Across
- 2. A payment required by an insurer to provide insurance for a specified period of time
- 6. Things that cause damage to a property and can include fire, windstorms, hail, vandalism, and theft
- 8. Reimburses policyholders for personal property destroyed by certain peril
- 9. Offered by many states to make insurance available to people who cannot get coverage in the open market
- 10. This gets paid off if a covered property is destroyed
- 11. Not included in a standard policy and may be required by the lender if the property is located in a designated flood zone
Down
- 1. Pays the cost of rebuilding/repairing the home or replacing possessions without a deduction for depreciation
- 3. The amount of money the insured pays for every loss
- 4. Coverage that pays for additional costs of living away from home if the owner cannot live there due to a covered peril
- 5. Pays to replace the home or possessions minus a deduction for depreciation
- 7. Covers against lawsuits for bodily injury or property damage that the owner or a family member (including pets) causes to other people, pays for both the cost of defending the owner in court and any court awards up to the limit of the policy
- 12. Provides a seven-year history of insurance losses associated with an individual and his/her personal property. The FACT Act entitles the client to a free copy of this every 12 months