Home Ownership

Question 1

CLUE Report

Answer 1

An insurance industry report based on a national database of claims and inquiries

Question 2

Coinsurance Clause

Answer 2

The insurer and the insured share the insurance risk; calculated on the policy amount and the percent of the actual insured values

Question 3

Commercial Property Insurance

Answer 3

Covers most types of commercial buildings

Question 4

Credit Report

Answer 4

A report reflecting the credit-worthiness of a borrower by showing past credit history

Question 5

Dwelling Insurance

Answer 5

Covers losses from fire, lightning and internal explosion for residential properties

Question 6

Federal Flood Insurance

Answer 6

Insurance coverage for losses for real and personal property resulting from the inundation of normally dry areas

Question 7

Home Warranty Contract

Answer 7

A warranty on resale homes that covers mechanical items

Question 8

Homeowner’s Insurance

Answer 8

Multiline policies that combine property and casualty coverage in the same policy

Question 9

Inquiry

Answer 9

Any call to the insurance agent about an actual or potential loss that would be covered by a homeowner’s policy

Question 10

Insurance Underwriting

Answer 10

The process used by the insurance company to ascertain the types of risks it will accept through the issuance of an insurance policy