FIN-2860 Chapter Notes - Chapter 10: Home Insurance, Outhouse, Property Insurance
13 Dec 2020
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Today"s basic homeowner"s policies are known as hos, which stands for home owners. Ho-1, ho-2, and ho-3 provide basic, broad policies specifically for homeowners, with ho-1 and ho-2 offering named perils insurance and ho-3 offering open perils insurance. Named perils: a type of insurance that covers a specific set of named perils. If a peril isn"t specifically named, it isn"t covered. Open perils: a type of insurance that covers all perils except those specifically noted as excluded. Section i addresses property insurance , which protects you against the loss of your property or possessions due to various perils. Property insurance: insurance that protects you against the loss of your property or possessions. Section ii provides for personal liability insurance, which protects you from the financial losses incurred if someone is injured on your property or as a result of your action.
