Section 876 IAC 2-8-14 - Property insuranceAuthority: IC 25-34.1-2-5
Affected: IC 25-34.1-5
Sec. 14.
(a) The competency and instructional level for subdivisions (1) through (4) is Level 1. The following are basic property insurance concepts and terminology: (2) Property (fire and other hazard) insurance.(4) Package insurance policy.(b) The competency and instructional level for subdivisions (1) through (2) is Level 1. The following are concepts of the standardized homeowner's insurance policies: (1) Standardized forms including the following: (C) HO-3 (all risk form - the most widely used form).(D) HO-4 (tenant's policy - for personal property).(E) HO-5 (comprehensive all risk form - provides broad coverage of both real and personal property).(F) HO-6 (condominium owner's policy).(2) Contents of HO-2 (or HO-3) form (Use standard policy form for illustration.) including the following: (A) Agreement to insure (and related provisions).(B) Declaration page including the following: (ii) Property description and "rating".(iii) Coverage, including liability limits, deductibles (if any), and premiums.(iv) Endorsements (if any).(v) Name of mortgagee, signature of authorized agent, and other similar matters.(C) Standardized policy provisions (all details of the policy, including perils insured against, property covered, conditions, exclusions, and endorsements).(D) Definitions as follows: (c) The competency and instructional level for subdivisions (1) through (4) is Level 1. The following are concepts of selected legal issues: (2) Coinsurance (including computations).(3) Unoccupied building exclusions.(4) Interpretation of policies.Indiana Real Estate Commission; 876 IAC 2-8-14; filed Dec 1, 1989, 5:00 p.m.: 13 IR 650; readopted filed Jun 29, 2001, 9:56 a.m.: 24 IR 3824; readopted filed Jul 19, 2007, 12:57 p.m.: 20070808-IR-876070067RFA; readopted filed November 25, 2013, 9:21 a.m.: 20131225-IR-876130283RFA