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Risk/Insurance Unit3
Arkansas Unit 3: Personal Property and Liability Risk
| Term | Definition |
|---|---|
| Actual cash value | coverage that compensates loss at current cash value considering depreciation |
| Depreciation | the reduction in the value of property as it gets older |
| Endorsement | an amendment to an individual policy that reflects any changes to the standard policy |
| Exclusion | the section of an insurance policy specifying the losses that are not covered |
| Flood insurance | insurance that covers damage caused by a flood |
| Homeowner's Inflation Guard Clause | a clause which increases the policy coverage each year based on the changes in building costs in your area |
| Loss of use | coverage that pays for living expenses while repairs are made to a home or rental property that is uninhabitable because of loss |
| Perils | in homeowner's insurance, a cause of a loss |
| Personal libility | coverage that protects policyholders from claims or judgments made against them |
| Renter's insurance | insurance that protects tenants of a property owned by someone else against theft, property damage, loss of personal property, and loss of use |
| Replacement cost | the cost to replace a piece of property or rebuild a structure |
| Umbrella policy | liability insurance that can be added when a client's homeowner's or renter's and auto insurance are handled by the same insurer |
Created by:
tholt
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