BUISENESS MANAGEMENT
INSURANCE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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A form of property insurance that covers losses and damages to an individual’s house and to assets in the home.
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A type of property insurance that covers a dwelling for losses sustained by water damage, as it specifically relates to flooding.
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Insurance that pays out a sum of money either on the death of the insured person or after a set period.
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A contract between you and the insurance company that protects you against financial loss in the event of an accident or theft.
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Detailed explanation-1: -noun. insurance covering loss or damage to property arising from a flood, flood tide, or the like.
Detailed explanation-2: -Flood insurance is designed to provide an alternative to disaster assistance to reduce the escalating costs of repairing damage to buildings and their contents caused by floods.
Detailed explanation-3: -Property insurance is a type of insurance that aids in defending the tangible assets of a person’s personal or commercial property from unforeseen events. The three types of property insurance coverage are replacement cost, actual cash value, and extended replacement costs.
Detailed explanation-4: -The limit for contents coverage on all residential buildings is $100, 000, which is also available to renters. Commercial structures can be insured to a limit of $500, 000 for the building and $500, 000 for the contents. MYTH: You can’t buy flood insurance if your property has been flooded.