Unit 13 - Property Insurance Basics Flashcards
An area where a flood has a 1% chance of being equaled or exceeded each year. Could occur more than once in a relatively short period of time or even within the same month
100-year flood plain
The location of the lowest floor in relation to the computed elevation to which floodwater is anticipated to rise during a flood on the flood map
Base Flood Elevation
An insurance policy covering buildings and personal property against loss or damage from fire, lightning, removal, windstorm, hail, explosion, riot, smoke, vandalism, and theft. This form also covers falling objects; weight of snow, ice, or sleet; collapse of buildings; malfunctioning heating systems; accidental
discharge of water or steam; and electrical currents that are artificially generated
broad form insurance
A policy that provides property owner coverage for the basic structure on that property
casualty insurance AKA
property insurance
A report which generally contains up to seven years of personal auto and property data, used by insurance companies to determine the insurability of a property and/or auto owner
Comprehensive Loss Underwriting Exchange
C.L.U.E.
It limits coverage of a specified property in an
insurance policy.
condition
Loss not covered by the insurer.
deductible
In an insurance policy, coverage added to the general policy; a rider.
endorsement
Something that is not covered for loss in an
insurance policy
exclusion
A federal agency responsible for disaster preparedness,
response and recovery. Now under Department of Homeland Security.
Federal Emergency Management Agency ( FEMA)
Property identified by flood
certification to be in a flood-prone area with a likelihood
that a flood may occur once every 100 years and therefore usually requiring flood insurance if federally related financing is involved.
flood hazard areas
A standardized package insurance policy that covers a residential real estate owner against financial loss from fire, theft, public liability, and other common risks.
homeowners insurance policy AKA
hazard insurance
The property owner who is reimbursed by the insurer, the insurance company, for losses caused by a covered event.
insured
The insurance company, which agrees to reimburse the property owner for losses caused by a covered
event.
insurer
Insurance providing protection of the property owner against financial claims of others.
liability insurance
