Adjustments: deductible changes, endorsements, etc
    • Final Adjustments: not necessarily consistent between insurers. Examples include claim history, insurance score, package policy credits

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