Property & Casualty Exam Prep 24, Dwelling Policy Perils and Loss Settlement

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: - That the DP-1 is a basic, named-peril policy that pays all claims on an Actual Cash Value basis. - How the DP-2 broadens coverage with more named perils and introduces Replacement Cost for the dwelling. - Why the DP-3 offers superior open-peril coverage for the dwelling but retains named-peril coverage for personal property. - That theft of personal property is not a standard peril on any Dwelling Policy form and must be added by endorsement. - How the 80% coinsurance rule is critical for receiving Replacement Cost settlement on the DP-2 and DP-3. 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