Masterpiece Flashcards
Corporation
There will be times when a corporation will be purchasing the insurance. Corporations are used to separate assets and can typically be identified by Inc. at the end of the name. This requires underwriting approval.
Estate
Typically established to distribute a persons wealth or assets after their death. The states can purchase insurance and the word is typically stated in the name.
LLC
When the insured is a limited liability company, this helps protect an insured’s assets. For example, when a client passes away.
Producer
The person who solicits insurance from the buyer and places it with the insurer. Also referred to as an agent or broker.
Trust
Used to protect and possibly designate were in insured’s financial assets are spent, typically overseen by another person. This is common on a larger accounts.
4 types of residence
Condominium, cooperative, home, and renters
Building amount
The estimated cost to rebuild the home in the event of a total loss.
Other Structures Amount
The replacement cost of the insured’s and other structures.
Liability limit
The maximum amount an insurance company will pay to third parties for a covered liability loss.
Types of contents
Deluxe, standard, fire
Deluxe contents
Contents coverage for all perils. Only specifically named causes of loss are excluded from coverage.
Standard contents
Also known as named perils. Contents coverage for named causes of loss. Excluded causes of lost are provided on the contract. You can look in contract and see what’s listed.
Fire contents
Contents coverage is provided for fire loss and other causes of loss. This is the most restrictive contents coverage type.
