Property and Liability Insurance Flashcards

1
Q

Define Property and Liability Insurance

A

Property: provides financial protection for losses on homes, condos, cars, boats and other property assets

Liability: protects individuals against financial loss associated with legal action generally due to property damage, person injury and loss of income.

  • homeowners and automobile are usually packaged with both liabilities.
  • additional coverage can be purchased under umbrella policy
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2
Q

Describe Basic Coverage, Broad Coverage for Homeowners Insurance

A

coverages of 12 perils:
Fire, vehicles, lightening, smoke, wind, vandalism, hail, explosions, riots, theft, aircraft, volcanic eruptions

Broad: includes additional 6 perils. Falling objects, weight of ice, snow, sleet, accidental discharge of overflowing water or steam, sudden and accidental cracking, burning, bulging appliances, freeing of plumbing, heating, AC, sudden and accidental damage from electric currents

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3
Q

what are the general expulsions and endorsements of purchase

A

Exclusions: Movement of Ground, ordinance or law regulating, damage from rising water, war, nuclear hazards, power failure from uninsured peril, intentional and neglect

Endorsements: sink hold, earthquake, sewage backup, refrigerated property

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4
Q

What are the Section 1 Coverages

A

Dwelling, other structures, personal property, loss of use

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5
Q

What are the section 2 coverages

A

Personal Liability, medical payments to others

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6
Q

What are the Homeowner Policy forms (Ho)

A

Ho2 Broad, Ho3 specific, Ho4 Renters, Ho5 Comprehensive, Ho6 Condo, Ho8 Modified older homes

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