Property & Casualty Exam Prep 23, Dwelling Policies DP-1, DP-2, and DP-3

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: - Dwelling policies are primarily for non-owner-occupied properties like rentals, whereas homeowners policies are for owner-occupied residences. - The DP-1 (Basic Form) is a named peril policy that settles losses on an Actual Cash Value (ACV) basis. - The DP-2 (Broad Form) covers more named perils than the DP-1 and upgrades building coverage to a Replacement Cost basis. - The DP-3 (Special Form) provides open peril (all-risk) coverage for the dwelling structure but retains named peril coverage for personal property. - Liability and theft are not standard coverages in any dwelling policy and must be added by endorsement. 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