insurance terms
The amount one owes out-of-pocket before insurance kicks in to pay for damages from a covered claim.
What is a deductible?
Jason’s car needs a $1,500 repair and he has a $100 deductible with his auto insurance. How much will the insurance will pay for the repair?
A. $100
B. $750
C. $1,400
D. $1,500
C $1,400
This policy the wind deductible applies to coverage C (personal property).
What is an HO6 condo policy?
Which of the following is a type of renter’s insurance? A. HO-1
B. HO-3
C. HO-4
D. HO-5
C. HO-4
They need to make sure their clients have insurance before a loan can close.
Who is a mortgage broker?
My BNI Summit Tagline
What is If 15 minutes did'nt save you 15% you should be calling Kitrstein Insurance.
The fee the policyholder pays to the insurance company in order to be insured for a defined period of time.
What is a premium?
Allison’s insurance price decreased when she moved from the city to the country. Considering this example, the insurance price is affected by which of the following factors?
A. Amount of coverage
B. Vehicle type
C. Rating territory
D. Driver classification
C. Rating territory
The way to get a discount on your insurance if you have a newer roof or hurricane shutters.
What is a windstorm mitigation inspection?
A frame home is more expensive to insure than a masonary home. Considering this example, the price of the home insurance is affected by which of the following factors? A. Location B. Coverage amount C. Construction Type D. Policy type
C. Construction Type
These are people who want to protect their house from fires , hurricanes, floods and all other perils.
Who are Homeowners?
A period of time a policy is in force, a description of the insured property, the amount of the premium, and the amount of coverage, or the ______ of independence (page)
What is Dec or Declarations page?
An imported car costs more to insure because it has more expensive replacement parts. Considering this example, the insurance price is affected by which of the following factors?
A. Rating territory
B. Vehicle type
C. Driver classification
D. Amount of coverage
B. Vehicle type
Dwelling,Other structures, Personal property, loss of use, personal liability, and medical payments.
What are standard types of coverage's on a homeowners policy?
Which of the following is a type of renter’s insurance?
A. HO-1
B. HO-3
C. HO-8
D. DP-3
D. DP-3
These people drive you crazy on the way to work because they are driving to slow or cant drive at all.
Who are people who own cars ?
Goes above your underlying coverage liability limits or something that covers you from rain
What is an Umbrella?
Which of the following types of insurance covers physical injuries to others caused by an accident for which the policyholder was responsible?
A. Collision insurance
B. Property damage liability
C. Medical payments coverage
D. Bodily injury liability
D. Bodily injury liability
This policy covers single family homes/ townhomes when the HOA does not cover the full exterior at replacement cost?
What is an HO3 (homeowners policy)?
The amount of flooding needed in a 2000 sq foot house to cause $20,000 of damages.
What is 1 inch of flooding?
Professionals that sell homes to purchasers.
Who are realtors?
Written evidence that insurance is temporarily in effect until the specified expiration date
What is a binder?
This coverage protects your vehicle should you hit a deer on the road.
What is comprehensive coverage?
This policy can have an endorsement added to increase coverage for the risk being non-owner occupied.
What is an HO6 condo policy?
The cost associated with replacing property at current market prices.
What is replacement cost?
Professionals that complete 4point and wind mitigation reports.
Who are home inspectors?