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4 Cards in this Set
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- Back
- 3rd side (hint)
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Casualty Insurance |
Broad term that refers to insurance that typically involves covering property and liability losses and EXCLUDES life and health insurance policies |
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Property Insurance |
Is designed to cover the financial loss arising from owned property that is damaged, destroyed, or stolen It is the Coverage A- Dwelling coverage part in the homeowners policy. Dwelling Coverage offers protection against direct physical damage caused tot he swelling, including rooms, fireplaces, carpeting, tile floors and decor. Structures, which are attached to the insured dwelling on the same foundation, such as a garage, are also liable to coverage under this section of the homeowners policy |
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Liabilty Insurance |
Protects you from the risk that tou may be held lefally liable for something due to injury, harm or negligence. Auto Policy- the portion if tge policy pays ithers for auto related inhuries caused by those insured under the auto policy is called Bodily Injury Liability |
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Exposure |
Refers to the conditions or situations that contribute to a potential loss Insurance companies may seek to limit their exposure (potential for loss) by not writing business in certain areas or charging higher premiums in certain circumstances |
-A home in Florida has greater exposure to hurricanes than a home in the midwest -The more you drive, the more exposure you have to accidents |
