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10 Cards in this Set
- Front
- Back
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A typical homeowner's insurance policy covers all of the following EXCEPT |
Flood insurance |
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In HO insurance, coinsurance refers to the |
Stipulation that the HO must purchase insurance covg equal to at least 80% of the replacement cost of the structure to be able to collect the full insured amount in the event of a loss. |
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Federal Flood is is |
Required in certain areas to insure properties financed by federally backed mortgage loans against flood damage... |
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A subrogation clause in an ins policy enables the |
insurer to sue the party responsible for dog to the insureds property |
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When a property manager chooses an ins policy with a $150 red the risk management technique being employed is risk |
Transfer |
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Which of the following statements is NOT true about HO ins? |
A HO policy can be purchased on a residence by any interested party |
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Although the ins company requires 80% covg on an insured dwelling, the owner only purchased 50% covg on the $175,000 dwelling. If a fire causes $82,000 dmg, how much will the ins cover? |
Amount of insurance carried / 80% replacement cost x claim = recovery |
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Which type of ins covg protects the property owner against the claims of employees injured on the job? |
Workers comp |
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A tenant slips on an icy apt blding stair and is hospitalized. A claim for medical expenses may be paid under which of the following policies held by the owner? |
Liability |
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Which clause in a standard HO ins policy literally makes the insured share the loss? |
Coinsurance clause |
