Homeowners Insurance: Understanding Personal Liability and Coverages, Quizzes of Credit and Risk Management

Download Homeowners Insurance: Understanding Personal Liability and Coverages and more Quizzes Credit and Risk Management in PDF only on Docsity! TERM 1 Personal Liability DEFINITION 1 - Insurance protects the named insured and family members against legal liability arising out of their personal acts TERM 2 Where is personal liability coverage found? DEFINITION 2 Section 2 of the Homeowners policy TERM 3 Coverage E protects? DEFINITION 3 - The insured when a claim for damages is brought becasue of bodily injury or property damage caused by an insured's negligence. TERM 4 Coverage F covers? DEFINITION 4 -Medical payments to others TERM 5 Coverage E and F exclusions DEFINITION 5 - expected or intentional injury Business activities - professional services Liability from the use of: 1) motor vehicle 2)an aircraft 3) hovercraft 4) watercraft TERM 6 Claims expenses DEFINITION 6 Court costs, attorney fees; covered in addition to the policy limits for liability damages TERM 7 Inflation- guard endorsement DEFINITION 7 Provides for an annual pro rata increase in the limits of insurance in the Section 1 coverages TERM 8 Earthquake coverage endorsement DEFINITION 8 Covers earthquakes, landslides, volcanic eruption and earth movement TERM 9 Personal property replacement cost loss settlement endorsement DEFINITION 9 Is added to the policy; claims are paid on the basis of replacement cost with no deduction for depreciation TERM 10 Scheduled personal property endorsement DEFINITION 10 -is added to the policy; insurer agrees to pay the stated amount for a scheduled item if a total loss occurs