Introduction to Business

Section 2: Property Insurance

Self-Checks

1
The collective term for possessions that can be moved is ________ .
A)personal assets
B)personal effects
C)personal belongings
D)personal property
2
Insurance covering loss or damage to a renter's possessions is called ________ insurance.
A)personal
B)rental
C)property
D)renters
3
An insurance policy that covers damage to real property and personal property, additional living expenses, and liability protection is called a(n) ________ policy.
A)family
B)umbrella
C)homeowners
D)whole life
4
Insurance companies suggest homeowners insure their home for ________ of its value.
A)50 percent
B)100 percent
C)80 percent
D)110 percent
5
The full cost of repairing or replacing a destroyed home is called the ________ .
A)appraised value
B)market value
C)assessed value
D)replacement value
6
An addition to a policy that covers specific property or damages is called a(n) ________ .
A)addendum
B)rider
C)codicil
D)supplement
7
________ insurance protects business owners from claims of injury on their premises.
A)Accident
B)Liability
C)Business
D)Medical
8
The liability protection in your homeowners policy would likely cover ________ .
A)damage to your deck caused by a grill fire
B)injuries a neighbor sustained in fall from your deck
C)damage to your deck caused by windstorm
D)injuries or damages related to you're a deck
9
Liability protection in a homeowners policy covers ________ .
A)actual and punitive damages
B)only actual damages
C)actual damages and legal expenses
D)only medical expenses
10
You inherited your grandmother's jewelry. Call your insurance agent to check and see if you need a(n) ________ to your existing homeowners policy.
A)appendix
B)proviso
C)codicil
D)rider
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