Insurance Flashcards
Understand various types of real estate insurance, including homeowner’s policies, title insurance, and liability coverage.
Which real estate term is this?
A legal doctrine limiting a damaged party’s claim if they knew the risks involved in an act.
Assumption of Risk
Which real estate term is this?
A category of insurance covering damage, loss of property, and other liabilities, including liability, vehicle, and theft insurance.
Casualty Insurance
Which real estate term is this?
Loss or damage to property due to another party’s negligent act, an act of nature, or other unforeseen event.
Casualty Loss
Which real estate term is this?
Mortgage insurance for qualified disaster victims to protect lenders against default.
Disaster Victims Mortgage 203(h)
In real estate, the two key categories of disclosure are information pertaining to the property and information regarding agency relationships in a transaction.
Which real estate term is this?
Insurance protection for professionals against damages from mistakes.
Errors & Omissions Coverage
(E&O)
Which real estate term is this?
A measure of vulnerability to loss, expressed in dollars or units.
Exposure
Which real estate term is this?
Policies covering the owner for direct loss caused by fire on their property.
Fire Insurance
Which real estate term is this?
Insurance term for a condition increasing loss probability or a dangerous item on property.
Hazard
Which real estate term is this?
Property insurance protecting a home against damages and covering accidents.
Homeowners Insurance
Which real estate term is this?
An element of an FHA assessment rating a property’s condition and how much, if any, effort would be necessary to qualify a property for a home loan.
Insurability
Which real estate term is this?
The price paid for insurance coverage and may be made in a single or multiple installments.
Insurance Premium
Which real estate term is this?
A type of insurance that covers the owner if a member of the public is injured or harmed while on the owner’s property.
Liability Insurance
Which real estate term is this?
A type of insurance required of borrowers who get FHA backed loans. It is added to the purchaser’s monthly payment and insures the lender against default.
Mortgage Insurance Premium
(MIP)
Which real estate term is this?
Insurance protection from future claims against the owner of sold real estate.
Owner’s Title Insurance Policy
Which real estate term is this?
Something that can cause a loss, used in the insurance industry.
Peril
Which real estate term is this?
Uncertainty from possible events, divided into two categories.
Risk
Which real estate term is this?
Identification and prioritization of risks to reduce business liability.
Risk Management
Which real estate term is this?
Insurance policy protecting against title defects or lien enforcement issues.
Title Insurance
Which real estate term is this?
Initial payment toward the private insurance of a mortgage loan typically required for high-value loans.
Upfront Mortgage Insurance Premium
(UFMIP)
Which real estate term is this?
Government-sponsored insurance covering employees in case of workplace accidents or injuries.
Workers’ Compensation Insurance
Which real estate term is this?
Insurance paid by the borrower for conventional mortgage loans covering more than 80% of the property’s purchase price.
Private Mortgage Insurance
Which real estate term is this?
Risk resulting in either a neutral or negative outcome, like a house fire.
Pure Risk
