Key Terms - Chapter 14 Flashcards Preview

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Flashcards in Key Terms - Chapter 14 Deck (10)
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1
Q

co-insurance clause

A

A clause requiring the property owner to insure the property for at least 80% of its value.

2
Q

condition

A

Limits the coverage of a specified property.

3
Q

endorsement

A

Adds coverage for specified items or perils that are not covered under other provisions of the policy.

4
Q

exclusion

A

Something not covered for a loss.

5
Q

homeowner’s policy

A

Provides coverage for the structure and contents.

6
Q

insurable interest

A

The insurer must have a legitimate financial interest in a property to be eligible for insurance coverage of any kind.

7
Q

liability insurance

A

Provides coverage for the financial claims of others.

8
Q

package policy

A

Combines insurance coverage for the two major elements of property and liability

9
Q

peril

A

An insured hazard or risk of loss.

10
Q

property or (hazard) insurance

A

Insurance that provides coverage to the basic structure of the property.