Property & Casualty Exam Prep 20, Homeowners Perils and Open Perils

This podcast is made by Ran Chen, who holds an EA license, Insurance and Securities licenses (Series 6, 63, 65), and the CFP® designation. He is passionate about opening access to high-quality exam preparation resources and helping learners prepare more effectively for professional certification exams. In this episode you will learn: - The fundamental difference between named perils (what's listed is covered) and open perils (what's not excluded is covered). - How the common HO-3 policy provides open perils coverage for the dwelling and named perils for personal property. - Why the burden of proof shifts from the insured in a named perils policy to the insurer in an open perils policy. - Exam-style scenarios, like why a deer damaging a wall is covered on an HO-3 but damage to a couch is not. - Key limitations on broad form perils, such as the 60-day vacancy clause for vandalism coverage. For more free exam prep tools, practice questions, and AI-powered explanations, visit https://open-exam-prep.com/ or YouTube Channel: https://www.youtube.com/@Open-exam-prep