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chapter 18

property insurance

QuestionAnswer
Broad Form (HO-2) policy covering buildings and personal property against loss or damage from fire, lighting, removal, windstorm, hail, explosion, riot, smoke, vandalism and theft. Also covers falling objects; weight of snow, ice or sleet; collapse of buildings; etc.
casualty insurance A policy that provides property owner coverage for the basic structure on that property.
Coinsurance Clause A clause in insurance policies covering real property that requires that the policyholder maintain fire insurance coverage generally equal to at least 80 percent of the property's actual replacement cost.
Condition It limits coverage of a specified property in an insurance policy.
Deductible Loss not covered by the insurer.
Endorsement In an insurance policy, coverage added to general policy; a rider.
Exclusion Something that is not covered for loss in an insurance policy.
homeowner's insurance policy standardize package insurance policy that covers a residential real estate owner against financial loss from fire, theft, public liability, and other risks.
Liability insurance Insurance providing protection of the property owner against financial claims of others.
Package insurance An insurance policy that combines the coverage of property insurance and liability insurance.
Premium The consideration for an insurance policy.
Property Insurance or Casualty Insurance A policy that provides property owner coverage for the basic structure on that property.
Subrogation Clause Any rights the insured had to sue the person who caused the damage are assigned to the insurance company that has already paid the insured for the damages.
Created by: whitwill