Property and Casualty Insurance Flashcards

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1
Q

Homeowners Insurance

A

Homeowners insurance policies (HO) combine property and casualty coverage such as fire, theft and personal liability insurance into one insurance contract. Homeowners policies provide protection for homes and personal property, and liability coverage for bodily injury or property damage caused by an insured.

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2
Q

Named Peril Coverage

A

Named-peril coverage lists the specific perils covered in the homeowners policy.

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3
Q

Open Peril Coverage

A

In open-peril coverage the insurer pays for damages by any peril, except for those excluded in the policy.

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4
Q

Homeowners Insurance Coverage Levels

A

Basic or standard coverage

Broad form coverage

Special coverage

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5
Q

Basic or standard coverage

A

Provides a minimum level of protection restricted to perils of fire, theft, vandalism and extended coverage.

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6
Q

Broad form coverage

A

Includes basic coverage plus 16 perils.

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7
Q

Special coverage

A

Provides coverage on an open-peril basis which also includes coverage for theft.

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8
Q

Uninsured Motorist Coverage

A

The purpose of uninsured motorist (UM) coverage is to protect people from financially irresponsible drivers; those who neither purchased liability insurance nor have adequate financial resources to compensate people they injure through the negligent use of their automobiles.

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9
Q

Underinsured Motorists Coverage

A

Underinsured motorists insurance helps cover shortfalls when the insured is injured by a motorist without adequate coverage.

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