Insurance Policy Concepts

Front

What is an endorsement in an insurance policy?

Back

An addition or modification to an insurance policy that alters the coverage.

Front

What is the definition of the 'insured' in an insurance policy?

Back

The person or entity covered by an insurance policy.

Front

In a homeowner's insurance policy, who is typically included as the insured?

Back

The policyholder and their family members living in the same household.

Front

Which of the following is NOT typically considered a duty of the insured after a loss?

Back

Investigate the claim.

Front

What is the primary role of the insurer in an insurance policy?

Back

To cover the insured's claims under the policy.

Front

Which of the following is a responsibility of an insurance company?

Back

To fully investigate the insured's claim.

Front

What does a mortgagee clause in a property insurance policy do?

Back

Ensures the insurance company pays the mortgage lender for losses.

Front

Who is considered a named insured in an insurance policy?

Back

The person whose name specifically appears on the policy.

Front

Which of the following is NOT typically included in the definition of an insured living in the same household?

Back

Neighbors of the named insured.

Front

What is the consequence if the insured fails to fulfill their duties after a loss?

Back

The policy may be canceled, and premiums forfeited.