Personal Lines exam topics

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• Homeowners Replacement Cost Claim ConditionsReplacement-cost coverage does not always pay full new-item cost immediately. Many policies first issue actual cash value after depreciation and the d…
• Homeowners Inflation Guard EndorsementAn inflation guard endorsement automatically adjusts a policy limit, commonly the dwelling limit, using a stated rate or index. It can help keep pace …
• Dwelling Policy Fair Rental ValueFair Rental Value coverage can reimburse lost rent when covered damage makes a rented part of the insured dwelling unfit to live in. It generally meas…
• Dwelling Policy Additional Living ExpenseAdditional Living Expense coverage can reimburse an insured household’s necessary increase in living costs when covered damage makes the residence pre…
• Dwelling Policy Theft CoverageTheft protection under a dwelling policy depends on the form, covered-property section, occupancy, and endorsements. A basic form may not include thef…
• Dwelling Policy Liability EndorsementsA dwelling policy is primarily property coverage and may not include the broad personal-liability section found in a homeowners policy. Liability prot…
• Personal Articles Floater vs. Homeowners SchedulingHomeowners scheduling adds listed valuables to a homeowners policy by endorsement; a personal articles floater is a separate scheduled-property contra…
• Insurable Interest in Property InsuranceInsurable interest in property insurance is a financial stake in property that gives a person something to lose if the property is damaged. Ownership …
• Pure Risk vs. Speculative RiskPure risk involves the possibility of loss or no loss, with no chance of financial gain from the event. Speculative risk involves a chance of gain as …
• Moral, Morale, and Physical HazardsA hazard is a condition that increases the chance or severity of loss. A physical hazard is tangible, such as faulty wiring or worn tires. A moral haz…