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Barnett Insurance 3
Homeowner's Vocabulary
| Question | Answer |
|---|---|
| Actual cash value Syn: genuine/worth | coverage the compensates loss at current cash value considering depreciation |
| Depreciation Syn: devaluation | the reduction in the value of property as it gets older |
| Endorsement syn: sanction | an amendment to an individual policy that reflects any changes to the standard policy |
| Exclusion syn: omission | the section of an insurance policy specifying the losses that are not covered |
| Flood insurance syn: abundance | insurance that covers damage caused by a flood |
| Homeowner’s Inflation Guard Clause syn: raising | a clause which increases the policy coverage each year based on the changes in building costs in your area |
| Loss of use syn: calamity of benefit | coverage that pays for living expenses while repairs are made to a home or rental property that is uninhabitable because of loss |
| Perils syn: hazard | in reference to homeowner’s insurance, a cause of loss |
| Personal liability syn: own blame | coverage that protects policy holders from claims or judgments made against them |
| Renter’s insurance syn: boarder | insurance that protects tenants of a property owned by someone else against theft, property damage, loss of personal property and loss of use |
| Replacement cost syn: restoration amount | the cost to replace a piece of property or rebuild a structure |
| Umbrella policy syn: brolly plan | liability insurance that can be added when a client’s homeowner’s or renter’s and auto insurance are handled by the same insurer |
Created by:
SheilaBarnett
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