Unit 13 - Property Insurance Basics Flashcards Preview

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Flashcards in Unit 13 - Property Insurance Basics Deck (19)
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1
Q

An area where a flood has a 1% chance of being equaled or exceeded each year. Could occur more than once in a relatively short period of time or even within the same month

A

100-year flood plain

2
Q

The location of the lowest floor in relation to the computed elevation to which floodwater is anticipated to rise during a flood on the flood map

A

Base Flood Elevation

3
Q

An insurance policy covering buildings and personal property against loss or damage from fire, lightning, removal, windstorm, hail, explosion, riot, smoke, vandalism, and theft. This form also covers falling objects; weight of snow, ice, or sleet; collapse of buildings; malfunctioning heating systems; accidental
discharge of water or steam; and electrical currents that are artificially generated

A

broad form insurance

4
Q

A policy that provides property owner coverage for the basic structure on that property

A

casualty insurance AKA

property insurance

5
Q

A report which generally contains up to seven years of personal auto and property data, used by insurance companies to determine the insurability of a property and/or auto owner

A

Comprehensive Loss Underwriting Exchange

C.L.U.E.

6
Q

It limits coverage of a specified property in an

insurance policy.

A

condition

7
Q

Loss not covered by the insurer.

A

deductible

8
Q

In an insurance policy, coverage added to the general policy; a rider.

A

endorsement

9
Q

Something that is not covered for loss in an

insurance policy

A

exclusion

10
Q

A federal agency responsible for disaster preparedness,

response and recovery. Now under Department of Homeland Security.

A

Federal Emergency Management Agency ( FEMA)

11
Q

Property identified by flood
certification to be in a flood-prone area with a likelihood
that a flood may occur once every 100 years and therefore usually requiring flood insurance if federally related financing is involved.

A

flood hazard areas

12
Q

A standardized package insurance policy that covers a residential real estate owner against financial loss from fire, theft, public liability, and other common risks.

A

homeowners insurance policy AKA

hazard insurance

13
Q

The property owner who is reimbursed by the insurer, the insurance company, for losses caused by a covered event.

A

insured

14
Q

The insurance company, which agrees to reimburse the property owner for losses caused by a covered
event.

A

insurer

15
Q

Insurance providing protection of the property owner against financial claims of others.

A

liability insurance

16
Q

A federal program which aims to reduce the impact of flooding on private and public structures.

A

National Flood Insurance Program ( NFIP)

17
Q

An insurance policy that combines the coverage of property insurance and liability insurance.

A

package insurance

18
Q

The consideration for an insurance policy

A

premium

19
Q

A policy that provides property owner coverage for the basic structure on that property.

A

property insurance AKA

casualty insurance