Exam (elaborations)
Property and Casualty Insurance Exam
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Property and Casualty Insurance Exam ...
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Property and Casualty Insurance Exam 2024-2025Suability factor
Definition
The likelihood that a legally liable insured will be sued for alleged injuries or damage to a
third party. This factor is determined, in part, by the size of the insured's savings account
and stock portfolio, the extent of the real estate holdings, the family income, his or her
profile in the community, and future income. Those who have a high suability factor
almost always need a personal umbrella policy with at least a $2 million limit.
Term
Homeowners policy
Definition
Homeowners insurance is a type of property insurance that covers losses and damages
to an owner's house and to contents in the home. Homeowners insurance also covers
liability for accidents in the home or on the property.
Term
Auto Insurance
Definition
Auto insurance is a policy between you and the insurance company that protects you
against financial loss in the event of an accident or theft. In exchange for your paying a
premium, the insurance company agrees to pay your losses as outlined in your policy.
Deductible
The amount you must pay before you begin receiving any benefits from your insurance
company
Eligible Dwelling Under a Homeowners Policy
The Homeowner Policy requires that at least one of the family units must be occupied by
the named insured. The Homeowner Policy automatically covers theft and includes
personal liability coverages, without endorsements.
Floater
A policy designed to cover property that floats, or moves, from location to location.
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