FI 341 Chapter 24: Other P&L Insurance Coverages

Question 1

Inland Marine Floater

Answer 1

A policy that provides broad and comprehensive protection on property frequently moved from one location to another

Question 2

Personal Articles Floater (PAF)

Answer 2

An inland marine floater that provides comprehensive protection on valuable personal property

Question 3

Boatowner’s Package Policy

Answer 3

Combines physical damage insurance on the boat, medical expense insurance, liability insurance, and other coverages into one policy

Question 4

Yacht Insurance

Answer 4

Designed for larger boats

Question 5

National Flood Insurance Program

Answer 5

Provides insurance coverage to property owners in flood-prone areas

Question 6

Flood

Answer 6

A general and temporary condition of partial or complete inundation of two or more acres of normally dry land or of two or more properties (at least one of which is your property) from overflow of inland or tidal waters, from unusual and rapid accumulation or runoff of surface waters from any source, or from mudflow

Question 7

FAIR Plans (Fair Access to Insurance Requirements)

Answer 7

Plans that provide coverage to urban property owners who are unable to obtain coverage in the standard market

Question 8

Title Insurance

Answer 8

Protects the owner of property or the lender of money for the purchase of property against any unknown defects in the title to the property under consideration