Term
HOMEOWNER'S POLICIES
HO1
HO2
HO3
HO4
HO6
HO8 |
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Definition
}HO-1 Basic (very narrow coverage)
}HO-2 Broad Form (named perils)
}HO-3 Special Form (all perils)
}HO-4 Renter’s insurance
◦Covers renter’s belongings, provides liability coverage for renter
}HO-6 Condominiums
◦Similar to HO-4, also covers alterations to unit
}HO-8 Older houses
◦Covers actual cash value instead of replacement value
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Term
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Definition
Protects from property losses
4 types of coverage
Type A - Dwelling
Type B - Other structers
Type C - Personal Property
Type D - Loss of use |
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Definition
Personal Liability Insurance
If someone is hurt on property, ho is protected
Minimum is 100k
up to 1k for other people's med expenses |
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Definition
Protects house and attatched structures
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Term
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Definition
Non-attached structures and landscaping
Doesn't cover land or business assets
up to 10% of the dwelling's coverage |
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Definition
Covers any personal property, regardless of location
Covers personal property of guests
up to 50% of dwelling coverage
cash limit - $200.00
Documents, stamp collections, etc - $1000
Silverware - 2500
Animals, pets, business assets not covered |
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Term
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Definition
When you can't live in home due to covered perils
Covers up to 20% of dwelling coverage for
additonal living expenses i e hotels etc
Fair rental value
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Term
| Personal Auto Insurance PAP |
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Definition
Part A: Liability
Part B: Medical Expense Coverage
Part C: Uninsured Motorist Protection
Part D: Damage to your car |
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Term
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Definition
Covers you for damages to other cars and property.
Court and legal fees are covered.
Not criminal charges, however.
Two types:
Combined Single:
Combines property damage and bodily injury
Will pay up to limit
Regardless of how many people are involved
Split limit (min)
Coverage limits for:
Bodily injury per person ($100,000)
Bodily injury per accident ($300,000)
Property damage ($50,000)
VA minimum: $25/$50/$20
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Term
| Main reasons for Life Insurance |
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Definition
Pay off debts
Provide for final costs
Allow for income for those left behind
Leave behind a legacy |
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Definition
Type A - Hospital Benefits
Type B - Voluntary Supplemental Insurance
Type D - Drugs |
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Term
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Definition
Evaluate current position
Set Goals
Identify/Evaluate Alternatives
Make the decision
Monitor the situation |
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Term
| How Much Car can you afford? |
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Definition
Consumer Loan Payments <10% of gross income
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Definition
Good Ass Protection
If Mrkt Value of Car < Balance you owe leasing company, protects you. |
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Definition
| Less than 30% of gross annual |
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Definition
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